Tax Refund Scams

By
June Adams
January 31, 2022
Share on:

Tax-related fraud and identity theft have continued to grow, with millions of people becoming targets. Scammers need little more than your Social Security number and other general information to file a fraudulent tax return and hijack your tax refund. Taxpayers typically don’t discover the fraud until they attempt to file their own returns, which is why it's essential to file taxes as soon as possible. At the same time, you may want to confirm the appropriate timing with your tax professional. Although 1099s are due by the end of January, custodians may correct 1099s throughout February. If drastic changes happen to a 1099 after you file your taxes, the change can severely impact the amount you owe.

 

Here are some helpful ways to prevent your SSN from being compromised:

  • If you have been a victim of identity theft, complete  IRS form 14039, identity theft affidavit.
  • Respond immediately to any IRS issued notice once you verify the authenticity of the notice. You can do so by calling the IRS directly at 800-908-4490 or setting up your  online account.
  • Get an Identity Protection PIN: a 6-digit number that prevents someone else from filing a tax return using your Social Security number or individual taxpayer identification number. Only you and the IRS know the IP PIN.

You may also like:

By
Mike Loo, MBA
July 12, 2018

There may be plenty of factors outside of your control that impact your financial situation, such as the markets, the economy as a whole, or an unexpected illness. But those circumstances may not play as critical of a role in your financial life as you might think. The real dangers to your financial future are the lies you tell yourself when it comes to financial planning. Here are some ways you could be undermining your financial success and some ideas on how to change course.

Lie #1: I Don't Need Help. I Know What I'm Doing

Let’s say you read a plethora of financial planning books, stay up-to-date on the markets, and know all about budgeting software. That may put you ahead of a lot of other people, but there are certain aspects of financial planning that often go ignored even by the most knowledgeable people. Let’s look at a couple of hypothetical examples.

How Often Do You Review?

How often do you refresh your goals, adjust your plan, and determine how and when to make changes? A financial planner does more than just monitor your portfolio. They act as your coach, motivating and guiding you when things get tough. They bring an objective perspective to the table and develop a customized strategy based on your financial priorities. The end result is increased confidence in your financial strategies and decision-making. You don’t want to suffer a financial setback just because you were too busy or too forgetful to keep up with your financial plan.

In Case of Emergency

What if the unthinkable were to happen and you couldn’t make financial decisions? Will your family be able to handle the details and figure out your financial plan? An advisor can offer a holistic overview of your net worth and determine what elements need to be in place to protect your family and your wealth. These are often things you may not be aware of, such as life insurance or a living trust.

Market Research

Investing is tricky business on a good day. Can you manage the emotions, anxiety, and possible second-guessing of your investment choices if you were living on a fixed income and the market were to face a correction? An advisor has tools to evaluate cash flow to help you determine the probability of your money lasting through your retirement years. They can also keep you accountable and committed to your long-term strategy in the midst of market ups and downs.

Lie #2: I Can Always Get Help When I Need It

If you were going on vacation, would you rather have everything packed ahead of time and enjoy your restful break? Or would you prefer to be disorganized and arrive without essential items, forced to then spend your time off running around shopping for things you forgot? When it comes to money, it’s the same idea. When you really need the help, you may have lost your most valuable resource – time. Instead of thoughtfully researching your options and making decisions with a clear head, waiting until you need help will result in a frantic scramble to just get things done.

Whatever it is you experience in life, having a financial planner on your team will help you stay on top of your money and prepare in advance for future milestones and events.

Lie #3: I Don't Need An Advisor, I Have Financial Technology

Financial planning has evolved. Years ago, it was about who had the most up to date information on a company to buy a stock, and the planning industry was mostly concerned with buying and selling stocks and bonds rather than portfolio management. Today, financial planning is more about what’s missing in your overall strategy, what have you not thought of, and what could you be doing that you’re not. On top of that, the financial planning process helps you emotionally connect with your goals so you can get on the right track. Technology, at the present time, can’t do that.

Technology has many good points, but several drawbacks as well. For example, you can find more information than you’ll ever need, but you’ll also come across plenty of misinformation which could lead you astray. It’s not uncommon for someone to research something on the Internet and find just as many pros as there are cons. If you want to save for your child’s college education, you’ll find articles touting the value of using a 529, a Roth IRA, or a Roth 401(k). How do you figure out which one is truly right for you? The abundance of information has created so much noise that in many cases, people don’t do anything at all.

While technology should be used in financial planning, it should not replace the role of an advisor. The importance of what advisors do from a human aspect is help clients sift through the noise and misinformation and encourage them to move forward in taking action.

A Change In Perspective?

Have you ever believed one of these lies? It’s easy to do, but the consequences are real. Don’t take a gamble with your money. Join forces with a financial advisor who can help you make the most of what you have, where you are, and get you positioned for a bright financial future. Call my office at (949) 221-8105 x 2128, or email me at michael.loo@lpl.com for a no-strings-attached meeting to discuss your situation.

By Trilogy Financial
February 20, 2024

In today's dynamic financial landscape, achieving robust financial growth necessitates more than just earning; it demands smart management of your wealth. Trilogy Financial Services exemplifies this ethos, providing a conduit to “amplify wealth” through professional financial planning.

 

 

How Are Financial Strategies Tailored to Individual Needs?

Trilogy's financial planners excel in tailoring strategies to your unique financial objectives. They ensure your money works smarter, not harder, covering areas such as:

  • 401k Retirement Planning
  • Wealth & Asset Management
  • Estate Planning Strategies
  • Investment Strategies
  • College & Education Planning
  • Insurance Services

This holistic approach embodies the essence of “amplify wealth management”​1​.

 

What Expert Insights Are Offered for Investment Strategies?

Jake Claver, a finance expert, emphasizes the need for simplicity in investment strategies. He suggests having a diverse portfolio to reach long-term financial goals ​2​.

 

What Makes the Journey to Amplified Wealth a Collaborative Venture?

The journey to “amplified wealth” is a collaborative venture with skilled advisors.A Visual Capitalist survey reinforces this idea by revealing:

  • 74% of Americans engage in financial planning.
  • Only 29% work with a professional planner, emphasizing the potential for enhanced wealth management with professional guidance​3​.

 

How Does Trilogy Help in Bypassing Investment Pitfalls?

Investing in Trilogy’s expertise means bypassing common DIY investment pitfalls. Andrew Lokenauth, a seasoned financial planner, reinforces the significance of professional guidance in achieving financial security through smart investing​4​.

 

How Does Trilogy Contribute to Wealth Preservation and Growth?

With Trilogy, you're not merely preserving wealth; you're propelling it to new heights, embodying the essence of “amplify my wealth.” Did you know the alarming statistic that 42% of Americans have less than $10,000 saved for retirement ​5​?

 

What Does the Signature Process and Professional Advisors Offer?

 

Trilogy's signature process and professional advisors offer:

  • Independent competitive portfolios
  • Tax-smart strategies
  • Real-time portfolio adjustments
  • Risk mitigation approaches

This tailored guidance fast-tracks your financial independence, allowing your money to work tirelessly towards pursuing your financial objectives​1​.

 

 

What Is the Track Record of Success Among Financial Professionals?

The Forbes/SHOOK Top Wealth Advisors have a strong history of success. Utilizing financial professionals who have trusted advisors can have a big impact on your wealth management. It also highlights the advantages of using professional financial planning services, like those provided by Trilogy Financial Services ​6​.

 

How Does Technology Optimize Financial Management?

Technology is important in changing finance, and Trilogy Financial Services uses advanced technology to increase wealth.Trilogy has personalized digital platforms that give you real-time insights on your finances, helping you make quick informed decisions.

 

  • Personalized Digital Platforms: Trilogy offers personalized digital platforms that provide real-time insights into your financial portfolio, enabling you to make informed decisions swiftly.
  • Robust Data Analysis: Utilizing advanced data analytics, Trilogy's financial planners can dissect complex financial data to unearth lucrative investment opportunities and mitigate potential risks.
  • Secure Digital Transactions: With a focus on security, Trilogy ensures that all your financial transactions are conducted securely, protecting your wealth from potential cyber threats.
  • Virtual Consultations: In an era where digital interaction is paramount, Trilogy facilitates virtual consultations with financial experts, ensuring that you remain on the right financial track, irrespective of regional constraints.

 

These technology-driven approaches not only streamline the financial management process but also provide a seamless, interactive experience. By integrating modern technology, Trilogy Financial Services demonstrates a forward-thinking approach in helping clients “amplify their wealth.” Combining financial advice and technology helps people grow their wealth. Trilogy is a great option for investors who want to succeed in today's digital financial world.

 

 

How Can You Embark on Your Pathway to Amplified Wealth?

“Amplified wealth” with Trilogy isn’t a distant dream, but a tangible reality awaiting your action. Engage with Trilogy Financial Services and set the cornerstone for a financially secure and affluent future.

 

 

Get Started on Your Financial Life Plan Today