When disaster strikes, it is good to know that your valuable documents are safe. With all the other things you have to attend to, knowing that your tax, financial, property and other records are safe and sound is a good thing. Tax relief is a topic that is closely related to natural disasters, mainly because disaster victims often need a filing extension. However, for starters, you will eventually need these records for insurance purposes and to recoup some of your loss. This is not the 1920s, so there is no need to store paper copies of all your important papers in your home. In fact, your home is probably the worst place to store valuable documents. Many people maintain a paper copy as well as a digital copy of all vital records, like tax returns, bank statements, house papers, and legal wills. That's a good first step.
Storing your vital records can be done easily and quickly. Consider keeping both a paper copy and a digital copy of all important papers, insurance policies, tax returns, etc. Do not, however, store any of the documents in your home. At home, they are susceptible to being stolen, and in any case will be destroyed in a flood, fire, or hurricane. Store documents in a remote location like a safe deposit box, or on a hard drive that is not located in your dwelling.
Many people put all their documents onto a computer disk and store that disk with an online company. This is a good idea, provided you check out the company's reliability first. In addition, you can make a duplicate copy on a thumb drive. Either store the thumb drive in your safe box, or send it to a relative to keep at their home. The more backup, the better.
Tax relief is a consideration for disaster victims. The first thing most people want to know about is tax-filing extensions. Usually, the IRS will give you a one-year extension if you have been in a disaster. Also, the agency will waive penalties and interest charges on any tax that you might owe.
Keep in mind that disasters do not follow a schedule. They will hit when you are least expecting them. Typically, and depending upon where you live, you should be prepared for earthquakes, hurricanes, floods, forest fires, and acts of terrorism. Don't plan later. Plan now!
Storing your vital records can be done easily and quickly. Consider keeping both a paper copy and a digital copy of all important papers, insurance policies, tax returns, etc. Do not, however, store any of the documents in your home. At home, they are susceptible to being stolen, and in any case will be destroyed in a flood, fire, or hurricane. Store documents in a remote location like a safe deposit box, or on a hard drive that is not located in your dwelling.
Many people put all their documents onto a computer disk and store that disk with an online company. This is a good idea, provided you check out the company's reliability first. In addition, you can make a duplicate copy on a thumb drive. Either store the thumb drive in your safe box, or send it to a relative to keep at their home. The more backup, the better.
Tax relief is a consideration for disaster victims. The first thing most people want to know about is tax-filing extensions. Usually, the IRS will give you a one-year extension if you have been in a disaster. Also, the agency will waive penalties and interest charges on any tax that you might owe.
Keep in mind that disasters do not follow a schedule. They will hit when you are least expecting them. Typically, and depending upon where you live, you should be prepared for earthquakes, hurricanes, floods, forest fires, and acts of terrorism. Don't plan later. Plan now!
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