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Archive for September 23rd, 2020

Being Prepared for a Natural Disaster

Wednesday, September 23rd, 2020

It is always good to be as prepared as possible if encounter a natural disaster. The IRS suggests that taxpayers should take the following precautions in case a natural disaster does occur:

• You should have an emergency plan in place and review it every year.
• Create electronic copies of your important documents such as tax returns, insurance policies, and bank statements. You can save them to a USB flash drive or in the cloud.
• You should document all your valuables by videotaping or taking photographs. This will help you with your insurance claims process if your valuables get ruined during a natural disaster. You should do a room by room documentation of all your valuables.
• You may be eligible for tax relief due to the disaster, please check with your tax advisor to see if you qualify.
• You can always contact the IRS if you have certain questions pertaining to a natural disaster at 866-562-5227. The IRS has specialists trained to handle disaster issues.

Please consult your tax advisor on all the above information.