Combating Identity Theft

Posted by lgtcpa on Apr 21, 2015

Identity theft has become a hot topic recently, and for good reason. Since 2010, the number of complaints reported annually has more than doubled, reaching the total financial loss attributed to identity theft in 2014 of $26,350,000,000 (Institute, 2015).
Being aware of the threat is crucial to remaining unaffected. In a study completed by the Treasury Inspector General for Tax Administration (TIGTA) on March 20, 2015, a total of 2,416,773 taxpayers were identified as victims of identity theft in 2013 alone (Administration, 2015). In an effort to keep you from joining that unfortunate statistic, LGT we would like to help raise awareness of this criminal act by sharing the signs of being a victim, first steps in response to identity theft and how to begin repairing your identity.
Signs You’re A Victim
If you have experienced any of the following, the Federal Trade Commission (FTC) warns that you could be a victim of identity theft (FTC, Signs of Identity Theft, 2012):
• You see withdrawals from your bank account that you can’t explain.
• You don’t get your bills or other mail.
• Merchants refuse your checks.
• Debt collectors call you about debts that aren’t yours.
• You find unfamiliar accounts or charges on your credit report.
• Medical providers bill you for services you didn’t use.
• Your health plan rejects your legitimate medical claim because the records show you’ve reached your benefits limit.
• A health plan won’t cover you because your medical records show a condition you don’t have.
• The IRS notifies you that more than one tax return was filed in your name, or that you have income from an employer you don’t work for.
• You get notice that your information was compromised by a data breach at a company where you do business or have an account.
Are you wondering how to avoid becoming a target of identity theft? Remain on the safe side by using the recommend acronym, SHRED, from the Identity Theft Resource Center (ITRC).

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Topics: Accounting Tips, Wealth Management, Tax

11 Wise Ways to Spend Your Tax Refund

Posted by lgtcpa on Mar 17, 2015

Anxious to start blowing the bundle you’re getting back from the IRS? Before you delegate where you’re going to spend it all, consider these wise ways to re-purpose your refund in a way that will help you in the long run.

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Topics: Accounting Tips, Wealth Management, Tax, Retirement Plan Services

Expanding Business Income

Posted by lgtcpa on Jun 26, 2014

As a trusted financial advisor in many professions, LGT has an educated insight on many ways profits can be tied up or places of profit not being utilized.

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