So, you have filed your tax return – good for you! While this is something that you need to do every year in a timely manner, just because you have filed your return does not mean that you can forget about taxes for the next 12 months. Instead, concentrate on what you need to know about what happens after you file your return. Below are some helpful details to keep in mind about record-keeping, refunds, and much more.
What Records do I need to keep?
This is one of the most common questions among taxpayers. Many people are in the habit of throwing out their tax documents as soon as they file. As you can imagine, this is a mistake for multiple reasons. In most cases, tax documents and records should be kept for three years. That being said, there are others that need to be held onto even longer. These documents include records related to the sale or purchase of a home, stock transactions, and rental property income.
Also, make sure to keep copies of all your tax returns. You never know when you will need to rely on this information for filing a future return, or amending a mistake that you made in the past.
Refund Information
If you are due a refund from the IRS you want to know as much about this process as possible. After all, there is nothing better than receiving money from the government – even though it is for nothing more than an overpayment.
Did you know that 72 hours after the IRS acknowledges receipt of your e-filed return that you can check the status on the IRS website? If you filed with a paper form, it takes three to four weeks to be able to check the status online.
To do this, make sure you have a copy of your return handy. You will need to know your social security number, the exact amount of your refund, and your filing status.
To check your refund, you can do one of the following:
- Visit IRS.gov and click on the “Where’s My Refund” link.
- Call 1-800-829-1954 during the hours outlined in your tax form instructions.
- For automated refund information, call 1-800-829-4477 24 hours a day, 7 days a week.
Change of Address
Did you move after you filed your last tax return? If so, you should notify the IRS of this by filling out and sending Form 8822 – Change of Address.
Are you expecting to receive a refund in the mail? In this case, you should also file an address change with the United States Postal Service. This will ensure that you receive your refund as soon as possible.
Did you make a mistake on your Tax Return?
If you made an error on your tax return you should correct it right away by using Form 1040X, Amended U.S. Individual Income Tax Return. It is better to do this than hope that the IRS never catches the mistake – a very unlikely scenario.
While it is very important that you file your tax return, this is probably not the end of the process. Some people want to check on the status of their return; others need to change their address; and some even have to file an amended return.
