When a disaster hits your home or office, you want to know that your precious documents are safe. Now is the time to plan for disaster. That way, when and if the time comes, your data will be safe and sound. Most people don’t think about document protection when there is no disaster at hand. Smart planners, however, know that a small bit of planning can make life much easier in the event that the unthinkable happens. Tax relief is a related topic, because most disaster victims need extra time to file their returns with the IRS. In fact, the agency will allow for many different deadline extensions if you are the victim of a legitimate disaster.
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.
You should seriously consider putting all your valuable data onto a computer disk and storing that disk in a remote area. Some people use backup services that advertise on the Internet. Most of these are reliable, provided you check them out with the consumer watchdog agencies first. A thumb drive stick is also a decent method for storage, as you can simply fill it with data and mail it to a trusted relative or friend who lives out of state.
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.
Disasters can strike at the worst possible times, and rarely happen on convenient year-end dates. While most people think of floods, fires, and hurricanes as the “big three,” don’t forget about earthquakes, riots, and terrorist threats as well. That is why it is such a good idea to keep a copy of your important records in a very distant location.
Seeking tax relief from the IRS? Contact Guardian Tax Resolutions. The Guardian will help you resolve your tax issues and get you the piece of mind that you deserve.
