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Tax
Changes & Tips for Businesses
Tax Tip
2016-2017
Keep Your Records Safe in Case
Disaster Strikes Some natural disasters are more
common in the summer. But major events like hurricanes,
tornadoes and fires can strike any time. It’s a good idea to
plan for what to do in case of a disaster. You can help make
your recovery easier by keeping your tax and financial records
safe. Here are some basic steps you can take now to prepare:
1. Backup Records Electronically. Many people receive bank
statements by email. This is a good way to secure your records.
You can also scan tax records and insurance policies onto an
electronic format. You can use an external hard drive, CD or DVD
to store important records. Be sure you back up your files and
keep them in a safe place. If a disaster strikes your home, it
may also affect a wide area. If that happens you may not be able
to retrieve your records.
2. Document Valuables. Take
photos or videos of the contents of your home or business. These
visual records can help you prove the value of your lost items.
They may help with insurance claims or casualty loss deductions
on your tax return. You should store them with a friend or
relative who lives out of the area.
3. Update Emergency
Plans. Review your emergency plans every year. Update them when
your situation changes. Make sure you have a way to get severe
weather information. Have a plan for what to do if threatening
weather approaches.
4. Get Copies of Tax Returns or
Transcripts. Visit IRS.gov to get Form 4506, Request for Copy of
Tax Return, to replace lost or destroyed tax returns. If you
just need information from your return, you can order a free
transcript online or by calling 800-908-9946. You can also file
Form 4506T-EZ, Short Form Request for Individual Tax Return
Transcript or Form 4506-T, Request for Transcript of Tax Return.
5. Count on the IRS. If you fall victim to a disaster, know
that the IRS stands ready to help. You can call the IRS disaster
hotline at 866-562-5227 for special help with disaster-related
tax issues.
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