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Cortburg Speaks Retirement

Beware Scams at Tax Time

February 24, 2022 Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® Season 2022 Episode 72
Cortburg Speaks Retirement
Beware Scams at Tax Time
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Cortburg Speaks Retirement
Beware Scams at Tax Time
Feb 24, 2022 Season 2022 Episode 72
Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

On this week's audio podcast, Miguel Gonzalez talks about how Identity theft runs rampant during tax season and how you can protect yourself from scams.

Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

 CLICK HERE TO LISTEN TO MIGUEL'S LATEST PODCAST

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Show Notes Transcript

On this week's audio podcast, Miguel Gonzalez talks about how Identity theft runs rampant during tax season and how you can protect yourself from scams.

Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

 CLICK HERE TO LISTEN TO MIGUEL'S LATEST PODCAST

FOLLOW US ON:


INTRODUCTION

Welcome to Cortburg Speaks Retirement

An audio podcast about investing in the stock market, financial planning, money management and retirement planning.  Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.

Now here is your host, Miguel Gonzalez.

 

HOST

Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

On this week’s audio podcast, I will share how identity theft runs rampant during tax season and how you can protect yourself from scams.

Here’s what to know and how you can help protect yourself.

 

Identity thieves often swipe your bank or credit card account numbers, birth date information or Social Security Number (SSN) to steal from your accounts, open a new and phony account or make illegal purchases. Some 15.4 million consumers were victims of identity theft or fraud last year, according to a report from Javelin Strategy & Research. 

All sorts of nefarious schemers can come after you via the phone or email. Your tax return offers a trove of your personal information, and this time of year scammers also prey on your apprehension about paying taxes.

The Internal Revenue Service has published a list of scam warnings, admitting, “It’s true: Tax scams proliferate during the income tax filing season.”  

Among IRS tips:

  • Beware of unexpected communication at the start of tax season that claims to come from the IRS.
  • Don’t fall for phone and phishing email scams that use the IRS as a lure. The fake messages typically probe you for personal information. Thieves often pose as the IRS offering a bogus refund or warning you to pay past-due taxes – sometimes, with phone scams, threatening you with immediate arrest if you hang up.
  • The IRS sends letters by postal mail and initiates no contact with taxpayers by email to request personal or financial information. This means any e-communication, such as text messages and messages over social media.
  • The IRS doesn’t ask for personal identification numbers (PINs), passwords or similar confidential information for your credit card, bank or other accounts.
  • If you get an unexpected email, open no attachments and do not click links in the message. Forward the email to phishing@irs.gov. See more about reporting phishing scams involving the IRS at the agency’s website.

(Note: Only IRS.gov is the website of the U.S. government's Internal Revenue Service.)

 

Identity Theft And Fraud Complaints, 2013-2016 


Source: Federal Trade Commission, Consumer Sentinel Network.

 

To protect against scams and identity theft:

  • Don’t carry your Social Security card or any documents that include your SSN or Individual Taxpayer Identification Number (ITIN). Don’t keep forms containing that information in your car, either.
  • Don’t give any business your SSN or ITIN just because someone who claims to represent the company asks. Give such information only when required and when positive who you’re talking to.
  • Check your credit report every 12 months. Stay aware of your credit status and learn quickly about any illegal use of your credit or accounts.
  • Secure personal information in your home.
  • Protect your personal computers with firewalls and anti-spam and anti-virus software, updating security patches and changing passwords for your home Internet accounts.
  • Give no personal information over the phone, through the mail or on the Internet unless you initiated the contact and are sure of the recipient.
  • Choose a tax preparer carefully. Most preparers provide excellent service a relative few are unscrupulous. The IRS recommends watching for preparers who try to manipulate or change your income figures or make up deductions to qualify you for tax credits and unusually large refunds.

 

Tax season can already bring enough for us to worry about. Use these tips to help cross identity theft off your list.

Make sure to visit our website, www.CortburgRetirement.com. Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances.  As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.

This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.  

 

DISCLOSURES  

Opinions expressed are subject to change without notice and are not intended as investment advice or a solicitation for the purchase or sale of any security. Please consult your financial professional before making any investment decision. 

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

CRC conferred by The International Foundation for Retirement Education.

Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.  

Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.

Investing involves risk including possible loss of principal.

·         This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

·         The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

·         All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

·         Article written by Jim Blankenship, CFP, EA

·         This article was prepared by AdviceIQ.

·         AdviceIQ has an agreement to republish this author's content.