LOWER LAKE >> When disaster strikes, the Franchise Tax Board often responds to help victims claim important state tax deductions.
FTB is on hand this week at the Clayton Fire Local Assistance Center, located at 16195 Main St. in Lower Lake. The center will be open from 10 a.m. to 7 p.m. every day through Friday, Aug. 26.
Why is FTB involved?
In cases where the Governor declares a disaster, a victim may claim a loss in the taxable year the disaster occurred or in the taxable year immediately before the disaster occurred. The advantage of claiming a loss in the prior year is that the loss will generally reduce the prior year tax liability, thus generating a refund that FTB can issue quickly.
FTB can also help by providing copies of victim’s lost California tax returns free of charge. Recreating lost records can be difficult, but this is essential for insurance purposes or obtaining loans.
For more information, and to find the Disaster Code needed to claim a loss, go to: https://www.ftb.ca.gov/individuals/disaster.shtml
