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Tax Tips 2016-2017

Keep Your Records Safe in Case Disaster Strikes
Some natural disasters are more common in the summer. But major events like hurricanes, tornadoes and fires can strike any time. It’s a good idea to plan for what to do in case of a disaster. You can help make your recovery easier by keeping your tax and financial records safe. Here are some basic steps you can take now to prepare:

1. Backup Records Electronically. Many people receive bank statements by email. This is a good way to secure your records. You can also scan tax records and insurance policies onto an electronic format. You can use an external hard drive, CD or DVD to store important records. Be sure you back up your files and keep them in a safe place. If a disaster strikes your home, it may also affect a wide area. If that happens you may not be able to retrieve your records.

2. Document Valuables. Take photos or videos of the contents of your home or business. These visual records can help you prove the value of your lost items. They may help with insurance claims or casualty loss deductions on your tax return. You should store them with a friend or relative who lives out of the area.

3. Update Emergency Plans. Review your emergency plans every year. Update them when your situation changes. Make sure you have a way to get severe weather information. Have a plan for what to do if threatening weather approaches.

4. Get Copies of Tax Returns or Transcripts. Visit IRS.gov to get Form 4506, Request for Copy of Tax Return, to replace lost or destroyed tax returns. If you just need information from your return, you can order a free transcript online or by calling 800-908-9946. You can also file Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript or Form 4506-T, Request for Transcript of Tax Return.

5. Count on the IRS. If you fall victim to a disaster, know that the IRS stands ready to help. You can call the IRS disaster hotline at 866-562-5227 for special help with disaster-related tax issues.

Retrieved from Edwina W. Webster, CPA PLLC-  http://www.edwinacpa.com/taxTips.htm

 

Malcolm N. Clark, CPA PLLC

Full- service firm providing clients with personalized services in all areas of accounting and tax planning.

Services include:

  • Accounting services- Audits, reviews, compilations, bookkeeping, and more
  • Tax- income tax preparation, tax planning strategies, and more
  • Payroll- preparation, payroll tax returns, and more
  • Visit http://www.malcolmnclarkcpa.com/services.html to learn more

426 W. Kings Hwy.
EdenNC 27288
Telephone: (336) 627-5111
Fax: (336) 623-5311

Richard L. Westmoreland, CPA PLLC

Services include:

  • Tax services
  • IRS and state/local representation
  • Bookkeeping/Write up
  • Payroll services
  • Compilation and review services

"We believe that long term relationships are essential to any prosperous business, and want to assist with your accounting needs so you can spend more time operating your business. Whether your business has been in existence for many years or is just getting started, we can offer services to suit your needs. We are not limited to assisting businesses, and are aware that individuals have significant financial needs."

Visit http://www.westmorelandcpa.com/index.html for more information

1407 Freeway Drive
Reidsville, NC 27320
Telephone: 336-342-1777
Email: richardw@reidsvillenc.net

Other Local Accountants

Liberty Tax Service
709 S Van Buren Road
Eden, NC 27288
Telephone: (336) 623-9009

H&R Block
1374 W Harrison Street
Reidsville, NC 27320
Telephone: (336) 243-3191

Susan V Kallam CPA
710 Narrow Gauge Road
Reidsville, NC 27320
Telephone: (336) 342-3113

J Michael Fargis & Associates LLP
230 Gilmer Street
Reidsville, NC 27320
Telephone: (336) 349-4372