Get an ITIN number and expect a tax refund this year? Exciting, it not to actually receive a check from the IRS when it is usually the other way round? Just one problem. As thrilled as you are, as eager as scammers are to get your refund. So while you do your taxes and fill up your return form, there are some things you need to keep in mind so that you not only get that refund, but get the maximum value possible.
Do not be the target of a scammer
Like we said, scammers are also after the refund you are about to get. They will be keeping a lookout for you and will want your access to your personal details. This includes your social security number, and if you are not eligible for this, they can get ITIN number. According to IRS, nearly 45% of identity thefts have something to do with taxes.
So how do you stray safe? Never give out your personal details to anyone. Also try to file as early as possible so that no one can submit your return before you. There are many scammers file a fake return on your behalf so that they can get access to your refund. Eventually, the IRS does figure this out and the matter will be resolved but not until a couple of months have passed.
Try to mail your return form a local post office rather than using a courier service. If you are e-filing, use a reputed program that enforces all the necessary security measures.
Wait in patience
There are so many people who want to get a hand on their refunds, and get ITIN number as quickly as possible. If you are among these, you will be sure to be attracted by a number of refund anticipation check programs or something of a similar sort. Through these programs, banks and credit agencies provide you your refund amount in advance. What do they get in return? A fee and the interest when you pay them this amount back. The option can incur unnecessary costs, and it so much better to wait for your refund than fall for this.
And by the way, if you are smart, you can get your refund in just about three weeks. For starters, opt for e-filing. Second do this in February or early March. Third, make sure you have made no mistakes, and that is it. 21 days to go from the day you file your return, and you will get your refund.
Spend the amount wisely
So you finally have that refund. What are you going to do with it? Spend it in any way you like, but be smart about it. The best thing is to invest the amount or you could use it for an expense that will bring down your taxes next year. For instance, donate your refund to charity or use it for an energy efficient improvement.
That is all that you need to know about refunds and to get ITIN number. Act on our advice now.
If you need more information about our 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.