Hurricane season has started and the IRS recommends that individuals and companies protect their tax records against natural catastrophes by taking one or two easy steps.
Here are 3 tips from the IRS to help prepare you in case of a natural disaster.
Backup Records Electronically
Taxpayers should keep a collection of backup records in a secure area away from the authentic set. Keeping a backup set of records, financial papers, etc. is less complicated now that many documents are provided electronically. Whether or not the original record is available only on paper, it can be scanned into an electronic format. With documents in electronic form, taxpayers can download them to a transportable backup storage device, for instance a CD, external hard drive or DVD that you can take with you should you need to evacuate.
Keep a Record of Valuables
Taxpayers should document or videotape the contents of their home, particularly items of higher worth. A photographic record can help an individual prove the valuation of items for insurance and casualty loss claims. To document your property the IRS has a disaster recovery workbook, Publication 584, Casualty, Disaster and Burglary Loss Workbook, which can help taxpayers compile a comprehensive list of possessions.
Emergency Plan Updates
Emergency plans should be maintained and updated one or more times a year. Private and corporate circumstances evolve over time as do your preparedness specifications. When companies hire new staff, plans should be updated and the staff should be made aware.
Hurricane season can be messy, and so is keeping up with your taxes. If you are facing IRS tax problems, contact JG Tax Group today and let our renown staff map out your plan to get out of trouble.
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