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Taxes in the Digital Millennium: Keeping Your Information Safe

February 2, 2015 by Editor

With the New Year in full swing, it’s time to start turning thoughts to pulling together all the financial documents you’ll need to prep for tax time. A recent survey commissioned by Experian’s ProtectMyID shows that more and more consumers continue to file their taxes electronically – an estimated 81 percent of respondents plan to do so in 2015—but some are still unaware of the nature of tax-related identity theft (16 percent).

Further, over half of those surveyed said that they prepare their taxes themselves (59 percent), and do so on their own home computer network – with nearly all indicating that they file from their personal desktop computer or tablet (91 percent). “Most taxpayers are now filing electronically so it’s important to know how to safely submit and save tax records, keeping personal information away from cyber thieves,” said Becky Frost, senior manager of consumer education for Experian’s ProtectMyID.

Of course, another big question related to taxes is how much people anticipate they may receive back, and how they plan to spend what comes back their way from Uncle Sam. 83 percent of filers plan to receive a return of some kind, with the largest group of respondents (46 percent) saying their returns will be rolled back into either investments or a savings fund, with the next largest group (34 percent) using the funds to pay down their credit card debt. Taking that return check out for a shopping spree to kick up one’s wardrobe was a much less popular option, the leading choice for only 17 percent of those surveyed.

Are you prepared to assemble your documents and submit your tax information by April 15? Learn more about how others plan to file safely—and how they plan to spend that return they plan on receiving—in the survey below.

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This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.

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