Protecting Your Valuables
With a long history of Mother Nature wreaking havoc, it is important to make sure that you protect your records. The IRS just released suggestions on how to do that. Most of it is common sense, but it is worth repeating.
First, if you don’t already, you should create a complete backup set of records electronically, on a CD or a “thumb drive,” and store it away from the originals. This should include bank statements, financial statements, tax returns, insurance policies, etc. Don’t forget to include photocopies of the front and back of all credit cards, driver’s licenses, passports, wills, birth certificates, and any other valuable documents.
Second, you should document all the valuables in your home and business. The easiest method for doing this is to take pictures or videos of the contents. This will help prove the market value for claims. Make sure to keep them with a relative or close friend who does not live in the area.
Finally, if you don’t have an emergency plan, MAKE ONE! Review your plan every year.
If you would like more information about Pennsylvania Estate Planning, Business Law or Tax Law, please contact an experienced Pennsylvania Attorney who is also a Certified Public Accountant (CPA) via email or phone us at (724) 216.6551 at our Greensburg, Pennsylvania office.
The Iezzi Law Office serves clients in southwestern Pennsylvania, including Greensburg, Pittsburgh, Delmont, Monroeville, Murrysville, Latrobe, Irwin, Uniontown, Connellsville, Indiana, Somerset, and other towns located in Westmoreland County, Allegheny County, Fayette County, Indiana County, and Somerset County.
IRS CIRCULAR 230 DISCLOSURE:
To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.