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How can tax identity theft occur Form: What You Should Know

The Social Security Number (SSN) or any personal information such as your name, address, or phone number that is used on either paper or electronic forms, in a paper or electronic envelope, in a facsimile or by an automated system, is often referred to as  identity information. Consequences of Identity Theft If you are responsible for paying  your student or employee tax bills, you may be entitled to  receive a partial refund if  the credit cards or tax preparers you use do not properly report the income of your student or employee student. The IRS has specific guidelines that ensure all taxpayers are issued all tax refunds due. Why Does My SSN Go Missing? Many of us think we are protected when paying our taxes, but actually, there is a chance that tax fraud occurs in federal, state and local government programs. Your Social Security Number is a four or five-digit number, including the last four and five digits. Your Social Security Number is the information that identifies your identity and determines what benefits you receive and what services are provided to you. The IRS can assign you a taxpayer ID number on the tax return, or you might have a taxpayer ID number from another authority on paper or on a form. Your Social Security Number is not stored electronically, it is stored on a government-issued card called a tax ID card. In February 2010, a New Jersey woman's Social Security number was stolen. The IRS had no information to identify the thief. Your Social Security Number is not a password — it is a number on a card. You have a Social Security Number or Tax Identification Number in your name. In this case, your Social Security Number is listed as the taxpayer's address in a financial report filed under name of the taxpayer. When someone steals your SSN, they use it to file fraudulent returns — tax returns that will be filed with your name as the taxpayer, not yours. Most people have two Social Security Numbers in their names — Social Security Number One and Social Security Number Two. SSN One is used solely for tax purposes and SSN Two is used for everything else — like identification, employment purposes, etc. Because of the complexity of the law and the need to keep taxes and identification a secret, your SSN does not have to be kept secret from the IRS or the IRS officials.

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FAQ - How can tax identity theft occur

How common is identity theft?
Not as prevalent as the media would have you believe.While fraud has been on the increase for last two decades since criminals figured out that drug dealing and armed robbery will usually net them less money and longer prison sentences, most are still stealing peopleu2019s identities to commit criminal acts. Most of what is called u201cidentity theftu201d is actually just run-of-the-mill credit card fraud which has existed since credit cards were issued. True identity theft is actually very rare.The true horror stories about people becoming long-term impersonators of others, using their identities to drain pension funds and bank accounts, or even filing deeds and selling other peopleu2019s homes are very rare. Most people are aware enough of their finances and arenu2019t distracted by other things so that ID thieves can really harm them seriously. For now most of the damage that is down is to credit card companies and banks that have to write off losses due to fraud.Having said that, in the near future with improvements digital printing, with the increase of people using cloud storage for their personal information and as credit restrictions caused by the mortgage debacle lessen, identity fraud may truly become the dangerous crime that the media has been hyping it up to be.
What are good ways to protect yourself from identity theft?
Hi! There are many ways to prevent identity theft prevention. Of course, the first and foremost way would be to safeguard your private information like social security numbers, credit/debit card information, bank account details, etc. Sharing them via social media or e-mails is highly dubious as well as prone to theft. Try to share these kinds of details on call or in person.Another thing that is taking over the identity theft prevention milieu is performing KYC on a person before you begin dealing with them. There are many e-KYC softwares available today. The hottest one on the market now-a-days is Shufti Pro (Quick & Secure Digital Verification in Real Time - Shufti Pro).Shufti Pro performs quick, real-time digital identity verification for you and checks the authenticity of your customer and their legal documents. If they are not a fraud, then you can continue to perform business with them. Shufti Pro is cost and time effective and 99% accurate. Iu2019m sure that you wonu2019t be disappointed if you choose Shufti Pro! Do check out their link for more information. :)(Disclaimer: I'm an employee at Shufti Pro and hence, closely familiar with its workings. I highly recommend the app, not because of my affiliation with it, but because of its accuracy, efficiency and prowess.)
My ID and computer were stolen out of my car. How can I prevent identity theft?
You canu2019t.If someone is planning on using your identity for theft, there is nothing that you can do to prevent it.You can, however, mitigate it by taking several steps:File a police report - In the report, detail all of the items which were taken, no matter how insignificant that you think that they are.Contact all of your credit issuers and your bank and have your cards cancelled - The sooner that you do this, the better. Credit card companies legally can only hold you responsible for the first $50 in charges (almost all of them waive the charges) and your bank has to replace any fraudulent withdrawals made from your account as long as you report the theft within 60 days.Place a fraud alert on your credit reports - This will be a huge pain in the ass for as long as you have it on them, but it will prevent people from easily receiving credit using your identity.Contact the local library if you have a card and tell them that you have lost your card - Many people forget this and itu2019s a bad idea to do so because A) A crook can check numerous new and expensive books and videos on your account and sell them. B) The crook can have the library give them a copy of the form that you completed to obtain your card. That document has personal information on it which may not have been in your wallet.Check your driving record with your state licensing agency - The crook may attempt to pass himself off as you during traffic stops and that could lead to your being fined or arrested for outstanding traffic violations. Also, you might wish to check to see if any titles were issued to you for any vehicles that you may own or not own as crooks can use your ID to get a new title for your vehicle and either get a loan against it or steal it later and then sell it.Contact your medical insurer - A crook can use your medical insurance card to charge healthcare and dental work and to obtain prescription medicines (especially painkillers) to sell.Check your cell provider and see if additional phones or mobile devices have been issued in your name - A crook could obtain numerous new phones on your account and then sell them at a profit. Or use them until they are caught.Check your stateu2019s corporation bureau/Secretary of State - A crook (or whoever he sells your identity papers to) could start a business using your information. This could put you tens of thousands of dollars in debt (or more) and result in numerous agencies looking for you (actually, the crook pretending to be you) for a wide variety charges.Keep a copy of your police report with you at all times - While the police have grown used to ID fraud, some may still detain or arrest you if you are pulled over. Having a copy of the report will make things far less difficult if you are stopped or detained.Expect the unexpected - There many ways that your ID can be misused by a skilled ID thief. From buying aircraft and boats on your credit, to purchasing firearms, to obtaining Internet service in your name and then using it for fraud or for downloading child pornography, if your identity is indeed compromised, you should ready for whatever might happen.Good Luck.
What can I do to charge my wife with identity theft, and how can I find out what she's been doing?
Oh Geez, Paul. Iu2019m assuming you donu2019t talk to your wife much, as this seems to be a pressing and very private, urgent matter to discuss with her, and not discuss with all of e-us (up to 7 billion online users and me reading this)! What has happened that makes you believe your wife has done this? Why donu2019t you ask her about this? If you canu2019t trust her, then perhaps hire a private investigator to review her whereabouts, but in even advising that, I find that to be a pathetic suggestion for you, in that if youu2019re married, then you need to talk to her - at once! And if you canu2019t do that, then why the heck are you married? I wish you luck, Paul. Let us know what happens!
How are you protecting yourself from identity theft?
Identity theft is a very serious offense that can ruin your finances and credit scores. The effects of identity theft are so devastating that it is difficult to compensate for the loss.Here are some steps that help you prevent identity theft:Create strong passwords u2022 Create strong passwords using random combinations of letters, numbers, symbols or special characters. Make sure you create different passwords for different accounts. If needed, you can change them also from time to time.Shred your sensitive documents u2022 Never toss your sensitive information like your bank details or receipts in the trash. Always dispose it properly using a cross-cut shredder or shredding service.Always check and monitor your credit reports u2022 Ensure that your check your credit reports occasionally. You can request one free credit report every four months and review it to scan for any incorrect information.Protect your Social Security number u2022 Do not share your personal login credentials with any one at any cost. Never keep your social security numbers in purse or wallets.Be cautious when using social media u2022 Be smart when updating your personal information like your birthdays, addresses or contact details. Make sure you strengthen your privacy settings. Also, be careful when accepting friend requests or connectionsKeep your phones safe u2022 Make sure you secure your phone by keeping screen locks or put passwords, disable Bluetooth when not using it and be careful while downloading any free software version.Learn how to detect phishing frauds u2022 Do not open any unsolicited email attachments, embedded links, SMS or answer any phone call asking to reveal your personal information.Review and monitor your financial statements u2022 If you find any suspicious activity in your bank or credit card accounts, report it to your respective bank immediately.Secure your mails u2022 Swipe off unknown mails to prevent identity theft. Using a locked mailbox or P.O. Box is a good idea
How do I submit income tax returns online?
Here is a step by step guide to e-file your income tax return using ClearTax. It is simple, easy and quick.From 1st July onwards, it is mandatory to link your PAN with Aadhaar and mention it in your IT returns. If you have applied for Aadhaar, you can mention the enrollment number in your returns.Read our Guide on how to link your PAN with Aadhaar.Step 1.Get startedLogin to your ClearTax account.Click on u2018Upload Form 16 PDFu2022 if you have your Form 16 in PDF format.If you do not have Form 16 in PDF format click on u2018Continue Hereu2019Get an expert & supportive CA to manage your taxes. Plans start @ Rs.799/-ContinueWhat are you looking for?Account & Book KeepingCompany RegistrationGST RegistrationGST Return FilingIncome Tax FilingTrademark RegistrationOtherStep 2.Enter personal infoEnter your Name, PAN, DOB and Bank account details.Step 3.Enter salary detailsFill in your salary, employee details (Name and TAN) and TDS.Tip: Want to claim HRA? Read the guide.Step 4.Enter deduction detailsEnter investment details under Section 80C(eg. LIC, PPF etc., and claim other tax benefits here.Tip: Do you have kids?Claim benefits on their tuition fees under Section 80CStep 5.Add details of taxes paidIf you have non-salary income,eg. interest income or freelance income, then add tax payments that are already made. You can also add these details by uploading Form 26ASStep 6.E-file your returnIf you see u201cRefundu201d or u201cNo Tax Dueu201d here, Click on proceed to E-Filing.You will get an acknowledgement number on the next screen.Tip: See a u201cTax Dueu201d message? Read this guide to know how to pay your tax dues.Step 7: E-VerifyOnce your return is file E-Verify your income tax return
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