That’s during the average American’s tax-paying life and is one-third of the average family’s lifetime earnings. Just a little tax season fact to keep filing fun. Ugh.
The safe way to save your tax files from years past (do this now!)
We’re down to the eleventh hour: Tax Day is coming up on April 18. If you’re one of the millions of Americans filing electronically, watch out! A popular e-file tax site was caught spreading malware for weeks. Here’s what you need to know.
Do you keep copies of important personal documents? If not, tax season is a great time to begin.
How long should you keep tax records?
The IRS recommends keeping your returns and any supporting documentation for three years after the filing date or two years from the date you paid the tax, whichever is later. After that, the statute of limitations for an IRS audit expires.
The number goes up to six years if you do not report income that you should, and it is more than 25% of the gross income shown on your return. Important documents are not just limited to taxes. Think car titles, living wills, insurance papers, business licenses and property deeds. You get the idea.
Here are a few ways to safely keep your records.
RELATED: Preparedness tip: How to digitize your most important documents
Store critical files on your computer
Storing records locally means you know exactly where they are at any time and can access them instantly. But there are drawbacks:
- If your hard drive fails, you could lose everything.
- A hacker who gets into your computer could access those documents and learn far too much about you.
You could store everything in a removable hard drive or thumb drive and keep it in a safe place. It won’t make your data immune to hard drive corruption or house fires, but at least no one can access it when disconnected.
If you go the local route, you’ll need encryption. 7-Zip is free software that lets you encrypt and compress files. Here’s how it works:
12 tricks the IRS says every taxpayer needs to know about
Tax day is right around the corner. You have until Tuesday, April 18, 2023, to file. With the clock ticking, scammers hope to quickly find as many victims as possible. That’s why the Internal Revenue Service (IRS) urges you to remain vigilant against email and text scams to trick taxpayers about refunds or tax issues.
Warning: Don't fall for these tax scams making the rounds
The deadline for filing 2023 taxes falls on Tuesday, April 18. Is your paperwork in order?
Scammers are ramping up their efforts as we get closer to the big day. Here are some tax scams to watch out for.
How to spot Super Bowl betting scams
Crooks never sleep, and they’re incredibly aggressive during busy times of the year when the victim pool is deep. Tax season is here, and we already see an uptick in scams. Here’s how to spot one and avoid sending your hard-earned money to a criminal.
Can you spot the giveaway in this scam email?
Sometimes, you get a well-designed scam email that you’re unsure if it’s a phony. Below, you will see a screenshot of a fraud email that nearly had us fooled.
Read on for details on a devious email making the rounds and ways to outwith these scams.
Tax season: Scams to watch for so you don't get taken
Don’t be so quick to accept the help of strangers if they offer to make filing taxes less stressful. Tap or click here for more information on the tax prep software that was sending data back to Meta. Now, tax scams are making the rounds looking to rip you off.
If you got paid more than $600 through PayPal or Venmo this year, you might get a tax form
We’re here with a friendly reminder that the government can and will tax you on your PayPal or Venmo transactions if they are over a certain amount. We told you earlier this year about the American Rescue Plan. Tap or click here for more details.
Don’t fall for these malware-filled emails impersonating the IRS
Tax season is in full swing, but time is running out if you haven’t submitted them yet. It’s not just regular taxpayers who feel the deadline inching closer. Scammers are also looking to make a quick buck.
Cybercriminals are again impersonating agents from the Internal Revenue Service (IRS), employing all the tricks in their malicious arsenal. In addition, scammers are sending out emails that could infect your device with malware.
It’s tax time – Easy ways to scan without a scanner
Tax season isn’t only when the IRS kicks into high gear. Scammers do, too.
Rumors swirl every time a new rule or regulation rolls out, and you can bet cybercriminals use that confusion to swindle people. Tap or click for a fact check: Do you need to submit a selfie with your taxes this year?
Check your spam folder! That's how a woman learned she won $3 million
The average person receives about 121 emails a day, according to Campaign Monitor. Unfortunately, many of these emails are dreaded spam. Tap or click here to find out how to stop junk text messages and spam for good.
Tax season is here - What to expect and easy ways to scan your documents
The deadline for federal tax returns for the 2021 tax year is April 18, 2022. That’s no reason to wait until the last minute, however. Your experience filing taxes can change year by year as your financial situation changes and the IRS amends its rules.
One thing you need to do to protect yourself this tax season
Every year when tax season rolls around, scammers are on high alert searching for their next victim. But as is often the case, by the time you realize that you have been scammed, it’s too late.
Criminals will use every occasion, national event or celebration to target victims. All scams are terrible, but the worst is when fraudsters steal your identity. It can be challenging to prove to authorities that you have been scammed. Tap or click here for details on the worst identity theft scam you’ve never heard of.
Where's your tax refund? Track its status with the IRS app
Whether we like it or not, tax season has arrived. We still have some time before April 15, but it’s definitely better to file now, rather than procrastinate and possibly miss the deadline.
It takes time to find all those receipts, files, confirmations and even your W-2s if you didn’t properly file them. But missing the deadline isn’t the only reason you should file sooner rather than later. Tap or click here for one important reason to file your taxes this week.
One important reason to file your taxes this week
The IRS officially kicked off this year’s tax season on Jan. 27. You have until Wednesday, April 15 to file your taxes unless you request an extension.
Even though tax season just began, scammers are already out in full force. Tap or click here to see some of the fast-spreading tax scams.
Watch out for this one fast-spreading scam
We’re only a couple of weeks away from the official start of the dreaded tax season. The IRS has announced the tax-filing season will begin Monday, Jan. 27, 2020.
And you know what that means. Yep, scammers will be out in full force. Though tax scams can appear all year long, you’re more likely to spot them during filing season. Tap or click here to learn about the last batch of tax scams.