4 Steps for Paperwork Relief:
After experiencing devastating natural disasters in the past weeks, those who were affected are trying to get back on track and find paperwork relief. Besides numerous other steps, victims need to document their losses and damages, checking their records and embracing lots of paperwork. Since various issues need to be managed in such times, any guidance can be helpful for getting things done. The following methods give an idea on how to reconstruct documents as a first step for claiming benefits and organizing financial records.
1. Support by the IRS
For helping the victims, Internal Revenue Service (IRS) is providing support from reconstructing records to a variety of tax relief. Free tax return transcripts for taxpayers are available on IRS.gov or with the smartphone app IRS2Go or via phone (800) 908-9946. The documents can give an overview of the information required to claim the offered benefits.
Extended tax deadlines can help to relieve stress and anxiety for those affected. Detailed information on paperwork relief can be found on the website of IRS or in the Disaster Resource Guide published by IRS.
2. Documentation and Records
For claiming benefits like tax relief or financial support, verifications and documentation of personal property or belongings are required to establish values. The following methods help to capture damages and losses:
- Photos and videos right after the disaster can be used to verify ownership and record the extent of damages. Also lost belongings that are captured on pictures taken before the disaster help to verify.
- Another possibility are online purchases, where invoices can be found in the buyers account on the website or in the emails.
- Credit or debit card purchases will also help to give an overview on the bought property.
- Service providers like financial institutions or contractors can also provide copies of necessary documents to verify costs or investments.
3. Auto Damage
If a vehicle was damaged, independent sources could help to estimate a realistic and fair value. Services can be found online, for example at Kelly Blue Book or National Automobile Dealers Association.
4. Insurance Coverage
Depending on the extent of coverage, insurances often take care of replacements and financial support. Especially real estate owners should check their insurance policies and the stated value to calculate a base figure for replacement.
How Plumb Family CFO can help
Paperwork can be overwhelming at such times of crisis, and starting is never easy. A good understanding of financial services, tax deadlines and accounting services help to fully realize losses and damages. You can obtain financial relief through insurance, tax deductions, and other sources. In case you do not have time to handle these issues, an experienced and reliable accountant is recommended.
Plumb Family CFO provides assistance and paperwork relief by collecting and organizing documents and financial records. Due to consistent communication and interaction with all of the client’s professional advisors, an overall view on accounting and financial documents can be provided. The services mentioned below show how Plumb can offer guidance, no matter if in good or in bad times.