As with any other situation involving your finances, it is wise to be vigilant when filing your tax returns.
In an increasingly common scam, identity thieves use victims’ personal information to file fraudulent tax returns electronically and claim bogus refunds. When the real taxpayers file their returns, they’re notified that they’re attempting to file duplicate returns. It can take months to straighten things out, causing problems and delaying legitimate refunds.
You can reduce your likelihood of becoming a victim by filing your return as soon as possible after you receive your W-2 and 1099s. If you file first, it will be the thief who’s filing the duplicate return, not you.
Tax filing resources
The 2014 tax filing season opened on January 31, therefore you can send in your tax returns any time between now and April 15.
If you are working on your taxes and need tax help, turn to the IRS website. The quickest way to get information and help is through IRS.gov. You can find information and helpful tools at 1040 Central
, including forms, an interactive Tax Assistant to answer questions, and the “Where’s My Refund?” tool to track your refund, if applicable.
Also, don’t forget that Equity Trust’s website
has information on contribution limits, deadlines and other IRA rules for 2013 in case you need to reference them.
Tax preparation tools
When you are ready to file your tax return, there are several free options available to you. More details can be found at IRS.gov.
Sources: Thompson Reuters, IRS