- Category: Widget
- Published on Monday, 22 September 2014 14:50
- Written by Isaac
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Keep Important Records Safe
Staten Island business bank echoes IRS suggestions
Because fires and other catastrophes can strike any time, it’s a good idea to plan what to do in case of a disaster.
Victory State Bank, Staten Island's only community-based commercial bank, says IRS tips contain some useful guidance.
A recovery becomes easier when tax and financial records are safe.
Here are some basic steps from the IRS to prepare:
- Backup Records Electronically. Many people receive bank statements by email. This is a good way to secure your records. You can also scan tax records and insurance policies onto an electronic format. You can use an external hard drive, CD or DVD to store important records. Be sure you back up your files and keep them in a safe place. If a disaster strikes your home, it may also affect a wide area. If that happens you may not be able to retrieve your records.
- Document Valuables. Take photos or videos of the contents of your home or business. These visual records can help you prove the value of your lost items. They may help with insurance claims or casualty loss deductions on your tax return. You should store them with a friend or relative who lives out of the area.
- Update Emergency Plans. Review your emergency plans every year. Update them when your situation changes. Make sure you have a way to get severe weather information. Have a plan for what to do if threatening weather approaches.
- Get Copies of Tax Returns or Transcripts. Visit IRS.gov to get Form 4506 (Request for Copy of Tax Return) to replace lost or destroyed tax returns. If you just need information from your return, you can order a free transcript online or by calling 800-908-9946. You can also file Form 4506T-EZ (Short Form Request for Individual Tax Return Transcript) or Form 4506-T (Request for Transcript of Tax Return).
- IRS Hotline. If you fall victim to a disaster, you can call the IRS disaster hotline at 866-562-5227 for special help with disaster-related tax issues.
About Victory State Bank
VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.