Tax season brings more than filing deadlines and the hustle and bustle of collecting all your financial documents; unfortunately, it also brings an increased risk of tax identity theft. Scams of all kinds are on the rise, including those in which bad actors take advantage of stolen personal information to file fraudulent tax returns. Even worse, they're often able to pull it off before the rightful taxpayer submits their own. All too often, people don't realize they've fallen victim to this particular scam until the IRS rejects their legitimate tax return because one has already been filed in their name. 

Understanding how tax identity theft happens is the best way to be prepared and safeguard your financial security. Here's what you should know about tax identity theft, how it happens, and how to protect yourself.

Most people assume their tax preparer's job is done once their tax return is filed. But what happens if, months or even years later, the IRS sends a notice or requests more information? Not all tax service providers offer long-term support after tax season, which can leave taxpayers scrambling to respond to IRS inquiries on their own. Myrick CPA takes a different approach. Our Tax Service Guarantee provides ongoing protection, ensuring that if the IRS or state tax authorities reach out, you have a trusted professional handling the situation from start to finish.

When you see the phrase "identity theft," it’s likely that the first thing you think of is compromised credit and debit cards or a hacked bank account. Often, the identity theft we hear about involves the electronic movement of money, so we have learned to be more careful, protecting how we share information and making sure our personal details are encrypted and secured. However, one crime not often considered is another popular type of identity theft involving your tax returns, though it’s more common than you might think. Let’s look at what is involved and some of the best ways to protect yourself against tax identity theft.