Tax season is upon us, but before you start dreaming of what to do with your refund, be aware of tax identity theft. This happens when a fraudster files a fake return in your name to steal your refund. The good news is that there are steps you can take to protect yourself.
Firstly, file your taxes early to reduce the risk of fraudsters beating you to your refund. Safeguard your Social Security Number by shredding documents, not carrying your card in your wallet, and ignoring any suspicious calls or emails claiming to be from the IRS. Be wary of phishing scams and never click on links in emails claiming to be from the IRS.
Consider getting an Identity Protection PIN from the IRS, monitor your tax account regularly, and use strong passwords and two-factor authentication for financial accounts. Be on the lookout for warning signs of tax identity theft, such as receiving multiple return filings in your name or a W-2 from an unknown employer.
If you suspect you are a victim of tax ID fraud, file an Identity Theft Affidavit with the IRS, contact the IRS Identity Theft Hotline, alert the Federal Trade Commission, and put fraud alerts on your accounts. By taking these preventive measures and staying vigilant, you can ensure that scammers don’t get their hands on your hard-earned refund. Remember, the only person who should be filing your tax return is you, not a scammer looking to cash in.
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