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Protect Yourself Against Tax Refund Theft

Protecting Yourself Against Tax Refund Theft

Tax refund theft occurs when someone uses your Social Security number to file a tax return claiming your refund before you can even file.  You may not know this has happened until you file your return and discover a return has already been filed using your social security number.  The IRS many send you a letter (IRS never calls taxpayers) saying they have identified a suspicious return using your social security number. Here are three steps to minimize the chances of becoming a victim:

1.Protect your social security number and your identity. For example, reduce the number of credit cards you use. Never give your credit card number to anyone, or over the phone unless you are absolutely certain you know who you are dealing with. For more information and tips on how to protect your identity visit our website for our publication on “How To Protect Your Identity From Scammers, Thieves and Criminals”

Here is a direct link:

http://www.ronlykinscpas.com/images/IdentityThievesBrochure_4.pdf

 If you want a free hard copy of this article, contact our office.

2. File your tax returns as early in the tax season as possible. Incredible as it sounds, IRS will issue refunds to the first person filing with your Social Security number.

3.Adjust your withholding taxes and estimated taxes so you don't receive a refund. Take what        would typically be your refund and put the monies to good use. For example, automatically fund an IRA account, fund an Ohio 529 plan, pay down debt, etc.

If you do become a victim of tax refund theft, contact our office at once for assistance.