Is it possible to deduct losses from declared disaster areas on one’s tax return?

One can deduct taxes in case of casualty losses. But this is applicable for the particular year in which the casualty has occurred. Tax deductions can be obtained for that particular tax year only. But in certain cases like disasters which have got approval from higher authorities like one from the president of United States, the tax deduction can be made immediately in the preceding year also. There is provision for that also. So the authorities provide 2 years of time for a person to make tax deduction in case of any disaster. So a person can choose any year from this which will provide him the maximum benefit or deductions. So, in such a situation decisions should be taken appropriately so that you can save some money on that account. Also in certain disaster cases they may neglect the taxes from that area or may provide some reductions in the tax. This help will be provided by the IRS. IRS can also give you the option to give your money back which had been filed as the previous tax returns. Such options will be provide if the conditions are very worse. For additional information one can contact the IRS office.