Although Tropical Storm Bonnie and Hurricanes Charley, Frances and Ivan have taken their toll on Florida this season, disaster tax relief affects most preparers at some time during their career.
For the last two years, parts of more than 40 states have been designated presidential disaster areas as a result of severe weather. The designation makes residents eligible for assistance under the Disaster Relief and Emergency Assistance Act, and allows those affected by the disaster to deduct their loss in either the year that it occurred or in the preceding taxable year.
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