Wednesday, July 8, 2009

Protect financial, tax records during hurricane season

Individual and businesses taxpayers should protect financial and tax records in advance of storms and other potential disasters with the 2009 Atlantic hurricane season underway

Some tips on protecting personal or business information:

Take Advantage of Paperless Media for Financial and Tax Records

Many people receive bank statements and other financial documents by e-mail. Even though most of these records are also retained by banks and corporations, you can back your records up easily and at little cost with CDs and portable memory drives.

Document Valuables and Business Equipment

Compile a room-by-room list of your belongings or business equipment. This will help you verify the market value of items for insurance and casualty loss claims. Photograph or videotape the contents of your home or business, especially items of high value.

“Having a record of your valuables can provide proof for an insurance claim. It will also help you remember what you might be able to claim as a loss on state and federal taxes,” Bridges says.
You should store photos or videos on CDs, DVDs, or portable memory drives in a safe location away from the area at risk.

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