Did your Orlando accountant tell you that you are getting a refund from the IRS this year? Great, but just be extra careful, because you may become a victim to identity theft. ID theft has become quite a common issue that is widely seen during the tax season. People try to get hold of your social security number and other valuable details so that they can claim the refund on your behalf.
According to the IRS, ever since 2012, tax ID theft cases have climbed by 66%. They also added that they have identified over 14.5 million false tax returns and prevented $50 billion from going into fraudulent refunds. Despite, this tax ID theft is still rising. As such, many tax software programs now ask for a Protection PIN along with some other sensitive details if you have been a victim.
If you suspect that your identity has been stolen, let your chosen accountant Orlando know about the situation, and they will guide your accordingly. You will have to fill a form and notify the IRS of the situation. If your refund has already been lost to a thief, the form will not be enough in your situation. You will also have to notify the credit agencies and the Social Security Administration then.
From what we have heard, the IRS is not always that helpful with theft cases. So if your identity has been comprised with, you will have to take the pains by yourself. Contact the fraud department at IRS and discuss the matter with them. It might be difficult for you to get in touch with them, but keep trying until you get something out of them.
Along with the IRS, you should get in touch with your bank, accountant in Orlando, credit agency, insurance agent or even the HR department of your company. There may be a program offered with any of them, which will help you in resolving your identify theft case. Enroll beforehand, because these programs are a great choice. As for the charges, most often these are free, but at times you may have to pay a nominal fee.
If the IRS has blocked your return, issued the return to a thief, or notified you of underreporting your income, you will have to get the police involved. They will have to give IRS proof of your identity and convince them that you are a victim in the situation. You will have to go through a lot of paperwork for this, but until the issue has been resolved, you will keep encountering problems.
One thing that you need to know is that even if the IRS resolves your case, you will not be safe. Both your name and SSN are permanent information which thieves can utilize throughout you life whenever if it is convenient for them. As such, you should take some precautionary measures. Go through your credit report and if there is any suspicious activity, get it removed. Also get the agencies to put fraud alert on the report.
Tax Advice for First Time Filers
Are you doing your taxes for the first time this year? Confused, are you? Even if you are, do not stress yourself out. Those individuals who have done taxes many times before also face problems. Hiring an accountant in Orlando is the best way to deal with the situation. Other than that, heed onto our advice, which we have presented below and you will get through just fine.
The best way to do taxes? Take professional help. Not only will your problems be solved, taxes will take less time and you will be paying the minimum possible amounts. An accountant Orlando will make sure you are filing your form right, not making a mistake and availing all deductions and credits.
The IRS is concerned about your documents and wants evidence of every single thing. From your income to your deductions, there is not just one record they are going to miss out. We suggest that you should keep a record of all your expenses and income statement with you.
Make sure you have all required forms
When you do your taxes, you need some forms, which you must have when you sit down to fill out your return. For instance, your employer will send you the W-2 form, which will contain details on your salary. It will also mention your state income and federal tax, and the Social Security benefits, which you were entitled to. If you are working as an independent contractor, you should receive your 1099 form for each job which you conducted. This form will mention your earnings and if any sort of taxes were withheld.
Please note that you should receive all these forms by January or February. In case you do not, contact the concerned authority.
Talk to your parents
Discuss the situation with your parents if you have any confusion. They have done taxes before, and they might be able to help you. Also ask them if they are listing you as a dependant or claiming some of your tuition expenses as a deduction. If this will be, then you cannot use them on your return. Sort out all these issues and then fill out your return form.
Decide a filing option for yourself
Great, now that all your documents are sorted out and you have the required forms with you, it is time to file. How do you want to do this? There is a paper based return, and then there is e-fling. We suggest that you should go for e-filing since it makes the process a whole lot easier. Not only will it take less time, there are also less chances of an error.
Avail all the deductions
Another reason that you should let an accountant in Orlando handle your taxes. Deductions can bring down you taxes, but as a first time tax payer, you will not even know which ones you are eligible for. An accountant Orlando can guide you with this.
If you need more information about our Orlando accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin number, incorporations, and non profit 501c3 tax exempt.
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