January 27 of 2020 is the earliest date that the IRS will accept federal income tax filings. If you are waiting for your W-2, the date by which employers have to mail out those forms to you is Jan. 31.
These are important dates to remember because each year there is an urgency for taxpayers to file their taxes as soon as possible.
It can be a race between you and a cheat who wants to beat you, filing in your name and claiming an IRS refund illegally. If they do, you are in for a world of hurt as you try to rectify the situation. Here is advice from your Better Business Bureau regarding early tax filing.
Protect your Social
Security number
Thieves most often commit tax fraud by using your stolen Social Security number. For that reason, you must guard it carefully. Here are some ways to do that:
• Social Security numbers can be acquired from your trash, either directly from a document that contains it or indirectly by using other bits of your private information out of your trash to acquire it. That’s why you should always shred paperwork instead of simply tossing it away.
• Never carry your Social Security card around with you. A lost or stolen wallet with your card in it is like gold to a thief.
• Do not under any circumstances give out your Social Security number to someone you do not know. Quiz anyone who asks you to share it. Strangers’ word cannot be taken as truth.
• Your number could be acquired through online hacking. Malware installed on your electronic device without your knowledge can open up all of your financial information to a thief. For that reason, never click on links in emails and texts from strangers. Even messages from friends that contain links could be contaminated without their knowledge. Keep your systems and your security programs updated at all times.
The continuing
IRS phone call scam
For years scammers have been calling potential victims claiming to be from the IRS, wanting to collect back taxes. You are instructed to pay with a prepaid debit card or a wire transfer, under threat of fines and arrest. A variation of the scam is one in which the caller “from the IRS” says you are owed a tax refund and requests personal information in order to send it to your account. Yet another form of IRS scam is a caller targeting college students and claiming a “federal student tax” has not been paid.
These scams can be elaborate. The caller may give a fake badge number and name. Your Caller ID may tell you the call is from Washington, D.C. They may follow up with an email made to look like it really is from the IRS. In all these cases you are urged to act quickly. Speed is of the essence to such thieves.
Remember that the IRS contacts taxpayers only through the United States mail. They never demand instant payment or ask for credit card numbers.
If you are victimized by tax identity theft, contact the IRS at 1-800-908-4490. File a complaint with the FTC at ftc.gov/complaint. For more questions regarding tax scams, contact your BBB at (800) 856-2417 or visit our website at bbb.org.
