Don’t exhale just yet!

Before you put the thought of taxes out of your mind, here are several things we would highly recommend that you do after filing your tax return.

Check your return status & confirm that your filing was accepted.

• Typically, within 24-48 hours of filing, you or your tax preparer should receive Form 9325, confirming when the IRS accepted your return. If this form was not received, you may need to check to make sure your return was properly submitted.
• If your return was rejected, make the necessary corrections, and resubmit it.

Look over your filed returns.

• Whether you prepared your own taxes or entrusted them to a professional, mistakes inevitably happen. Before storing it away, it’s a good idea to look over your filed return one last time while things are fresh on your mind, and make sure everything adds up.
• If you discover an error after your return was accepted, either you or your professional tax preparer can file an amended return with the appropriate adjustments.

Pay your tax bill.

• Owing taxes isn’t necessarily a bad thing, unless you owe more than you can afford to pay, or if you incur a penalty for underpaying throughout the year. If you do owe, you will want to pay your bill promptly to avoid additional penalties and interest, which can add up quickly.

Track your refund status.

• If you’re expecting a refund, you can check the status of your refund within 24 hours of acceptance by using the Where’s My Refund? tool at IRS.gov. If you filed a paper return, the process will take a little longer, and you should allow approximately 4 weeks before checking on the status.

Stay organized and plan ahead.

• This is an opportune time to start planning for next year. Your most current tax return will give you an idea of what documents you will need for next year.
• If there were any extra stressful areas while preparing your taxes, think about how to keep better records to alleviate that stress for next year.
• It’s important to keep your tax documents securely filed, not only for your personal records, but also in case there is an audit. Always keep copies of your returns and supporting documents. Click here to get an idea on how long to keep which documents.

Review your budget.

• This is a good time to use the figures on your return to review your income and expenses and make any necessary adjustments to your budget.

We’re always eager to push tax season behind us, but choosing to take a little extra time to be proactive now, can save you a lot of time and stress next year. 

If you have any questions or concerns, we’re always here to help. Feel free to give us a call at 248-934-0550 or contact us below.