As we enter severe weather season, it’s important to keep you and your loved ones safe. Whether you are at your home or business, you should have an emergency plan ready and practice it often so you’re ready when disaster strikes. Along with keeping yourself safe, you should also take some time to make sure your records and your financial future are safe as well.
The IRS has released several tips that can help you keep important financial documents safe, along with helping prepare for rebuilding your life after the storm. There are simple things you can do beforehand that will help you not only secure your financial future after, but also help ease the burden of trying to rebuild.
One of the best things you can do is to have electronic copies of all your tax and financial documents. Many financial institutions provide statements and documents electronically now, so this should be easier than it sounds. For the important paper documents, you can scan them and store them electronically on a DVD or through iCloud storage. Keep electronic copies of key documents like your tax returns, banking statements and all your insurance policies. It’s best to keep these documents saved together so you don’t have to go looking for them later.
While you’re making copies of your documents, you should also note all your important valuables. Take pictures of your home and all your belongings, especially items of high value. Documenting these items now will make it easier for you to claim insurance and tax benefits after disaster strikes. The IRS even has a disaster loss workbook available to you to help make it easier. Its workbook, Publication 584, can help you compile a room-by-room list of all your belongings. Having photos of your belongings can help prove the fair market value of items for insurance and casualty loss claims.
Rebuilding after a disaster can be challenging and dealing with your finances on top of that can be a huge burden. But you can get help along the way. If you need documents, you can request copies of previously filed tax returns and attachments from the IRS by filling out a Form 4506. And should you need assistance, we’re here to lend a hand. Check out our services page and fill out the form for a free consultation. Or give us a call at 1-844-841-9857. We’re open 8am – 5pm Central!