|
Celebrating
our 25th Anniversary
Ways to protect yourself
from identity theft
There’s no absolute
protection against identity theft, but there are a number of precautions
you can take to minimize your risk. Areas to consider include:
Credit reports. The major consumer reporting companies are
required to provide you with a free copy of your credit report, upon
request, at least once every 12 months. Take advantage of the chance to
review it for suspicious activity.
Passwords. Don’t use readily available or easily guessed
information, such as your date of birth, mother’s maiden name, the last
four digits of your SSN or a series of consecutive numbers.
Personal records. A surprising number of identity thefts — 11.4%,
according to the identity fraud survey mentioned above — are committed
by friends and relatives. So safeguard your Social Security card, tax
records, bank statements and other personal information in your home.
Don’t forget about records outside your home, such as W-2 forms and
others your employer has with your SSN and other sensitive information.
Ask your employer, banks, health care providers and other institutions
about how they protect your personal information.
Receipts. Shred charge receipts, bank statements, credit card
offers and other sensitive documents before throwing them away.
Mail. Remove mail from your mailbox promptly. During vacations,
place mail delivery on hold or ask someone to pick it up.
New checks. Pick them up at the bank; don’t have them mailed to
your home.
Information stored on computers. Use antivirus software,
passwords, firewall programs and other protections.
Above all, don’t provide personal information on the phone, by mail or
online unless you initiated the contact or you’re confident the person
you’re dealing with is legitimate. And try not to give out your SSN
unless it’s absolutely necessary. If a business asks for your number,
find out why and ask whether alternative identifiers are acceptable. |
|
|
|
Your business’s accounting
method
Don’t overlook this tax planning tool years of ownership.
Many people don’t realize that their accounting method can
have a huge impact on their tax liability. This article
examines different accounting methods: their advantages and
disadvantages, and the consequences of changing from one
method to another. For example, if you’ve been depreciating
an asset over its incorrect useful life (such as 39 years
when it’s really 15-year property) and then correct the
depreciation, you can get larger deductions in the early
Read more
Jump for joy!
Could the new manufacturer’s deduction apply to you?
This brief article offers the
nuts and bolts of the new manufacturer’s deduction,
including what types of businesses can take the deduction,
how it works and how you can increase your deduction by
choosing certain methods for allocating costs.
Read more
What you don’t know can
hurt you
The alternative minimum tax
Though Congress has
diligently discussed the alternative minimum tax (AMT), it
has yet to come up with a workable solution to this
insidious tax system. This article explains why the tax was
implemented in the first place and why it’s slowly creeping
up on middle-income Americans. But it doesn’t stop there.
The article offers practical tips on how to avoid some AMT
triggers and how to make the most of a bad situation if you
wind up in the AMT system.
Read more
Putting the brakes on fringe
benefit misclassification
For many businesses, fringe
benefits are an important tool for rewarding executives and
other valued workers. And many benefits receive tax-favored
treatment, which helps both employers and employees. But the
IRS is concerned that many companies are misclassifying
fringe benefits that should be treated as compensation and
be subject to income and employment taxes. This article
looks at efforts the IRS has made in this area to curb
abuses, and some benefits that qualify for tax-advantaged
treatment.
Read more
|
Identity crisis
Threats abound, but you can minimize your identity
theft risk
Identity theft is one of the fastest-growing crimes in
this country. According to the 2005 Identity Fraud
Survey Report, published by consultancy Javelin Strategy
& Research, more than 9 million Americans were
victimized by identity theft in 2004, costing consumers
about $5 billion and businesses more than $50 billion.
Most identity theft victims pay little or no
out-of-pocket costs — credit card companies and other
businesses bear most of the losses. Still, the crime
exacts a heavy financial and emotional toll on victims
and their families. This article explains how identities
can be stolen and the tax impact to victims.
Read more
|
|
