File Early to Avoid Identity Theft

Yeo & Yeo CPAs & Business Consultants

If you’re like many Americans, you may not start thinking about filing your tax return until the deadline. Filing as close to the start date as possible could protect you from tax identity theft.

How filing early helps

In this increasingly common scam, thieves use victims’ personal information to file fraudulent tax returns electronically and claim bogus refunds. When the real taxpayers file, they’re notified that they’re attempting to file duplicate returns.

Tax identity theft can cause major headaches to straighten out and significantly delay legitimate refunds. But if you file first, it will be the thief who’s filing the duplicate return, not you.

Another key date

Of course you need to have your W-2s and 1099s to file. So another key date to be aware of is January 31 — the deadline for employers to issue 2018 W-2s to employees and, generally, for businesses to issue 1099s to recipients of any 2018 interest, dividend or reportable miscellaneous income payments.

An added bonus

Let us know if you have questions about tax identity theft or would like help filing your return early. An added bonus of filing early, if you’ll be getting a refund, is enjoying that refund sooner.

© 2019

 

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo CPAs & Business Consultants is a leading Michigan accounting firm. Since 1923, our industry-specialized Michigan accountants and consultants have provided clients with forward-thinking, comprehensive solutions in accounting, audit, tax, technology and business consulting.