We have gathered some helpful tax preperation tips for you ahead of this Storm Season. Preplanning on what to do in the event of a disaster is an important part of being prepared.
1. Always take advantage of paperless recordkeeping for Financial & Tax records. The best way is to save all records via your email in an individual folder, so they are available at anytime at your fingertips.
2. Compile a Room-By-Room list of all of your belongings and/or Business equipment. Insure that this list is saved paperless ( Via your email) and will be helpful to you for Market value, Insurance and Casualty loss claims.
3. For your Business, create an Emergency Plan of Action that best suits your business needs and works efficiently so that you and your employees may get back on your feet as soon as possible. Communicate and practice your Plan of Action with your employees regularly, so that when and if a disaster should strike- everyone is on the same page. Also keep in mind that this Plan of Action should be up to date on checked on a regular basis. Assign employees to be specific on accurate record keeping during this time.
4. In the event of a power outage, as always, insure you have batteries, Walkie Talkies and a NOAA Weather Radio, so you can anticipate when the storm / Disaster has neared the end. Also be sure to regularly back up any and all files, so when your business reopens, you are up to date and current with recordkeeping.
5. IRS.gov is the best resource for information as you prepare/recover from a disaster.