Protect Yourself Against Tax Identity Theft

​Tax season is here! Tax-related identity theft happens when criminals use your personal information to file a return in your name and claim your refund. Victims are waiting an average of almost 19 months for the IRS to process their returns and issue refunds, the National Taxpayer Advocate reported. There are also two key steps taxpayers can take to protect themselves.

1. File EARLY!
One of the best ways to avoid tax-related identity theft this season is by filing your return early. Do not let the scammers have time to come in and steal your information. File before they can! Further, protect your online filing with strong passwords and multi-factor authentication. 

2. Get an identity protection pin!
If you’re looking for added protection, experts suggest getting an identity protection PIN, or IP PIN, from the IRS. This six-digit number blocks others from using your Social Security number or individual taxpayer identification number to file a tax return. Once you enroll, the agency generates a new IP PIN for you each year. Previously, IP PINs were only for identity theft victims. Now, they’ve opened it to everyone. However, it is too last minute to get an IP pin before filing your 2023 return. It is best to file your 2023 return now, and get an IP PIN for next year. Want to learn more about the IP PIN and how to get one? Click here.

Source: https://www.cnbc.com/2024/01/18/how-to-protect-yourself-from-tax-identity-theft-this-season.html?__source=sharebar|email&par=sharebar