Tips to keep your tax records safe
1. Backup records electronically - You should keep a set of backup records in a safe place away from the original. Keeping a backup set of records, bank statements, tax returns, insurance policies, etc is easier that many financial institutions provide statements and documents electronically. Even if the original record is only available on paper, it can be scanned into an electronic format. With documents in electronic form, taxpayers can download them to a portable backup storage device such as an external hard drive, CD or DVD that you can take with you in the event that you need to evacuate. 2. Document valuables - You should photograph or record the contents of their home, especially items of higher value. A photographic record can help an individual prove the market value of items for insurance and casualty loss claims. Photos should be stored at an outside location. To document your valuables, the IRS has a disaster loss workbook, which can help you compile a room-by-room list of belongings. 3. Update Emergency Plans - Emergency plans should be reviewed at least once a year. Personal and business situations change over time as do preparedness needs. When employers hire new employees or when a company changes functions, plans should be changed and employees should be informed.
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