As we approach the commencement of the 2023 individual income tax return filing season, it's time to rethink your tax-filing strategy. While the April 15 deadline may seem distant, there's a compelling reason to consider filing your 2023 tax return early – protection against tax identity theft.
Understanding Tax Identity Theft:
In the realm of tax identity theft, fraudsters exploit personal information to file a counterfeit tax return early in the filing season, attempting to claim an illegitimate refund. The unsuspecting taxpayer only discovers this deceit when attempting to file their legitimate return. The unsettling news arrives from the IRS, notifying them that their return is rejected due to a prior filing using the same Social Security number or tax year. Resolving this situation can be a labyrinthine process, often causing significant delays in receiving the rightful refund.
Filing Early as a Defensive Move:
One of the most potent defenses against tax identity theft is the strategic act of filing your tax return early. By taking this proactive step, you position yourself ahead of potential fraudsters. If you file first, any subsequent attempt by a thief to file a fraudulent return with your information will be summarily rejected. In essence, your early filing serves as a robust shield, protecting your tax identity and reducing the risk of falling victim to this increasingly prevalent form of cybercrime.
How We Can Assist:
Navigating the intricacies of tax filing can be complex, and our team is here to help. If you have questions or require assistance in preparing your return, don't hesitate to reach out. We can guide you through the process, ensuring your return is not only accurate but also optimized to take advantage of all available tax breaks.
The HoganTaylor Tax Practice
If you have any questions about the content of this publication, or if you would like more information about HoganTaylor's Tax practice, please email Tony Otto, Tax Practice Lead, at jotto@hogantaylor.com.
INFORMATIONAL PURPOSE ONLY. This content is for informational purposes only. This content does not constitute professional advice and should not be relied upon by you or any third party, including to operate or promote your business, secure financing or capital in any form, obtain any regulatory or governmental approvals, or otherwise be used in connection with procuring services or other benefits from any entity. Before making any decision or taking any action, you should consult with professional advisors.
