10 Things You Should Consider After You File Your Tax Return

    Tax season can be a stressful time of the year. However, if you have the right plan, you can file your tax return without any issues.

    Sometimes, it can be a satisfying feeling just knowing you have completed your tax return. One of the best ways to ensure that your tax return is completed without any delay is to know what to do after you file your tax return.

    What should you do after you file your tax return?

    Here are 10 things you should do after you file your tax return.

    1. Check the status of your tax return
      After filing your tax return, you will most likely want to know your return status. If you use an e-file service, you will be able to access your account to find your Federal and State filings' status.

      In most cases, the e-filing service will notify you via an email or a text message to let you know that your tax return has been accepted.

      If you have filed your taxes with a tax preparation professional, they should inform you of your tax return status. On average, it takes the IRS about 24 to 48 hours to accept your tax return.  If you live in a state with state income tax, it can take anywhere from three to five days before the returns are accepted.

    2. Send any amended tax returns as quickly as possible
      There may be occasions where you may need to amend your tax return. Here are some of the top reasons why tax filers will want to amend a tax return:
      • Correct an error or omission in income
      • Change your filing status
      • Change your deductions
      • Claim a credit
      • Correct a credit
      You have up to three years to amend your tax return using IRS form 1040X.

    3. Make a record of your tax return
      It is critically important that you keep records of your tax return after you have filed. If you have a tax preparer organizer and file your taxes, the tax preparer will generally maintain your tax return record.

      If you e-file your taxes, then the e-filing service will have a record of your tax return. Either way, it is highly recommended that you request a copy of your tax return. Here are some of the reasons why you will want to maintain a record of your tax returns:
      • For use for any major loan applications (mortgage or business loan)
      • In case you are audited by the IRS or any other state revenue agency
      • Proof of your income
      • Monitor the overall progress of your finances
    4. Pay your tax bill, if you owe money
      Like your tax return, your tax payment is generally due to the IRS on April 15. To meet your deadline, you will have to return or electronically transfer your payment before midnight on April 15 or the day the IRS requires. The IRS does give you several options to pay the taxes you owe.

    5. Request a payment plan if needed
      After you file your tax return, you may discover that you do not have the money to pay the total tax owed. At that point, you will want to request a payment plan from the IRS. To request a payment plan with the IRS, you will need to fill out the IRS form 9465. This form is known as the Installation Agreement Request. With this request, you will be able to make your installment payments online.

    6. Check your IRS refund status
      If you have overpaid your tax liability, you will be due a refund. The status of your tax refund can be found on the IRS official website. You can also download the IRS2GO app to check on the status of your refund. On average, it may take anywhere from six to eight weeks to get your refund.

    7. Quickly follow up with any correspondence from the IRS
      Occasionally, the IRS may send you correspondence. The IRS may contact you to ask for more paperwork regarding your tax return. If you get correspondence from the IRS, it is highly recommended that you follow up with the agency as soon as possible. A quick follow up will help you get your tax return quicker or resolve any issue with the agency. If you used a professional tax preparer to complete your taxes it is recommended that you engage them in the discussion with the IRS, they are professionals you hired to speak to your taxes if the IRS inquires.

    8. Correct errors if your tax return gets rejected
      In some cases, the IRS may reject your tax return because of errors on the return. Here are some of the most common errors found by the IRS and state revenue agencies:
      • Inaccurate social security numbers
      • Misspelled names
      • Incorrect filing status
      • Math mistakes
      • Incorrect bank account numbers
      • Unsigned forms
      • Filing with an expired tax return number
      If your tax return is rejected, be sure to correct the error and immediately re-file your tax return as soon as possible.

    9. Budget any anticipated tax return
      If you anticipate getting a tax refund, you will want to create a budget for that money. People will often go on a shopping spree with their tax return and miss an opportunity to save and invest this money.

      Here are some smart ways that you can budget your anticipated tax return:
      • Contribute to a retirement plan
      • Pay down any high-interest loans
      • Replace any broken appliances in the home
      • Invest in your business
      • Contribute to an emergency fund
    10. Make sure you have received your tax return
      Finally, if you are due a refund, you will want to make sure that you have received your tax refund. Your tax refund should arrive about six to eight weeks after you have filed your taxes.

      If you gave the IRS your banking information, your tax return should be transferred to your checking or savings account. If you did not enter your banking information, then the IRS will send you a paper check. If you have not received your tax return after eight weeks, then you should contact the IRS.

    Making sure your tax return goes through smoothly
    Have a plan before, during, and after-tax season to make sure that your tax return goes through smoothly.

    Follow as many of the above steps as possible to ensure that your tax return is processed properly.



    Topics: Budget Living, Money Saving Tips

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