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Health & Fitness

You may hate filing taxes, but identity thieves don't.

That's probably because they expect to get refunds.

Jim Parks's profile picture
Jim Parks, Neighbor

 

You may hate filing taxes, but identity thieves don’t.
That’s probably because they expect to get refunds. The Internal Revenue Service (IRS) reports tax refund identity fraud is a rapidly growing crime. During fiscal year (FY) 2011 (which started October 2010), 276 investigations were initiated. For FY2012, that number had increased to 898. During just the first three months of FY2013, 542 investigations have been opened.

How does it work? According to the IRS, identity thieves use stolen personal information to file fake tax returns and collect undeserved refunds. In one case, a criminal filed false returns in the names of deceased taxpayers. In another, criminals broke into a tax preparation office, stole files containing personal information, and filed tax returns claiming fraudulent refunds.

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The IRS reports it is taking steps to protect taxpayers. They suggest taxpayers take basic steps to protect themselves, as well:


  • Don’t carry your Social Security card with you
  • Don’t give your Social Security number or Individual Taxpayer Identification Number to businesses (verbally or in writing) unless it is required
  • Check your credit report at least once each year
  • Protect your personal computers with firewalls, anti-virus software, and updated security patches
  • Choose hard-to-break passwords and change them frequently
  • Don’t provide personal information to anyone unless you know them well and understand how they plan to use it

    • Source: Internal Revenue Service

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    If you have aging parents, it’s important to discuss identity theft and encourage them to take necessary precautions. Developing good habits – such always keeping your personal identification numbers and financial documents in a secure place – can go a long way toward keeping personal information safe. 

    Weekly Focus – Think About It

    “When you are courting a nice girl, an hour seems like a second. When you sit on a red-hot cinder, a second seems like an hour. That's relativity.”


    --Albert Einstein, theoretical physicist

     

    The rest of the report can be found here.

    Please be sure to visit the Parks Wealth Management website at www.parkswm.com.

    Best regards,

    James T. Parks, CFP®, AEP, AIF
    President and Wealth Advisor

     

    Parks Wealth Management 216 E. Ridgewood Ave., 2nd Fl | 201-689-2020

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