Home | Tax Blog | Tax Evaluation | Resources | Common Tax Questions | Back Taxes | Contact Us

Taking Care Of Taxes In Disaster Relief

August 29th

So far this year, we haven’t had many weather related disasters. However, as Hurricane Isaac makes landfall today, the IRS wants to remind taxpayers of ways they can safeguard their financial information from the consequences of major storms.

Emergency Plan

Even though it isn’t tax time yet, the IRS advocates that people keep track of their financial information and documents all year long to prevent tax debt troubles. When weather-related or personal disaster strikes, many people have found themselves unprepared for the outcome. Therefore, the IRS encourages everyone to have an emergency plan in place to protect vital information.

First, make sure all you have a duplicate copy or backup of all your financial records. You can make hard copies of your information and store them in a lock box away from your home, or create an electronic back up of your data. Paychecks, bank records, investment or retirement account documents and any receipts for itemized claims should all be protected as part of your back up files.

Also, document what is valuable in your home. Take pictures of your assets and personal property and store these photos off-site along with your financial records. Any items that are damaged during the storm may be eligible to be claimed as casualty losses on your next tax return.  The more evidence you have that a particular item existed and was then damaged; the better your chances of getting a tax break for the cost of replacing such items.

The IRS does have special representatives that deal solely with disaster relief. Even if you aren’t in the path of Hurricane Isaac, take steps to protect your information and keep the IRS’ contact information on hand. Anyone needing more information about disaster relief from the IRS can call 1-866-562-5227.

 

 

 

 

 
 
RSS

Subscribe Now
Social

Follow on FaceBook
News & Events
Monday, August 01, 2011

We are excited to launch our new site LeeTaxHelp.com.
Monday, September 05, 2011

If you think you might be need the advice of a Dallas Bankruptcy Attorney you can view on sister site at http://leebankruptcy.com
Categories
Back Taxes (5) General Tax Information (65) News (39) Payroll Taxes (5) Tax audit (10) Tax Debts (3) Tax deductions (16) Tax Fraud (4) Tax Laws (14) Tax Liens (10) Tax payment plans (14) Tax programs (21) Tax Scams (6) Uncategorized (2)
Recent Posts
Advantages of Using a Tax Debt Lawyer
Tax Debt Relief In 2014
Tax Debt Installment Agreements
Understanding the Five Tax Debt Strategies
Back Taxes: What You Can Do
Archives
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011