The college hoops brackets are set, and the madness begins. And, per the American Gaming Association, 47 million of us will be wagering $8.5 BILLION on this event.
Which, of course, means that my mind immediately goes here.
You see, we’ve already been knee-deep in our own version of March madness over here at Team Timothy A. Phillips, CPA, PC, and we don’t really have much time for basketball because, well … you probably understand.
With all of the changes this year, we’ve noticed a marked increase in procrastination. Which means that we are very busy, even during a time that is sometimes a calm before the April storm. But we still have a few slots open in the next couple weeks, so … we’ve set aside some capacity for friends and family of our Dallas/Fort Worth clients.
Now, with the news from New Zealand over the weekend, the world is rightly reeling. It’s a reminder that pain and disaster can strike any time, any place. And, as a result, you also might have forgotten about what happened in Alabama and Georgia just over two weeks ago. So many terrible things seem to happen over and over that we can get numb to it all.
But I don’t want to live that way, and I bet you don’t either. So I have some thoughts today.
How Dallas/Fort Worth Taxpayers Can Support The Alabama Disaster Relief Effort
“There is no exercise better for the heart than reaching down and lifting people up.” -John Holmes
Over the last year, we have seen all sorts of natural disasters plague our nation. And anytime possible, I want to help you help others in need. From wildfires to floods to tornadoes … life is sadly full of devastating surprises.
Currently, the community of Lee County, Alabama is literally in shambles after tornadoes ripped through their towns and killed 23 individuals in early March.
Before I get to how you can help their community, please know that if you, or any friend or family member, is ever personally affected by a natural disaster, I will be here to walk you through pertinent tax questions related to your losses. There is a great IRS resource page which helps walk victims through tax-related issues following recent disasters. Tuck this info away for a day I hope never happens to you.
The IRS has already helped residents of the affected Alabama areas by pushing back their tax deadline to July 31st. Until this community can get their feet back beneath them, and towns cleaned of debris, here are a few ways you can help…
If you donate using this link to the American Red Cross, your contribution will go towards disaster relief and help communities across the country who are rebuilding from rubble.
If you want to keep your efforts focused solely on the areas affected by the recent tornadoes, the American Red Cross of East Alabama will help provide food and shelter for hurting victims.
When you donate to the Community Foundation of East Alabama, 100% of your donation will go toward families in need. The Salvation Army is providing a way for you to assist through “food and drinks, cleaning supplies and other essential commodities, financial assistance to disaster survivors, long-term recovery assistance programs including repair and reconstruction projects, or to support disaster relief workers serving in impacted communities”.
When you donate, are those contributions tax-deductible? Yes. But more importantly, when debating over giving to these organizations, know the day may come where you or someone you know is impacted by a natural disaster. It’s times like these when we realize we’re all in this together.
If you have any questions about the tax ramifications following a natural disaster, please give me a call so I can walk you through the options available.
I’m in your corner. Now go let hundreds of strangers know you’re in theirs.
Timothy A. Phillips, CPA, PC