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Writer's pictureFabiola Litherland, CPA
Sep 295 min read

Hurricane Helene Recovery: Emergency Support, Financial and Tax Guidance, and Resources from LTAS



As of September 29, 2024, Hurricane Helene has significantly impacted Florida, Georgia, the Carolinas, and other southeastern states. At Litherland Tax & Accounting Services (LTAS), we are committed to providing both compassion and support during this difficult time, offering financial guidance and emergency resources to help you recover.


Whether you’re looking for immediate emergency assistance or longer-term financial and tax solutions, this blog outlines key steps and resources to get you back on your feet.


Immediate Emergency Assistance: Help is Available Now


If you're facing urgent needs such as shelter, food, or financial relief, there are several resources available to assist you immediately:


FEMA Individual Assistance Program

FEMA offers grants for temporary housing, emergency repairs, and other essential needs. These grants can help if you’ve experienced damage or displacement.


Emergency Shelters and Food

Shelters and meal programs are being provided by the Red Cross and local relief agencies. If you need shelter or food immediately, these resources are available:


211 Services Dial 211 to connect with local emergency services, food banks, and support networks. It’s a quick way to access the help you need now.

Tax and Financial Advice for Disaster Recovery


Recovering from a disaster involves more than immediate needs; you’ll also need to assess long-term financial strategies and take advantage of available tax relief options. Here’s what you can do now:


1. Claim Casualty Losses on Your Taxes


For those who have suffered significant losses due to Hurricane Helene, you may be eligible to claim a casualty loss deduction on your federal tax return. This deduction can reduce your taxable income, helping offset repair and recovery costs.


  • How It Works: You can deduct losses that aren’t reimbursed by insurance, but they must exceed 10% of your adjusted gross income (AGI), and you’ll need to reduce the loss by $100 per casualty event.

  • Filing Options: If you live in an area declared a federal disaster zone, you can claim this deduction on either your 2024 tax return or amend your 2023 return to access this relief sooner.

  • Learn more about casualty loss deductions through the IRS Disaster Relief page.


2. IRS Filing Extensions


For those impacted by the hurricane, the IRS typically offers filing extensions for returns, payments, and other tax-related deadlines. As a federal disaster zone resident, you can defer filing deadlines without incurring late fees or penalties.


  • New Deadlines: The IRS may extend deadlines by several months, depending on the scale of the disaster.


  • Stay updated on specific deadline extensions at IRS Disaster Relief.


3. Review Your Insurance Settlements for Tax Implications


Receiving an insurance settlement for property damage may have tax implications. You’ll want to review your settlement carefully and consult with a CPA to ensure any capital gains taxes on settlements are minimized, and casualty losses are maximized.


  • Tax Tip: Some settlements for lost property may result in a taxable event if the value of the payout exceeds the original cost basis of the property. Contact LTAS or another Certified Public Accountant for help in reviewing and reporting these settlements.


Small Business Assistance and Financial Advice


If you own a small business affected by the hurricane, it’s critical to address your financial needs immediately. The Small Business Administration (SBA) offers low-interest disaster loans to cover property damage and provide working capital.

SBA Disaster Loans These loans can help repair buildings, replace equipment, and provide the cash flow needed to maintain operations.


1. Business Interruption Insurance


If you have business interruption insurance, make sure to file claims for lost income during the downtime caused by the hurricane. This coverage can help replace revenue lost while your business is unable to operate.


2. Track All Expenses for Deductions


Keep careful records of all your disaster-related expenses, including repairs, business equipment replacement, and temporary operational costs. These may be deductible or reimbursable through insurance or relief programs.


  • Financial Tip: Set up a separate account or expense category for hurricane-related costs in your accounting software, like QuickBooks, to ensure you accurately track and claim all eligible expenses.


Steps to Start Your Financial Recovery For Individuals and Businesses


  1. Document Your Losses: Take photos, track expenses, and save all receipts related to repairs. These will be critical for insurance claims, tax filings, and disaster relief applications.


  2. File Insurance Claims Quickly: Contact your insurance company as soon as possible to begin the claims process. Make sure you understand your policy coverage and limits.


  3. Create a Recovery Budget: Focus on your immediate needs—housing, food, medical care—while planning for future expenses as recovery progresses.


  4. Seek Professional Help: Navigating disaster relief programs, tax implications, and financial recovery can be complex. Contact LTAS or another Certified Public Accountant (CPA) firm to help you through every step of the process and ensure you maximize your recovery resources.


State and Federal Relief Programs


In addition to federal assistance, many states offer their own disaster relief programs for homeowners and businesses. Be sure to check for state-level grants and resources:


Additional Community Assistance


During this time, local organizations are providing food, clothing, and household items to those in need. Consider reaching out to the following resources:


  • Feeding America: Feeding America is working to distribute food to impacted areas. Visit their site to find local food banks near you.


  • Salvation Army and Goodwill: Both organizations provide emergency assistance with clothing and household goods. Check with local branches for availability.


Rebuilding Financial Resilience: Planning for the Future


After recovery, it's important to rebuild your financial resilience for future challenges. Here’s how you can strengthen your financial position:


  1. Rebuild Your Emergency Savings: Set aside a portion of any disaster aid or insurance payout to start or rebuild your emergency savings fund. A good rule of thumb is to have at least three to six months' worth of living expenses saved.


  2. Review Your Insurance Coverage: Assess whether your current insurance coverage, including flood or disaster insurance, is adequate for your needs. Consider upgrading your policy to cover future disasters more comprehensively.


  3. Debt Management: If you've incurred debt during the recovery process, consider consolidating or refinancing loans to lower interest rates. A CPA can help you create a debt management plan that fits your financial situation.


  4. Invest in Long-Term Financial Planning: Reach out to a financial advisor to review your investment and retirement plans. Disasters can disrupt financial goals, so it's essential to stay on track with a long-term strategy.


Donations and Volunteering


If you're in a position to help, consider donating to reputable organizations working on the front lines of disaster relief:


A Message of Hope from LTAS


At Litherland Tax & Accounting Services, we understand how overwhelming disaster recovery can feel, but every small step forward brings hope. We are here to provide you with financial guidance and personalized support to help you rebuild stronger than ever.


If you need assistance navigating disaster relief programs, financial planning, or tax filings, contact LTAS or another Certified Public Accountant for expert guidance.


Remember, recovery is a process—be patient, take things step by step, and lean on the resources and community around you. You are not alone in this journey, and together, we can build a brighter tomorrow.


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