IRS Summertime Tax Tip 2013-04: Keep Tax and Financial Records Safe in Case of a Natural Disaster
Hurricanes, tornadoes, floods and other natural disasters are more common in the summer. The IRS encourages you to take a few simple steps to protect your tax and financial records in case a disaster strikes.
Here are five tips from the IRS to help you protect your important records:
- Backup Records Electronically. Keep an extra set of electronic records in a safe place away from where you store the originals. You can use an external hard drive, CD or DVD to store the most important records. You can take these with you to keep your copies safe. You may want to store items such as bank statements, tax returns and insurance policies.
- Document Valuables. Take pictures or videotape the contents of your home or place of business. These may help you prove the value of your lost items for insurance claims and casualty loss deductions. Publication 584, Casualty, Disaster and Theft Loss Workbook, can help you determine your loss if a disaster strikes.
- Update Emergency Plans. Review your emergency plans every year. You may need to update them if your personal or business situation changes.
- 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 transcript online.
- Count on the IRS. The IRS has a Disaster Hotline to help people with tax issues after a disaster. Call the IRS at 1-866-562-5227 to speak with a specialist trained to handle disaster-related tax issues.
In the event of a disaster, the IRS stands ready to help. Visit IRS.gov to get more information about IRS disaster assistance. Click on the “Disaster Relief” link in the lower left corner of the home page. You can also get forms and publications anytime at IRS.gov or order them by calling 800-TAX-FORM (800-829-3676).
Additional IRS Resources:
- Preparing for a Disaster
- Disaster Relief
- Publication 584, Casualty, Disaster and Theft Loss Workbook
- Publication 17, Your Federal Income Tax (individuals see Chapter 1)
- Publication 583, Starting a Business and Keeping Records
- Order a Transcript online
- Form 4506, Request for Copy of Tax Return
- Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript
- Form 4506-T, Request for Transcript of Tax Return
IRS YouTube Videos:
- Preparing for Disasters – English | Spanish | ASL
- How to Request a Copy of Your Tax Return – English | Spanish | ASL
IRS Podcasts:
IRS Summertime Tax Tip 2013-03: Job Search Expenses May Lower Your Taxes
Summer is often a time when people make major life decisions. Common events include buying a home, getting married or changing jobs. If you’re looking for a new job in your same line of work, you may be able to claim a tax deduction for some of your job hunting expenses.
Here are seven things the IRS wants you to know about deducting these costs:
- Your expenses must be for a job search in your current occupation. You may not deduct expenses related to a search for a job in a new occupation. If your employer or another party reimburses you for an expense, you may not deduct it.
- You can deduct employment and job placement agency fees you pay while looking for a job.
- You can deduct the cost of preparing and mailing copies of your résumé to prospective employers.
- If you travel to look for a new job, you may be able to deduct your travel expenses. However, you can only deduct them if the trip is primarily to look for a new job.
- You can’t deduct job search expenses if there was a substantial break between the end of your last job and the time you began looking for a new one.
- You can’t deduct job search expenses if you’re looking for a job for the first time.
- You usually will claim job search expenses as a miscellaneous itemized deduction. You can deduct only the amount of your total miscellaneous deductions that exceed two percent of your adjusted gross income.
For more information, see Publication 529, Miscellaneous Deductions. This booklet is available on IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Additional IRS Resources:
- Publication 529, Miscellaneous Deductions
- The “What Ifs” for Struggling Taxpayers
- Publication 4128, Tax Impact of Job Loss
- Schedule A, Itemized Deductions
IRS YouTube Videos:
Stacie's Tax Stuff 