We live in a world where identity theft is something that you need to be concerned about. There are many ways that someone can steal your identity and take advantage of it. One way that many people don’t think about has to do with taxes. While most of the time, people will apply for credit cards and buy things using your credit to steal your identity, there are others that will steal your social security number and file taxes under your name to claim a refund that isn’t rightfully theirs. Mark Dicus & Company is here to talk about tax identity theft and what you can do to avoid it.
How Do I Find Out if Someone Used My Name & SSN to File Taxes?
There are certain procedures in place to help the IRS catch any identity theft that might occur. They are regularly checking tax returns for any signs that there is identity theft happening. If the IRS detects some activity that leads them to believe your identity has been stolen, they will notify you that it is happening. Even if you think that your identity has been stolen, it is important that you file your taxes. This might mean that you have to do it using the paper method rather than digitally. You can file a Form 14039 with the IRS to get them to look into things further for you.
Who is Most at Risk for Tax Identity Theft?
When it comes to tax identity theft, it can happen to anybody. However, young children and the elderly are going to be at the greatest risk of having this happen to them. When it happens to small children, it often will go undetected until the child is old enough to start applying for loans or credit cards and find that there has been identity theft that has happened in the past. For seniors, it usually happens because there are more places that ask for their personal information and the senior hasn’t taken the appropriate steps to ensure their information is safe.
How to Avoid Tax Identity Theft
If you have had issues with someone stealing your identity for tax purposes, the IRS will assign you an Identity Protection Personal Identification Number (IP PIN) to prevent someone from using your social security number to file a fraudulent tax return. This number will help the IRS verify your identity when you file your taxes by mail whether you do it electronically or by mail. This number can protect your information even if you aren’t filing your taxes.
Bookkeepers, Accountants & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
If you have questions about preparing your taxes for this coming tax season, you can turn to Mark Dicus & Company to help. We have extensive experience and training that ensure we will help you take advantage of any tax breaks that may be available to you. Call us today!