Due to precautions related to COVID-19, we have expanded our options for remote consultations. Please contact our office to discuss whether a full phone consultation or video conference is appropriate for your situation.

2 steps to help prepare your finances for a natural disaster

Natural disasters can happen anywhere in the country. The Southeast may currently dominate newsfeeds as it prepares for a hurricane, but Minnesotans are also dealing with natural disasters as many find themselves the victims of floods.

Whether currently dealing with the aftermath of a natural disaster or not, everyone can benefit from an emergency preparedness plan. To help better ensure the plan covers all your needs, include the following:

 

  • Copies. Make copies of tax returns, deeds to property, bank statements and insurance paperwork. The Federal Emergency Management Agency (FEMA) also recommends having a copy of your identification, birth certification, social security card, physician information, health records, immunization records and any needed prescriptions with this information. Ideally, keep an electronic copy on a hard drive or flash drive. If preparing for a storm or other imminent disaster, have a set of copies with a family member or good friend that is not located in the disaster area.
  • Photos. Take photographs of any valuable items. This can serve as evidence to aid in insurance claims if furniture, artwork and other costly pieces of property are lost or damaged in the disaster.

Certain tax expenses can qualify for relief in the event of a natural disaster. The Internal Revenue Service (IRS) reports it provided such relief to millions of taxpayers in 2018. It is also important to note that options are available. if the IRS does not agree to offer relief. An attorney experienced in dealing with tax liabilities can review your situation and discuss your options.

Findlaw Network

Archives

Office Location

Edina Tax Law Office
Pridgeon & Zoss, PLLC
7301 Ohms Lane, Suite 420
Edina, MN 55439

Telephone: 952-835-8320
Fax: 952-835-0201
Edina Law Office Map

St. Anthony Tax Law Office
Pridgeon & Zoss, PLLC
2812 Anthony Lane South, Suite 200
St. Anthony, Minnesota 55418

Telephone: 612-455-8948
Fax: 612-788-9879
Map & Direction

column-side-img