Identity Theft: What to Do When it Happens to You

Recently, I had a client call me in a panic.  She had been carrying around her tax return in her bag and the bag was stolen.  She didn’t know what to do.  A tax return has the potential to give a thief a lot of information about you.  Not only can it can give the thief your name and social security number, it can give them your spouse and children’s names, social security numbers and birthdates.  It can tell the thief your address, where you work and even your bank routing and account number.  It can also tell the thief if you own a business, if you own real estate and if you receive Social Security or other retirement benefits.  With all the potential information on your tax return it is very important to keep it in a safe place. 

My client’s question was what to do now that her identity may be stolen?  There are several things that you should do immediately if you feel your information has been compromised.  Make sure you keep a record of what you do and who you talk to:

1. Place a Fraud Alert on each of the credit reporting agencies.  This will prevent any new accounts from being opened.  Call the toll free numbers to report to each credit bureau.  

TransUnion: 

1-800-680-7289 

www.transunion.com

Fraud Victim Assistance Division

P.O. Box 6790

Fullerton, CA 92834-6790
 

Equifax: 

1-800-525-6285

www.equifax.com 

P.O. Box 740241

Atlanta, GA 30374-0241
 

Experian: 

1-888-EXPERIAN (397-3742)

www.experian.com

P.O. Box 9554

Allen, TX 75013
 
2. Once you have placed a fraud alert with the credit reporting companies, you are entitled to a free credit report.  Obtain that report and look for anything that doesn’t look familiar to you.
 
3. Close any accounts that you think may have been tampered with or opened fraudulently.  Call each company and speak with someone in their fraud department and then follow up in writing. 
 
4. File a complaint with the Federal Trade Commission.  You can file a complaint with the FTC using the Online Complaint Form; or call the FTC's Identity Theft Hotline, toll-free: 1-877-ID-THEFT (438-4338); TTY: 1-866-653-4261; or write to 

Identity Theft Clearinghouse

Federal Trade Commission

600 Pennsylvania Avenue, NW

Washington, DC 20580

Be sure to call the Hotline to update your complaint if you have any additional information or problems.
 
5. File a complaint with your local police or the police where the theft occurred.  Try to file the report in person but if not ask if you can file the report via the internet or in person. 

Identity Theft is more common than you might think. Everyone carries around things in their bags, wallets, and purses, and often think, “it couldn’t happen to me” until it does.  Many people not only keep their driver’s license, Social Security card and credit cards in these places, but also their children’s information, address books and check books.  Purses, wallets, and bags are a smorgasbord for identity thieves.  For more information about identity theft go the Federal Trade Commission website at www.ftc.gov.

Evaluating Your Busines

As the year comes to a close, we find ourselves busier than ever trying to juggle holiday shopping, children’s holiday programs and all the other traditions we have taken on the years along with everyday life.  If you own a business, this may also be a busy time for that as well.  One of the last things you probably want to think about it evaluating your business.  However, before the end of the year is a vital time to at least take a peek at what is going on.  Certain decisions can be made at the end of the year to save on taxes.  Evaluating your business is something that should go on regularly throughout the year so let me tell you why it is important.

It is a fact that many businesses fail in the first two years. One of the reasons is that the business owner is so busy operating the business that they don’t take time to evaluate what is going on. It is the old adage you can’t see the forest for the trees.

One thing that can really help you evaluate your business and the finances is a profit loss statement. A profit loss statement tells you how much money you have brought in, how much you have spent and what you have spent it on. This information can help you decide if you are spending money on things that will help you grow your business and keep the most money in your pocket.

Let me give you an example of how monitoring your business with a profit loss statement can help you save potentially thousands of dollars by giving you a real life example on one of our clients. This client owned a heating and air conditioning business. He did great work and was always busy because he got many referrals. The problem was that even though he had a lot of work, he never seemed to have any money.

It was a family owned business and his wife tried very hard to keep the bookkeeping straight, but she was very busy with their ten children. They asked us to come in and help them get their records straight. When we were done, we printed a profit loss statement, which shows income and expenses. As we reviewed the statement, we discovered he had spent $12,000 on advertising. We asked how much business he had gotten from the advertising. He said, none.

Wow, $12,000! This is a great example of how keeping your records current and reviewing a profit loss statement on a regular basis can save thousands of dollars and could even save your business.

I don’t mean to put more stress on anyone, but I do encourage you to talk to your accountant and spend a few minutes evaluating what has been going on in your business before the end of the year.

For more information on profit loss statements and how they can help you monitor your business, check out our CDs that can teach you everything you need to know to keep your business finances in order.

Women Gotta Do It All: But How?

One of my favorite comedy teams is George Burns and Gracie Allen.   If you are too young to know who they are, they were a famous couple who had a TV show in the 1950’s.  The show was set around their life and was a combination of a sitcom and reality show.  In one episode, Gracie was in the kitchen ironing.  Her best friend and neighbor was there and they were talking.  Gracie says, “It is harder for women to be successful because they don’t have a wife to help them.”  I thought to myself, “That is it! That’s why it’s so much harder for me!”  I have often told my business partner/son that I have less time than him because he has a wife. 

As women we are naturally able to do more because we have the ability to multi-task.  But, just think what you could do if you had someone to help you do all the things you have to do in a day?  Besides running a business or maintaining a job, we are in charge of meals, cleaning, laundry, children, homework, taxi service, remembering birthdays and holidays, just to name a few.  I get tired just thinking about it.  So, how do we do it all?  I would like to offer a suggestion and then I would love to have you share your ideas and thoughts.  Together we can help each other be successful and “do it all.”

My suggestion is to delegate.  We all have people in our lives that we can ask to do certain things.  It might be a husband and or children.  It might be a parent or sibling.  It might be a good friend.  Except for maybe teenage children, most people are willing even happy to help.  After all, as the saying goes, “If mama ain’t happy, ain’t nobody happy.” 

When delegating, it is important to be specific. Instead of asking your husband if he could help more, ask him to do something such as being in charge of making sure the children’s homework gets done.  You might assign each family member a day of the week to be in charge of making dinner.  If your family is old enough they could be in charge of their own laundry.  The more specific you are the more likely you will be to get the things done you desire. 

So what do you do to get help around the house? I look forward to reading your suggestions and comments.