It’s tax season! Filing your tax return is a less than thrilling activity, and you may be tempted to procrastinate. However, filing early can help reduce the chance that you’ll become a victim of tax-related identity theft.
In recent years, an emphasis on filing tax returns electronically and receiving tax returns via direct deposit has led to an increase in incidences of tax-related identity theft. Many of these cases involve thieves stealing social security numbers and using them to file fraudulent tax returns early on in the season. The thief will set up a bank account to have the money deposited in, and then close the account after receiving the victim’s tax refund. Then, when the victim files his or her real return, he or she will be notified that the IRS has received 2 filings under the same social security number.
You should be particularly concerned about Continue reading Identity Thieves Are After Your Tax Refund