Yay - you filed your tax return! ? Now what
Follow these tax tips:
Keep track of the status of your return
your responsibility to ensure your return is accepted if you are filing electronically. You can have TaxAct send you an email notification when this happens.
You can also check your e-file status at any time efstatus.taxact.com or on your mobile with the Tax Return status by TaxAct app.
Note that acceptance e-file only means that the IRS recognizes that you have filed your return. This does not mean that the return is correct or that the IRS agrees with everything on it.
Where's my refund?
To check the status of your refund, go to the IRS Where's my refund? site.
You will need to have your social security number or tax identification number, your filing status and the exact whole amount of your anticipated refund. handy
IRS updates the site daily
Keep that -. and how long
Keep most tax records and receipts for at least three years. After that, your likelihood of needing each received note and shape information becomes much lower
Before you run all your older material through the mill, however, make sure to record the following :.
documents and working papers related to all that the IRS may consider fraudulent. While most of the returns can be considered safe after three years, the IRS can go back to watch the fraudulent cases at any time.
informative declarations for income , such as the 1099-MISC form. Generally, the IRS has six years to advise you that you failed to report taxable income.
received for the assets you still own or depreciate for tax purposes. This includes your home and any improvements, even though you probably will not have to pay tax on the gain on your home.
tax records on employment for the last four years.
records for worthless securities or bad debt. Keep these records for seven years.
Make it easier next year with better organization
Some of us promise each year, as we slog through the piles or receipts and notes that next year will be different.
Next April, we will be organized as do our taxes consist simply entering the totals TaxAct and finish the job early. We hope that
Better organization should not be a dream, but if you find ways to make it easy
Here are some suggestions: ..
Keep files you best. instead of stacking the papers in a single file, keeping tax revenues deductible in at least easy to find the file. Keep your mileage log into the car and use it without fault. Or track mileage on your phone or computer.
Automate your financial life. to pay bills online, and download your transactions in personal finance software.
Organize files online. you can scan receipts and other documents to download an online service so they are there when you need them. You never have to sort through boxes of receipts faded when the new tax.
What if I need to change my return?
No matter how careful you are, sometimes you will find information after you file your return. Maybe you remember suddenly a substantial non-cash contribution, or you forgot to include unemployment benefits as income. Or your employer, financial institution, or a company sends you a corrected version of a form. And now?
Once you have deposited a statement, you can not start over and make a new one.
Instead, you file Form 1040X to amend sections on the return. Page 1 of Form 1040X shows three columns for large amounts of your tax return: Initial amount or as adjusted previously; Net change - amount of increase or decrease; and the exact amount.
must be attached schedules at the corrected Form 1040X need.
Do not hesitate to file a Form 1040X when something important changes in your statement.
If you should have paid less tax than your original statement, it is worth. If you need; For example, if you have found another 1099-INT form of a bank, you are better correct yourself mistake to wait for the IRS to send you a bill with penalties and interest.
To file the Form 1040X within TaxAct, click Change Back federal on the main deposit tab.
when was the last time you sorted the old tax records and discarded receipts and documents you need more?
photo credit: Monorail Express via photopin cc
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