Businesses Say Tax Identity Theft Reaches 20 Year High
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JACKSON, Tenn. — It’s crunch time for tax filers across America as it’s just days before the April 15 deadline. Registered tax preparer Kimberly Bills says with the last minute rush comes a surge of identity theft. “We have a bigger issue with that than I’ve ever seen before in about 20 years of doing returns,” Bills said. According to Morgan Tax Service in Jackson, the cases of stolen identity in the city have increased from three cases a year to nearly 50. “One of the biggest things is some people are doing returns at home and leaving that information with other people, thinking they can trust them,” Bills said. Bills says most of the procrastinators are customers that fear the cost of back taxes. By waiting to file she says most of them miss out on hundreds of dollars in deductions. “[They miss out on] medical, charitable contributions property taxes, mortgage interest,” Bills said. One Jackson resident, Jamie Cochran, says she’s yet to complete her tax returns. “My husband and I just graduated college and so our parents have filed in the past so this is our first year filing,” Cochran said. Cochran says she didn’t realize how not filing her taxes sooner could affect her wallet. “We are saving up to try to pay cash for a good used car and we found one we liked last week,” Cochran said. “And if we had a little extra income we might’ve been able to make a bigger down payment and get that car.” Those who miss the deadline can file an extension. That typically means you’ll pay a penalty to the IRS.
