Tax time is always tough. Whether you will owe or anticipate a refund, plan to do your own taxes or pay a professional to do them for you, preparing and filing your taxes can be a tedious task. It can also be a risky one: the information needed to prepare your taxes is a treasure trove for enterprising identity thieves.

The nonprofit Identity Theft Resource Center notes that for identity thieves, "tax time is a prime time of opportunity." Forms such as W-2s and IRS tax forms usually include your Social Security number, name and address, and often, financial account information, the ITRC notes. Using that information, identity thieves can access your existing financial accounts, open new lines of credit and commit other acts of fraud.

It's important to keep identity protection front-of-mind during tax preparation season. Take steps to protect yourself against these six common identity theft risks during tax time:

Stolen tax documents - Your tax forms contain a wealth of personal information. Important documents such as W-2s and interest statements begin to arrive in the mail in January. Theft of these forms could be disastrous. If you don't already have one, consider investing in a locking mailbox or renting a secure post office box. Avoid leaving incoming mail sitting in your mailbox for any length of time, and always take outgoing mail directly to your local post office branch.

Unsecured documents - Once you've retrieved these documents from the mailbox, don't let security lag. Never leave sensitive documents lying around in plain sight in your vehicle, home or workplace. Keep documents in a locked safe or file cabinet.

Phishing scams - Identity thieves often prey on tax-time anxiety by sending emails or making phone calls that purport to be from the IRS or other federal agency. These tactics are designed to bilk you out of sensitive information. It's simple to avoid these scams: ignore all such communications. The IRS uses good old-fashioned snail mail - never email, text messages or phone calls - to communicate with tax payers. If you suspect you're being scammed by someone posing as an IRS representative, report the incident to the IRS by forwarding suspicious emails to phishing@irs.gov.

Sloppy CPA - You hire a tax preparer to help ensure you get the maximum return or minimum payment - and that you don't run afoul of complex tax laws. Yet your tax preparer can cause you problems if he or she fails to properly safeguard your documents. Be cautious when hiring a tax preparer - only work with someone you know or whose reputation you've investigated. Ask who will have access to your documents and how your preparer will keep your forms and information secure.

Slipshod storage - Everyone knows you have to hold on to tax documents. In most cases, you should keep tax returns and supporting documents for at least three years from the date of filing. Keep forms in a secure, locked location - or store them digitally in password protected files. When it's time to dispose of documents, shred them with a cross-cut shredder before getting rid of them.

Failing to monitor your identity - Keeping an eye on your credit and financial accounts is the single most proactive step you can take to protect your identity at tax time - and throughout the year. Check your credit report before and after tax season, and several times throughout the year. Consider enrolling in a comprehensive identity theft detection, protection and resolution product like ProtectMyID. The product is designed to help consumers identify early signs of identity theft and minimize or prevent the damages caused by identity theft. Log on to www.ProtectMyID.com to learn more.

Tax season is stressful enough without having to worry about the risk of identity theft. It's important to take steps to minimize your risk leading up to tax day, and through the remainder of the year.

While it's never a good idea to make blanket assumptions about any group of people, Millennials, in particular, are defying stereotypes. Take, for example, the convention that holds young people are too busy spending their income to think about retirement. A recent survey by Prudential Financial indicates this is far from true of Millennials - Americans born between the early 1980s and the early 2000s.

While their retirement days may be in their distant future, planning for those years is very much on their minds, the survey revealed. In fact, 81 percent of those surveyed agreed that saving for retirement is a must, even during a recession. Seventy-three percent say they are highly motivated to save for retirement now, and nearly half (42 percent) check their existing retirement accounts at least once a month.

"Saving for retirement ranks highly in this generation's list of financial priorities, and we are encouraged that these younger workers are taking responsibility for their future," says George Castineiras, senior vice president of Total Retirement Solutions for Prudential Financial. "This survey demonstrates that Millennial workers prioritize saving for retirement ahead of leisure spending, saving for a vacation or even a house."

Still, the survey also indicates Millennials need more overall knowledge and tools to help them with their retirement planning. Castineiras offers some tips for young workers thinking about their retirement savings:

When you see a chance, take it - If your employer offers 401(k) participation, take part and contribute the maximum allowable. This is especially valuable if your employer matches any part of your contribution. The Prudential study found that, when presented with an opportunity to save for retirement, Millennials take advantage of it: 63 percent of those eligible to participate in employer-sponsored plans do so, contributing an average of 7 percent of their annual salaries.

Take advantage of technology - Retirement calculators are a great way to understand how much you need to save now in order to have the income - and lifestyle - you desire in retirement. Calculators abound online and most are free. To download Prudential's mobile retirement income calculator, go to the app store or go to the Google play store and type "Retirement Income Calculator" in the search field.

Talk it out with those in the know - Discuss retirement planning with your grandparents and parents. There's no better way to understand the realities of retirement than by talking with those who are living it. Seek their insight into what they feel they did right and what they would do differently. Watching older loved ones struggle financially can be an eye-opener; 83 percent of those surveyed said that seeing what can happen to people who don't save enough for retirement makes them want to save more.

Don't be afraid to ask for help - It pays to educate yourself on retirement planning, but the reality is few of us will ever become experts on the subject. Talking to an experienced, knowledgeable advisor can help make your retirement planning efforts easier and more effective. Companies like Prudential Financial can deliver retirement planning solutions to help younger workers be well prepared to face retirement.

"Millennials are embracing the need for retirement planning," Castineiras says. "With the right kind of preparation and professional guidance, young workers can get and stay on the path to future financial security."

Creating better financial habits tops many New Year's resolution lists every year. If it is on your list for 2013, there are a few steps you could consider to help you pursue your goals.

According the Fall Merrill Edge Report, 77 percent of mass affluent Americans - those with $50,000 to $250,000 in investable assets - said they are going to track and manage their budget over the next six months. Another 65 percent said they are going to save for retirement and 61 percent said they are balancing their short- and long-term financial needs.

"When planning for the New Year, it's more important than ever to think about your financial goals," says Dean Athanasia president of Preferred and Small Business Banking at Bank of America. "As Americans take on more complex financial responsibilities, we encourage them to gain more control over their financial future by setting goals, seeking counsel and saving earlier for retirement as well as their children's education."

While your strategy should be catered to your unique financial situation, here are five common tips to help you improve your financial health in 2013.

Set your budget before you start spending

The most dangerous way to spend throughout the year is to swipe your credit card and wait until the end of the month to check the damage. Creating a budget before you spend is a great way to stay on track throughout the year. Once you have a full picture of where your money goes each month, you can find more places to save - perhaps you're dining out on the town more than you expect.

Set a monthly meeting with your spouse

Regular discussions with your spouse about finances can lead to greater financial confidence, according the Merrill Edge Report. Sixty-nine percent of mass affluent couples are discussing their finances at least a few times per month, and 64 percent believe that these ongoing financial conversations will help them achieve their financial goals. In addition, couples say they discuss day-to-day purchases, such as groceries, nearly as much as they discuss large purchases, like a home or car.- Getting into the routine can be the hardest part, but scheduling a monthly meeting is an easy way to begin.

Raise your 401(k) contribution

Most major companies that offer 401(k) plans match a percentage of your contributions. Typically, these matches could range from 25 to 100 percent, up to 6 percent of your salary. Even if the match is at the low end, that's a great return on investment. Contributing another 2 to 3 percent of your paycheck to your retirement savings could help you pursue your goal of long-term financial stability.

Create an emergency fund by setting an automatic deduction

Over the next six months, 47 percent of the mass affluent say they are creating an emergency fund, according to the Merrill Edge Report. You should work toward having three to six months of savings in an emergency account. That total is less daunting if you automatically deduct a contribution from your account each month. After a couple of months, most people begin to think of it as a bill they have to pay and in no time, you'll have fully funded your account.

Open a college savings account

Eighty-four percent of mass affluent with young children are concerned about the rising cost of college, and half of all mass affluent parents (50 percent) wish they had started saving for their first child's education earlier. The best time to start saving is now, and talking with your savings provider about opening a college savings account is a great way to get that started.

These are just five quick things you can do to help improve your finances in 2013. Adding these and more to your to-do list could help you be more organized and confident not only about next year, but in the years to follow.

EDITOR'S NOTE:

Merrill Edge is available through Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), and consists of the Merrill Edge Advisory Center (investment guidance) and self-directed online investing. MLPF&S is a registered broker-dealer, member SIPC and a wholly owned subsidiary of Bank of America Corporation. Investment products are not FDIC insured, are not bank guaranteed and may lose value.

This information should not be construed as investment advice. It is presented for information purposes only and is not intended to be either a specific offer by any Merrill Lynch entity to sell or provide, or a specific invitation for a consumer to apply for, any particular retail financial product or service that may be available through the Merrill Lynch family of companies.

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