Tax Relief For Chains, Ops, Businesses Hit By Weather Disasters

The holidays are still ahead, but after the gifts are put away and the decorations come down, tax season arrives. Many companies will save money through the benefits of the faster depreciation schedule and write-offs for foodservice equipment under the 2010 Small Business Jobs Act and Tax Relief programs, both concluding at the end of the year.

There is also some relief for businesses that suffered through the nation’s worst-ever year for natural disasters. With two weeks left in ’11, the costs for the year’s unprecedented number of damaging storms, tornados, floods, earthquakes and hurricane is already estimated at more than $12 billion. If your business was affected, you might qualify for special consideration, including extra time to file. Rules vary depending on the natural disaster and location. States qualifying for relief include Connecticut, Iowa, Kentucky, Massachusetts, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Dakota, Texas, Vermont, Virginia, and the territory of Puerto Rico. If your business suffered from a natural disaster and your state is not listed above, check with the IRS or your local, county and/or state government.

Learn more here.