Benefits of a tax account
Signing up for an IRS tax account has multiple benefits. You can apply for an installment payment plan, request tax transcripts, sign powers of attorneys. Most importantly, you can view your tax activity. Why is this important?
Cases have increased in which taxpayers try to e-file their tax returns, only to have them be rejected because a return under that social security number has already been filed. This problem is more likely to go unnoticed by taxpayers who do not file every year, like senior citizens. If you have a tax account, and you check it routinely, you can catch a problem before it snowballs.
It’s also not unheard of to have tax professionals change information on a client’s return after the client has left the office. If this were to happen, you can check the tax return on file against the tax return copy you were given.
Signing up for a tax account
To open a tax account with the IRS:
>Click on “Get your tax record”.
>Under, “Access Tax Records in Online Account”, click on “Visit or create your Online Account”.
>Click on “Sign in to your Online Account”
>Next, you’ll be prompted to sign in with your ID.me login.
If you don’t already have an ID.me account you’ll have to create one. ID.me verifies taxpayers’ identities by having them upload selfies and pictures of their IDs. Once you create an ID.me account you’ll be able to access your tax account.
As identity theft crimes keep rising, it’s important for us to remain vigilant as best as we can, not just of our own finances, but of our loved ones as well. This is just another one more way to do so.
the Confident Taxpayer 