Extreme weather and tax records

Unfortunately, floods and other weather related disasters often teach us a lesson about maintaining adequate books and records. When a home floods, you can lose valuable tax records that support the claims you made on your tax returns. Since the IRS does not maintain copies of supporting documents, if you are audited you are in the position of trying to “prove” to the IRS that your deductions and claims are valid without the proof to back them up.

For tips on keeping tax records safe read, “Extreme Weather Serves Up Important Reminders To Taxpayers.

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