- Compare and Contrast—Making a written comparison of your business with that of your main competitor enables you to pinpoint both of your respective strengths and weaknesses. It also makes an argument for others to choose your business. Prospects can read the comparisons and make an informed decision about your business. This could be a good way to promote a business within a specific industry. Caveat: Such an undertaking requires research and writing skills.
- Disaster Relief—Normally, you must claim a casualty loss on the tax return for the year in which the catastrophic event occurred. But you can obtain faster tax relief for losses in a federal disaster area by claiming the losses on the tax return for the prior year. For instance, victims of Hurricane Sandy may benefit by amending their 2011 returns. Similarly, if you suffer a disaster in 2013, you can claim a loss on your 2012 return.