Couverture de Kick off the New Year Safe from Tax Identity Theft - Money Tips Tuesday

Kick off the New Year Safe from Tax Identity Theft - Money Tips Tuesday

Kick off the New Year Safe from Tax Identity Theft - Money Tips Tuesday

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 As we step into a new year, now is the perfect time to start fresh-and that includes safeguarding yourself against tax identity theft. Everyone is at risk of falling victim to tax identity theft, and thousands of Americans are impacted by this crime each year. Fraudsters often target taxpayers early in the year, hoping to take advantage of the busy tax season preparations. Links: Get started on this year's taxes, consider filing through IRS Free File Guided Tax SoftwareIRS tips for finding a trustworthy tax professionalCheck out TCU University for financial education tips and resources!Follow us on Facebook, Instagram and Twitter!Learn more about Triangle Credit Union Welcome to Money Tip Tuesday from the Making Money Personal podcast. According to the IRS, tax-related identity theft occurs when someone uses your stolen personal information, including your Social Security number (SSN), to file a tax return claiming a fraudulent refund. A successful scammer can create an online return using your SSN, even if they don’t spell your name right. Once the fraudulent account is established, they can not only use it to file taxes on your behalf and receive your refund but also to receive future payments from the federal government. The criminals are adept at using accounts that funnel money into prepaid debit cards so that it is untraceable and unrecoverable. Here are five tips to help you avoid becoming the next victim and help protect yourself against tax-related identity theft. Secure Your Personal Information. Keep your Social Security number (SSN) or individual tax identification number (ITIN) in a secure location. When asked for these numbers, be skeptical and verify that it is a legitimate need. Additionally, keep your home computer security software up to date, and run regular software updates on your connected devices, including the seemingly less risky ones like smartwatches. File Your Taxes Early and Securely. The sooner you submit your tax return, the harder it is for fraudsters to submit a fake one in your name. As soon as you have the necessary documentation, go ahead and take care of this right away. Always file taxes through a reputable service and use a secure internet connection if filing online; avoid transmitting such sensitive information through public Wi-Fi. You may consider filing through IRS Free File Guided Tax Software. If you feel more comfortable relying on a professional to prepare your tax return, choose your tax preparer with care. Monitor Your Financial Statements, Mail, and Email. Regularly check account statements for any unusual activity. Your first sign of tax identity theft this season will usually be a letter from the IRS after filing your return, informing you that one has already been filed using your SSN. Year-round, expected payments that are not received are another sign to watch for. Also be mindful of any tax reporting documents from employers you have never worked with. Rather than ignoring them, follow up to ensure someone else hasn’t stolen your identity and taken a job using your information. Communicate with Caution. Beware of unsolicited emails, phone calls, or text messages asking for personal information, and verify the source before you respond. Remember, the IRS will never initiate contact with taxpayers by email, text, or social media to request personal or financial information, including your taxpayer Identity Protection PIN, nor will they ever threaten lawsuits or arrest. Create an Online Account at the IRS Website. Visit the IRS online account website (www.irs.gov) to create your account now and monitor it regularly. While a lot of personal information is required to create the account, once you have done so, you can monitor your tax activity throughout the year, including if a return has been filed in your name. Through your online IRS account, you can then request an Identity Protection PIN (IP PIN). Once established, the PIN must be included on your federal tax return in order for it to be processed as valid. Remember, even with all these precautions, tax-related identity theft can still happen. That’s why Triangle Credit Union offers Fully Managed Identity Theft Recovery services for Better Checking account holders. If you suspect your identity has been compromised or you suspect identity theft for any reason, Identity Theft Recovery Advocates will help you recover and mitigate any damage. Learn more about Better Checking at trianglecu.org or click the link in the show notes. If there are any other tips or topics you would like us to cover, let us know at tcupodcast@trianglecu.org. Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts. Thanks for listening to today’s Money Tip Tuesday and check out our other tips and episodes on the Making Money ...
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