Jackson Hewitt Tax Service wants preparers and their clients to be aware of key disaster-related tax considerations in the wake of Superstorm Sandy.

"Several areas have been noted as federally declared disasters, which allows taxpayers to claim their losses on their 2012 tax returns when they file in the coming months or to amend their 2011 tax returns to file the claim," said Mark Steber, chief tax officer for Jackson Hewitt. "By amending your return, you can get your refund for the loss sooner, but be sure to compare your tax situation and adjusted gross income for both years to determine whether it is to your tax advantage to claim the loss in one year rather than another."

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access