A disaster at home is extremely stressful. The last thing you need is to worry about all your important documents. Here are four simple tips to help you keep your records and documents safe in the event of a disaster.

1. Record-keeping: You have the option of going paperless when keeping records of you finances and taxes, thanks to computers. A lot of people even get their bank statements and W-2s and tax returns emailed to them. If you have them on paper, you can scan them to your computer and copy them to a CD or flash drive. Keep them in a safe or safe deposit box and keep them with home mortgage documents, car titles, insurance paperwork and birth, death and marriage certificates. There are services online that will even back up your files and store them for you. But, no matter how you keep your documents safe, make sure they are safe against damage or theft.
2. Document Valuables: The IRS can provide you with workbooks on disaster loss safe-keeping. It assists you with listing your total home belongings, especially those items of great value. You should keep photos and videos in a safe place, away from your home. By doing this, you can keep track of the market value of your belongings for insurance purposes in case of a disaster.
3. Update Emergency Plans: Be sure you have a way to get severe weather information by purchasing a Weather Radio and keep new batteries in it. Have a plan should you end up in the middle of threatening weather or a fire and review your emergency plan every year.
4. Count on the IRS: If there is a disaster in your area or a fire, the IRS will help you. They provide information that you can request if your records are lost or destroyed. If you are the victim of a federally declared disaster, you can get copies of previous year’s tax returns by submitting a 4506 Form, Request for Copy of Tax Return, or a 4506-T, Request for Transcript of Tax Return. You must make sure you specify the disaster in RED at the top of the form to move your request through quicker. The usual fee will be waived for this service.

If you need more information, type in “Preparing for a Disaster” in the search box on the IRS website. You may also want to contact your finance and/or  accounting professional about which documents are most important to keep secure. 

Daniel Stoica Accounting Professional

Information on taxes can be found on the IRS website at www.irs.gov and is accessible 24 hours a day, 7 days a week, 365 days a year. There, you will find answers to every income tax question and you are able to download forms at any time.

You will also find information on the benefits of e-filing. E-filing is the fastest and easiest way to file your tax return. The IRS has made it simple to file on their website, with secure forms, and   provides answers to questions regarding how and where to have your refund returned to you. Two out of three taxpayers who file are doing so electronically. Almost 70% of taxpayers qualify for free e-filing.

On the IRS website you are able to check the status of your refund. If you chose to have your refund direct deposited into your bank account or you requested a check in the mail, you can click on “Where is my refund?” . Simply enter your social security number (it’s secure), your filing status, and the amount you are expecting, and you get the status of your refund.

The website even shows you how to make electronic payments of any taxes you owe. You can use a credit or debit card, authorize electronic payments, or enroll in the Treasury Department’s Electronic Federal Tax Payment System to make your payment. Electronic payments are fast easy, and secure.

Just answer a few questions and give your tax information through the EITC Assistant to see if you qualify for the Earned Income Tax Credit.

The IRS website has made it very easy to request forms, documents, and any other paperwork you may need. Nearly every tax-related document can be downloaded from the IRS website.

You can even figure the exact amount of your withholdings by using the IRS Withholding Calculator, which is also found on their website.

If you have trouble paying your taxes on time, you even have the option to apply for a payment agreement on the website. Look for the Payment Agreement Application to set up a payment plan with the IRS.

You can look for charities to see if they qualify for exemption from federal taxes. If they do, look to see what percentage of your contributions are tax deductible.

The IRS website even allows you to find out about the updated changes to the tax laws. These change regularly, so you should check often. Some tax revisions are in place for certain parts of the tax year and some laws are amended by Congress. The site shows changes that affect both individuals and businesses.

Visit www.IRS.gov when you have questions or need more information on your taxes. It really is a great resource for many of your tax questions.  For all the rest of your questions, seek the help of a qualified tax professional. 

Daniel Stoica Accounting Professional