Preparing Your Business in Case of a Disaster

Mike Miller Small Business, TAX TIPS

Can you imagine if you had a flood, fire, or natural disaster destroy your business and everything in it? No, we don’t want to imagine it either. But, it is important to prepare yourself and your business in case of a disaster. Come up with an emergency plan and update it annually, so your company can get back on it’s feet as quickly as possible after the disaster.

We feel that some of the most important things to protect are your financial and tax records. Here are a few ways to protect those records…

  1. Make sure you are receiving paperless statements for your bank accounts, tax records, and financial records. Then make copies of those statements and keep them in a safe place other than your business.
  2. Have a written log or video record all of your valuables and business equipement. This will help prove the value of your items for insurance loss claims. Make sure to keep the log at a safe location that is not in or near your business.
  3. Request a copy of your tax returns from the IRS following a disaster.

Here is a video from the IRS about how to prepare for a disaster…