If you lose your home or business to fire, flood, hurricane, earthquake or some other disaster, the last thing you’ll worry about is your tax records.
Unfortunately, the IRS won’t cut you much slack if those records are destroyed. Uncle Sam will still say “Show me the money!”
We sure hope you never face terrible losses like those mentioned above, but if you ever do, you’ll be glad you read my brand new article titled Tax Tips: Lost Tax Records Destroy Both Your Time and Your Tax Deductions.
Three ways our fact-filled article can help you:
- We’ll explain Reg. Section 1.274-5T of the tax code. Get ready for pain! You see, this section gives you the right to substantiate your deductions by creating a “reasonable reconstruction” of your lost records. But this can cost you a fortune in time and money. You’ll get all the unpleasant details when you read the full article.
- You’ll learn how the IRS adds insult to injury. If it appears to the court that your lack of records is your fault, you’re going to face stiff penalties on top of the taxes and interest you’ll have to pay. Seeking mercy won’t help you as you’ll discover when you read the full article.
- We’ll tell you how to protect yourself. Good news! There are steps you can take to keep your records safe and secure and avoid a whole lot of problems with the IRS. Learn those steps right now! Read the full article.