Tax Season 2023 – Protect Yourself and File
BY: SUSAN POWERS, CFA, CPA, CFP®, CPFA®
Protect Yourself from Tax-Related Fraud
Tax-Related fraud is a big business. Tax-related identity theft occurs when someone uses your Social Security number to file a tax return in an attempt to claim a fraudulent refund.
To better protect your identity, be sure to create an Identity Protection PIN on the IRS website. First, create an online IRS account. Second, once you have created your six-digit PIN, don’t disclose it to anyone other than your tax professional as no one can file a tax return in your name without that PIN number.
File by the deadline
For most Americans, the deadline to file federal and state tax returns is Tuesday, April 18, 2023.
If you expect to receive a refund, file as soon as possible so that you can start investing that money now! The IRS charges penalties and interest if you owe money; the IRS, however, does not pay interest.
File an extension if needed
For taxpayers requesting an extension, you have until October 16, 2023 to file your return.
Remember - filing for an extension does not extend your deadline to pay your 2022 taxes. You will need to carefully estimate any tax due to avoid late payment penalties and interest.
As always, consult with your tax professional regarding questions about your tax return.