Steps To Follow After You Have Filed Your Tax Return
Filing for a Tax Return is a lot of work and a complicated process; therefore, it is best to let experts take care of it. Whether you have hired a professional tax preparer or you are filing the tax on your own, perhaps you will feel at ease once the filing process is completed. However, even after the task is completed, you still have certain things that you need to do to make sure that everything goes smoothly as planned. If you are planning to get your tax return filed soon, once you are done with the process, you should consider following these steps to save your time and effort and make the process easier for you in the future.
Keep An Eye On The Return Status: Once you are done filling your tax return, whether you filed it electronically or whether you mailed it, make sure to check the status. If your return was accepted by the IRS, you will be notified about it, so once you are in the clear, you can track the status online. Some tend to think that the IRS online status is not accurate, but that is not the case.
If Your Return Gets Rejected: There could be various reasons why your return got rejected, it could be mainly due to errors. This could happen especially if you are filing the tax return by yourself. Your return could be rejected if you have made a mistake in the security number, your name, date of birth PIN, or if you have entered the wrong amount. If you want to get your return as soon as possible it is crucial to avoid these mistakes as they will set you back. However, if it gets rejected due to errors, you simply need to correct the mistake and resubmit it.
Consider Paying Off Your Tax Bill: If you have to, pay off your tax bill. You might owe IRS money when you file your tax return if you have withheld income taxes from your paycheck. So, if you have to pay off any tax bill, consider doing so. If you are self-employed, you will be required to pay estimated taxes, so if you have any remaining taxes bull to pay off, do so.
IRS Refund Status: You can check your refund status in the IRS online forum, once your status has been accepted you can check the status on the Where’s my refund page. In this forum, the status is shown in three stages: return received, refund approved, and refund send. Once your refund gets approved, you can check the date on when it is expected to be sent to you, so you will get an idea of when you will receive it. However, it usually takes about 21 days to get your refund once it has been approved by the IRS if you have filed it electronically.
You Can Make A File Of All The Records: In situations when you get audited by the IRS, they will want to see documents like all your receipts, bills, loan agreements, employment documents, tickets, and more, so consider making a file for all your records. Label all the files and keep them together, this will make your life easier especially if the IRS requests to have a look at it.
Save or Spend: Once you have gotten your tax refund, if you have to pay off any debts, consider doing so, or save it in your savings account. Whether you choose to spend or save it, make the decision carefully. Another option that you can also choose is to invest in it.
Once you have filed your tax return, you can follow these steps to make the process easier for you next time.