With deadly tornadoes, destructive flooding and raging wildfires part of the seasonal landscape, the Internal Revenue Service is reminding taxpayers to protect their valued assets.
Here are a few tips to help you weather a disaster:
Keep a record » Taking photos or video of your big-ticket belongings can greatly help with insurance and recovery claims. Give a copy to a friend or family member who lives out of the area.
Back up everything » Make scanned copies of original tax returns, bank statements and insurance papers, and store them on a thumb drive or burn to a CD. Keep the electronic copy in a safe place separate from the originals.
Check on fiduciary bonds » For business owners who use payroll services, check to see if the provider has a fiduciary bond. That can protect employers if the payroll service defaults.
If you lose documents » You can order copies of old tax returns and attachments (such as W-2s) from the IRS by using Form 4506 or calling 1-866-562-5227. The IRS also has a disaster loss workbook (Publication 584), as well as podcasts and YouTube videos on disaster assistance (available in English, Spanish and American Sign Language) at www.irs.gov.
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