Tax Planning How to Keep Records Safe From Natural Disaster Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by Published Nov 14, 2013 - [Updated Sep 7, 2017] 3 min read One of the worse natural disasters in history hit the Philippines last week. Whether you’ve been hit by a natural disaster or know someone hit by disaster our hearts go out to you or anyone you know faced with this difficult situation. We know that natural disasters may occur without any warning, but hopefully these tips offered by Michael Rubin will help you safeguard your records before they occur. No one ever thinks it will happen to them, but far too frequently, it happens to someone. While I hope you’re never the victim of a natural disaster, here’s a quick hit list of some ways to protect your records in the event of a natural disaster. Get a Safe Deposit Box One simple way to ensure your most important documents are preserved is to rent a safe deposit box at your local bank. Typically quite inexpensive, safe deposit boxes are a good place to store seldom-accessed but valuable documents such as birth and marriage certificates, wills, the deed to your home, and the titles to your cars. The smallest (and least expensive) size offered by the bank is typically sufficient for one’s needs. Go Digital! One of the easiest ways to ensure a proper back-up of important records in the event of a storm, earthquake, or other natural disaster is to create and retain digital images of important documents. PDFs work best, but even a JPG is far better than nothing. Once you have your electronic copies, store them in more than one place. For starters, put them on an external hard drive that you can quickly grab and carry with you in an emergency (A CD or zip can work well too if you want something still smaller). In addition, save your backup files to one of the increasingly popular cloud-based services (e.g., Dropbox, iCloud, etc.) so you can access them anywhere you can get an internet connection. Harness Your Inner Spielberg Another important strategy to protecting your valuables in case of a calamity is to take a video of your household goods. Not only will this help with any insurance claim, but a video might also help you defend a casualty and theft loss deduction. Store this video in your safe deposit box and consider putting a digital copy on the cloud along with a hard copy (e.g., DVD) somewhere far away, like an extended family member’s or friend’s house in another state. Preparation is Key With some notable exceptions, most truly horrific natural disasters do not come with ample advance warning. Thinking that you’ll prepare once you know the “storm is for real” is typically not a viable strategy. This is especially true of financial records, which will be at the bottom of the list in a crisis evacuation. Well below the kids, the pets, a couple of old photo albums, your jewelry, etc. That’s why creating a back-up today is the best time to ensure you are protected for what hopefully never comes. Previous Post Four Tax Tips for Armed Forces Personnel Next Post Surviving Black Friday And Cyber Monday with Your Finances Intact Written by More from One response to “How to Keep Records Safe From Natural Disaster” This is very useful information that you have put in our consideration. The rent of the deposit box has to be paid on time to avoid any trouble regarding your belongings. Reply Leave a ReplyCancel reply Browse Related Articles Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains Uncategorized TurboTax is Partnering with Saweetie to Elevate Hoop Dr… Business Small Business Owners: Optimize Your Taxes with a Mid-Y… Small Business The Benefits of Employing Your Children and the Tax Bre… Income and Investments Are Olympics Winnings Taxed?
This is very useful information that you have put in our consideration. The rent of the deposit box has to be paid on time to avoid any trouble regarding your belongings. Reply