Tornadoes, hurricanes, earthquakes, oh my!
Safeguard yourself by taking some simple steps
After a natural disaster, people are dealing with emotional and possibly physical trauma. There may be loss of property or disruption in income. To minimize the financial impact and stress involved in dealing with the aftermath, please consider taking the following steps now:
Create a duplicate set of backup records electronically on a storage device or CD. Many banks and financial institutions can provide statements, policies, etc. electronically. For any documents you do not have access to electronically, scan it and store it. These files should be stored away from your original set and in a safe place.
Taxpayers can prepare for a disaster by documenting valuables. Taxpayers and businesses should photograph or videotape the contents of his or her home or office, especially items of higher value. Compile a room-by-room list of belongings to help prove the market value of items for insurance and casualty loss claims. Photos should be stored in a safe place outside your immediate area.
The IRS may not be a natural disaster, but if you find yourself owing back taxes, be as prepared as possible and seek the assistance of a tax attorney. With the right guidance, they can help stop IRS collections and resolve tax debt quickly. And that’s a simple step worth taking.