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Tips for Taxpayers Who Need To Reconstruct Records after Disaster Strikes

After a disaster, taxpayers may need to reconstruct tax records to help determine disaster losses. Log On: http://www.etservicesva.com/<br>

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Tips for Taxpayers Who Need To Reconstruct Records after Disaster Strikes

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  1. Tips for Taxpayers Who Need To Reconstruct Records after Disaster Strikes http://www.etservicesva.com/

  2. After a disaster, taxpayers may need to reconstruct tax records to help determine disaster losses. The records are essential for tax filing, getting federal assistance, and/or insurance reimbursement. The following information can help taxpayers to reconstruct records after a disaster: Tax Return Transcripts • Taxpayers can use the “Get Transcript” tool on IRS.gov or call 800-908-9946 to get free tax return transcripts. IRS Transcripts contain helpful data provided to IRS from third-parties. Wage and income data and mortgage interest paid are examples of data found on IRS transcripts. http://www.etservicesva.com/

  3. Proof of Disaster Loss • To determine the extent of a loss, taxpayers should take photographs or videos of the affected property immediately after the disaster. • Taxpayers should check their cell phone or other cameras for pictures and videos that show the damaged property before the disaster. • If a taxpayer doesn’t have photos or videos of lost property, one suggestion is to sketch pictures of each room impacted by the loss. • Taxpayers can support the valuation of property with photos, videos, canceled checks, receipts from purchase of the items, or other evidence demonstrating cost. • If a taxpayer purchased items using a credit card or debit card, he/she should contact his/her credit card company or bank for past statements to substantiate the purchase. http://www.etservicesva.com/

  4. Records about Property • Taxpayers can contact the Title Company, escrow company, or bank that handled the purchase of their home for copies of appropriate documents. • Taxpayers who made improvements to their home should contact the contractors who did the work and get statements and invoices from them to verify the work and cost. They can also get written accounts from friends and relatives who saw the house before and after any improvements. http://www.etservicesva.com/

  5. For probate values of inherited property, taxpayers can check court records. If a trust or estate existed, the taxpayer can contact the attorney who handled the estate or trust. • There are many resources to help people determine the current fair market value of vehicles. They include Kelley’s Blue Book, the National Automobile Dealers Association, and Edmunds. http://www.etservicesva.com/

  6. Taxpayers with Lost Business Records • Taxpayers can employ companies like Etservicesva to recompile lost accounting data. Essential Tax Services 13168 Piedmont Vista Drive Haymarket, VA 20169 703-754-2601

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