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Can Christians Be Capitalists?
Examines the nature of market capitalism and compares it to the teachings of Jesus Christ in the gospels Can Christians Be Capitalists? For reasons of space, we have to be very concise in this article. By Christian we mean people who put...
Don't worry about Scrooge this Christmas, by shopping online you'll save plenty of time and money
According to a study by BizRate Research, 60% of women were already planning their online buying in September, compared to only 42% of men. Women are also reported to carry the burden of Christmas shopping with 55% taking on the...
Money Is A Family Affair
If you are single and don't have kids this tip won't mean much to you. For the rest of us that have others to consider when making money decisions it just may make things a little easier. I guess the best knock-down, drag-out fights my wife and I...
What Are You Planning to Achieve by The End of The Year?
Fast forward yourself to the end of December and as the year closes, how are you feeling about your achievements during this past year? Really get in touch with your feelings, live them, breathe them and don't let them pass by. Are you feeling any...
What You Need to Know Before Starting a Low Carb Diet
In the last 12 months or so, low carbohydrate diets have captured the hearts and weight loss hopes of the American public. And why not? These diets promise quick weight loss and the ability to keep eating fatty foods. If you love your steak and...
 
Identity Theft – Impacting Your Taxes?

If your identity is stolen, your finances can quickly become a nightmare. A less obvious problem is the effect identity theft can have on your taxes.

Identity Theft

Generally, thieves steal your personal data for the purpose of running up credit card charges or opening and abusing new accounts. A developing trend in the identity theft field concerns schemes impacting your taxes.

Selling Social Security Numbers

Identity thieves have created a new line of business – selling your social security number. Who would want to buy it? The list is surprising long, but undocumented workers, individuals with bad credit and people trying to obtain a new identity lead the list. This can create a huge problem for you since any income paid to those individuals is reported to the IRS as being paid to you. This results in the IRS having inflated income numbers and, often, audits when you “under report” your income.

With the creation of the Real ID Act, better known as the National ID Card, things will only get worse. Under the Act, all workers will be required to submit social security numbers to obtain jobs. With our leaky borders, there will be a high demand for


your social security number.

False Tax Filings

It doesn’t take much to file a tax return. What’s to stop an identity thief from filing one under your name to generate a refund? Nothing. To generate the maximum refund, you can be all kinds of frivolous deductions will be claimed. After all, it will be you that has to attend the audit.

What Can I Do?

If you receive a notice from the IRS that leads you to believe someone may have used your Social Security Number fraudulently, you should notify the IRS immediately. Indicators can be found in notices from the IRS that state:

1. More than one tax return for you was filed, or

2. IRS records indicate you received wages from an employer unknown to you.

Don’t hesitate or be nervous about contacting the IRS. The agency knows this is a growing problem and not an “opportunity” to pound on taxpayers.

About the Author

Richard Chapo is with Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Go to our article section to discover tax strategies and deductions.

 

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