Some people in New York City were awaken this morning to a torrential downpour that caused major delays. However, if you are a freelance or home-based business, you may not have had to deal with a commute, but maybe other damages and financial loss occurred.If you own your home, and don’t have flood insurance, then get it now. FEMA sets the rates for flood insurance and premiums are low. Check out FloodSmart.gov to estimate your premium and find an agent.
If you don’t own but experience business loss, then make a estimate of the loss and record it now as an expense. Any receipts relating to the expense (i.e., Home Depot) should be recorded. Then talk to your CPA or tax professional about how to submit for tax purposes.