Tips to Protect Your Money and Information This Tax Season

Events of 2020 had a lasting impact on businesses with a significant rise in tax-related fraud. With fraud prevention top-of-mind for everyone this year, take some time to focus on measures you can take to protect yourself from tax fraud and identity theft.
 

Digital data security is a high priority for customers:

  • 35% of taxpayers are worried they'll become a victim of tax fraud or identity theft.
  • 21% of taxpayers do not shred sensitive paper documents before throwing them away1
  • 65% of tax preparers agree that filing taxes before March is the best time to file to prevent fraud or identity theft1
  • 58% of taxpayers do not subscribe to a cybersecurity monitoring service1
DO
  • File your taxes early
  • Install security software on computers and mobile phones
  • Learn how long to retain tax documents
  • Update security software and passwords regularly
  • Store files you must retain in a locked box or cabinet
  • Follow National Tax Security Awareness guidelines2
  • Track documents sent through the mail
  • Review the IRS Taxes Security Checklist3
DON'T
  • Provide your personal information over the phone, text or email
  • Share passwords with anyone or use common passwords
  • Keep old equipment or hard drives
  • Store confidential papers on desks or in unsecured storage areas
  • Choose a tax preparer lightly
  • Neglect your tax preparer's data security practices
  • Dispose of paperwork anywhere other than a secure shredding bin
  • Forget to be cautious of unsolicited calls—and trust your instincts
Make sure you're prepared and informed on how to prevent fraud and identity theft this tax season.

Learn more at Shredit.com.
 
Sources:
  1. Shred-it's 2020 Tax Season and Fraud Prevention Report
  2. https://www.irs.gov/newsroom/highlights-from-the-2020-national-tax-security-awareness-week
  3. https://www.irs.gov/tax-professionals/tax-security-20-the-taxes-security-together-checklist
     

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