Action needed

However, if Hurricane Ian is designated by Congress as a qualified disaster, the taxpayer’s casualty loss deduction would not be impacted by adjusted gross income and would result in even greater tax savings

The casualty loss rules are complicated and require that several steps be followed correctly prior to the deduction of losses caused by Hurricane Ian Damage to business property is also eligible for the deduction

The services of an experienced CPA should be sought to help correctly navi- take the following precautions where red tide is found:

∫ Look for informational signage posted at most beaches

∫ Stay away from the water, and do not swim in waters with dead fish

∫ Those with chronic respiratory problems should be especially cautious and stay away from this location as red tide can affect your breathing

∫ Do not harvest or eat molluscan shellfish or distressed or dead fish from this location If caught live and healthy, finfish are safe to eat as long as they are filleted and the guts are discarded. Rinse fillets with tap or bottled water

From page 4 gate the Internal Revenue Service casualty loss rules I also encourage all Lee C o u n t y h o m e o w n e r s t o c o n t a c t t h e i r elected officials to encourage them to help us recover from the damage suffered by designating Hurricane Ian a Qualified Disaster. Below is the telephone contact information for our Florida senators and congresspeople Each of these officials has a form on their official websites t h r o u g h w h i c h c o n s t i t u e n t s c a n s e n d emails

Senator Rick Scott: (202) 224-5274

Senator Marco Rubio: (202) 224-

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∫ Wash your skin and clothing with soap and fresh water if you have had recent contact with red tide

∫ Keep pets and livestock away and out of the water, sea foam and dead sea life If your pet swims in waters with red tide, wash it as soon as possible

∫ Residents living in beach areas are advised to close windows and run the air conditioner, making sure that the A/C filter is maintained according to manufacturer's specifications

∫ If outdoors near an affected location, residents may choose to wear masks, especially if onshore winds are blowing.

Congressman Byron Donalds: (202) 225-2536

Mary Feichthaler is a licensed CPA and has 26 years of experience assisting i n d i v i d u a l , c o r p o r a t e , a n d n o n p r o f i t clients in all areas of taxation including income tax compliance and audits, sales tax, FIRPTA, and offers in compromise She has lived in Cape Coral since 2002 She graduated magna cum laude from Georgetown University with a degree in accounting and graduated magna cum l a u d e f r o m P a c e U n i v e r s i t y w i t h a Masters in Taxation She is a Gulfshore Business 40 under 40 Award Winner and was a 2021 FICPA Women to Watch Award Nominee Mary Feichthaler can be reached at mary@feichthalertax com or at (239) 898-8522. The information in this article is general in nature and not i n t e n d e d a s t a x a d v i c e t o a n y o n e Individuals should consult with a licensed CPA before making any tax or investment decisions

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