Phoenix Business & Tax Solutions

Disaster loss deduction may be available

In some instances, individuals and businesses in a federally-declared disaster area can qualify for a casualty loss tax deduction. The deduction is available for damaged or destroyed property not covered by insurance or other reimbursement and can result in a larger refund.

A unique feature of this deduction is that taxpayers can choose to claim it on either the return for the year the loss occurred (in this instance, the 2024 return normally filed next year), or the return for the prior year

(the 2023 return filed this year). For individual taxpayers, the deadline for making this election is Oct. 15, 2025.

If deductions exceed a taxpayer’s income, it can result in a net operating loss (NOL). A taxpayer need not have a business to have a NOL from a casualty. A NOL can normally be carried forward and deducted in a future tax year. Call Phoenix Business & Tax Solutions at 706-992-6118 for more information.

In the midst of everything, I was finally able to do what I wanted to do. August 1, 2025, made 15 years that Brewer Financial Firm, LLC was in business. With my husband officially joining me as my partner, it was time for the business to undergo a complete rebranding. When I tell you, we are putting the finishing touches on our company, we are doing just that. This office looks absolutely amazing! Even the business cards are top notch! I love it!!!

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Off to a great start on this Monday. Brewer Financial Firm, LLC has welcomed four new tax preparers to our team. And we have also welcomed 1 new tax office and 1 new Service Bureau to the Brewer & Associates and Preferred Plus Tax Software team! Currently waiting on three more contracts to be signed.

Tax preparation training starts August 5th.

The next couple of weeks are going to be a little hectic for me but I am ready. On August 1st, I will have two major milestones to celebrate! The first and most important is my company, Brewer Financial Firm, LLC will celebrate 15 amazing years of being in business. I am so blessed and so proud because this is an amazing accomplishment. I will also be celebrating my 1st day in a new position as a MCSD employee, working at Waddell Elementary as the Parent Liaison. I am so excited to be on this journey!

Brewer Financial Firm, LLC is having a big event for the community! It's our annual Brewer Financial Firm Back 2 School Giveaway ! Lots of bookbags, supplies, food and refreshments, games, vendors, and so much more! Join us on Saturday, August 3rd, and get ready for a great time! Parents you must bring your children in order to receive school supplies. Starts at 12pm.

At Brewer Financial Firm, LLC we have a team of 15 in office tax preparers and 10 virtual tax preparers. Our team consists of experienced tax professionals, accountants, and EAs. Visit our website at www.brewerfinancial.biz with any questions you may have! At BFF, we work hard so you don't have to. We want to be your BFF when it comes to tax preparation.

Brewer Financial Firm, LLC is getting ready for the upcoming tax season!

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