3. Early Filers Can Protect Their Refunds From Identity Thieves
Identity theft? If that sounds like something that would never happen to you, think again. It’s more common than you think as the IRS says around $12.2 billion were nearly lost due to theft tax fraud in 2016 alone. Most attempts are stopped in their tracks, but that still leaves an estimated $1.6 billion unaccounted for.
If you’re filing late, you might face a nasty surprise when you file your taxes in… One moment you think you’re done with the whole ordeal and the next you find out you’ve been rejected because taxes under your Social Security number have already been filed. On top of being a victim of identity theft, you’re now facing the dreadful task of getting in touch with the IRS for help.
That’s why it’s so important to file early so that you can at least have a time advantage on your hand and get your refund before potential thieves. Otherwise, you’ll have to wait for months for the confusion to clear up- and it’s not necessarily an easy process.
Keep in mind, this doesn’t guarantee you’ll be spared from all the negative implications of identity theft, but at least you won’t lose your refund in the process!
