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With the 2013 hurricane season under way and memories of tornadoes and other natural disasters fresh in the country’s collective mind, now is the time for individuals and businesses to safeguard their tax records by taking a few simple steps.
Spartanburg, SC – August 08, 2013 — /BackupReview.info/ — Wells & Assocs CPA LLC provides the next suggestions to assist safeguard important financial records before its too late.
The first step is to take inventory. Gather all documents and make a listing list. Its definitely convenient to have everything in one location, but much more likely than not, individuals must hunt around to locate all in their documents. You should definitely check computer files, storage boxes, file cabinets, old and new computers and laptops, thumb drives, and external hard drives and backup disks.
Depending on how complex finances are, it can be essential to select a single list or favor to make two separate lists. The 1st list might include items akin to policies, mortgages and deeds, car titles, wills, pension and retirement-plan documents, powers of attorney, medical directives, and many others. The second one list might contain a listing of less essential documents similar to brokerage accounts, loans which were paid off, end-of-year bank statements, and copies of old tax returns and supporting documentation.
Create a backup set of records and store them electronically. Keeping a backup set of records — including, as an instance, bank statements, tax returns, policies, etc. — is simpler now that many monetary institutions provide statements and documents electronically, and fiscal information is obtainable on the web.
Even if the unique records are provided only on paper, they are often scanned and converted to a digital format. Once the documents are in electronic form, taxpayers can download them to a backup storage device, comparable to an external hard disk drive, or burn them onto a CD or DVD (you should definitely label it).
Wells & Associates also suggests an internet backup, that is the best technique to ensure data is fully protected. With online backup, files are stored in another region of the rustic, in order that if a hurricane or other natural disaster occurs, documents remain safe.
Another step to arrange for a possible disaster is to photograph or videotape the contents of the house, especially items of upper value. A photographic or video record may help prove the fair market value of things for insurance and casualty loss claims. Store the photos or video with a pal or member of the family who lives outside the realm, or as component of the net document backup.
Emergency plans can be reviewed annually. Personal and business situations change through the years, as do preparedness needs. When employers hire new employees or when an organization or organization changes functions, plans can be updated accordingly and employees must be informed of the changes.
Check on Fiduciary Bonds. Employers who use payroll service providers should ask the provider if it has a fiduciary bond in place. The bond could protect the employer inside the event of default by the payroll employer.
If disaster were to strike, call the pros at Wells & Associates without delay. They are able to help come again copies of tax returns and all attachments, including W-2s. They’re available to aid anytime.
About the corporate:
Their services encompass nearly every aspect of economic life. They’re experienced in all matters of accounting services , bookkeeping services, CPA services and taxation, IRS problem resolution, estates and trusts, small business advice, financial planning and investment, real estate and business sales. For additional information, please visit their website at http://www.wacpallc.com.
Source: Wells & Associates CPA LLC
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