Disaster Preparedness & Your Finances

Here are some tips to keep in mind and prepare before a disaster happens, so you can safeguard your loved ones and your assets:

Create a Backup Set of Records Electronically

Keep a set of backup records in a safe place. The backup should be stored away from the original set.

Keeping a backup set of records –– including, for example, bank statements, tax returns, insurance policies, etc. –– is easier now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet. Even if the original records are provided only on paper, they can be scanned into an electronic format. With documents in electronic form, you can download them to a backup storage device, like an external hard drive, or burn them to a CD or DVD. Alternatively a cloud based backup storage so long as it is government grade secure would also do the trick.

Document Valuables

Photograph or videotape the contents of your home or business, especially items of higher value. The IRS has a disaster loss workbook, Publication 584, which can help you compile a room-by-room list of belongings.

A photographic record can help you prove the market value of items for insurance and casualty loss claims. Photos should be stored with a friend or family member living outside the area.

Update Emergency Plans

Emergency plans should be reviewed annually. Personal and business situations change over time, as do preparedness needs. When you hire new employees or when your company or organization changes functions, plans should be updated accordingly and employees should be informed of the changes.

Check on Fiduciary Bonds

If you use a payroll service provider, ask the provider if it has a fiduciary bond in place. The bond could protect you in the event of default by the payroll service provider.

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About Hickey&Hickey

Hickey & Hickey is not just a Tax, Accounting & Payroll firm we are here to help people become Financially Healthy. Apart from offering financial information online we conduct Seminars geared to individuals and small businesses. Hickey & Hickey no solo prepara taxes, nomina y contauria estamos aqui para ayudarle a mantener su salud economica. Fuera de traerle informacion por internet ofrecemos seminarios al publico, para individuales y empresas.
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