In preparation for unforeseen disasters, the IRS provides invaluable advice on safeguarding crucial records, a vital concern for both individuals and businesses. Ensuring the availability of personal and financial records during emergencies is essential for tax purposes and facilitating insurance claims.
The IRS recommends the following proactive steps:
- Tax Records
- Taxpayers can swiftly access free federal tax return transcripts through Get Transcript on IRS.gov.
- Alternatively, they can order transcripts by calling 800-908-9946 and following the provided prompts.
- Taxpayers utilizing tax professionals for filing should securely store their contact information.
- Financial Statements
- Financial statements from banks and credit card companies are often accessible online. Requesting paper copies is also an option by contacting the respective financial institution.
- Property Records
- Homeowners seeking property-related documents can reach out to the title company, escrow company, or the bank involved in their property purchase.
- Numerous property records are available online through tax assessors and government agencies. Local government websites are valuable resources.
- Those who have undertaken home improvements can verify work and costs by contacting the contractors responsible or obtaining written descriptions from witnesses.
- In the case of inherited property, court records can provide probate values. If a trust or estate was involved, consulting the handling attorney is advisable.
- Insurance companies typically retain records related to property within a home, so it's essential to maintain easy access to property insurance contacts.
- Car owners can determine the current fair-market value of most vehicles using readily available resources online and at libraries, such as Kelley's Blue Book, the National Automobile Dealers Association, and Edmunds.
These IRS-endorsed precautions empower employers and individuals alike to be prepared for disasters, ensuring the security and accessibility of critical records when they are needed most.
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