…is worth a pound of cure.” – Benjamin Franklin
Whether it be flood, fire or other disaster striking, your individual and business records are vital to getting back on your feet. One of the best methods to minimize damage is to have a backup set of records, preferably in the electronic form. Stow this backup separately away from the original, in a safe offsite location.
Examples of individual or business records requiring backup includes bank statements, tax returns, and insurance policies. Scanning the paper documents into electronic format will save space and allow you to place the information on a CD or DVD. Small business owners should have a regular routine of backing up their daily, monthly and yearly business activity.
An additional option is to take photographs or video tape the items within your home or business. Having this documentation along with a detailed list of belongings will go a long way in rebuilding following a disaster. Similar to your backup copy of business records, the photographs or video tape should be stored offsite in a secure manner.
As well as having a backup set of records, it is important to have an emergency plan that is current. Contained in the emergency plan should be information concerning lines of communication and where to seek shelter or a safe location.
The IRS has additional detailed information to assist individuals and business owners regarding disaster preparation and tax relief in disaster situations. To gain information on the topics of, Preparing for a Disaster (Taxpayers and Businesses), Tax Relief in Disaster Situations and Frequently Asked Questions for Disaster Victims visit the IRS website at www.IRS.gov.
About Blackman & Sloop CPAs, P.A.:
Blackman & Sloop is a full-service CPA firm headquartered in Chapel Hill, North Carolina and is actively involved in auditing, taxation, management consulting, financial planning, and related services. The firm directs a large part of its services toward providing management with advice on budgeting, forecasts, projections, financing decisions, financial analysis, and tax developments. The firm also performs review and compilation services and prepares not-for-profit, corporate, individual, estate, retirement plan, and trust tax returns as well as technology consulting services regarding installation and training on QuickBooks. Blackman & Sloop provides services in Raleigh, Durham, Chapel Hill, RTP, Hillsborough, Pittsboro, Charlotte, and the rest of North Carolina. To find out more please visit http://www.blackmansloop.com
Contact: CPA cpa@blackmansloop.com
Toll Free: 1-877-854-7530The Exchange West
1414 Raleigh Rd, Suite 300 Chapel Hill, NC 27517