The Internal Revenue Service (IRS) has sent out an important warning to taxpayers to get ready for natural disasters that might make it hard to file their tax returns.
The IRS wants taxpayers to be ready for anything during National Preparedness Month and the constant storm seasons in the Atlantic and Pacific. Making sure you keep copies of important papers in a safe place and keeping up-to-date lists of your belongings can be very helpful in case of an emergency.
IRS filing extensions
Once a federal disaster is declared, the IRS can give people in the affected places more time to pay their taxes and file their returns. Many extensions have been given just in 2024 because of disasters like tornadoes, storms, and floods caused by extreme weather in different areas.
- Federal disaster declarations enable the IRS to postpone deadlines without taxpayer intervention.
- Taxpayers do not need to contact the IRS if their area is affected by a federal disaster declaration.
If you live in an area that has been declared a federal disaster by FEMA, you can be sure that the IRS will automatically push back important dates. This means you won’t have to ask the service for more time.
Having up-to-date papers and other important information on hand after a disaster can make it a lot easier for victims to get help from the IRS and other agencies. As the federal government office said in a press release on September 3, being ready can make all the difference.
Disaster Assistance and Emergency Relief
crisis aid and emergency relief can save taxpayers and businesses a lot of money while they recover from the effects of a crisis. As soon as the federal government names an area a big disaster area, different types of help are made available to help people get back on their feet.
Safekeeping Documents
Insurance policies, tax returns, birth papers, Social Security cards, deeds, titles, and tax returns should all be kept in a safe place. The IRS says that containers for keeping should be waterproof and fireproof. It’s also a good idea to have a family member, friend, or other trusted person keep extra copies of these papers in a place that isn’t near any possible disaster areas.
- Waterproof and fireproof containers:Â Use these to store essential documents securely.
- Duplicate copies: Ensure a trusted person keeps additional copies in a safe location away from disaster-prone areas.
Preparation and proper document management can make a world of difference when facing the unexpected. Stay safe and be proactive in safeguarding your essential information.
Digitizing Paper Documents
The IRS says that you should scan or take a picture of your paper records and save them as digital files. This makes sure that they are kept in a safe digital place and makes them easy to find if the originals are lost or destroyed.
Keeping Inventory
Taxpayers must keep a thorough inventory of the things that are in their homes and businesses. You can keep track of your things by writing thorough descriptions and taking pictures or videos of them. There should be details like the year, make, and model numbers if they apply.
Utilizing IRS Disaster Loss Workbooks
The IRS has disaster loss worksheets that can help you make detailed lists of your personal or business property. If you need help with your insurance claim or getting tax breaks after a disaster, these tools are very helpful.