Sometimes, the best part of filing your taxes is just being done with it. But there are just a few more things to do once your return is complete. Take a quick run through this list of steps to take after you file, which include checking your return status, paying your tax bill, and saving records. It could save you time and effort later – and might even save you money on your taxes next year.
1. Check your return status
Once you submit your income tax return, you’ll receive Form 9325, which serves as the formal acknowledgment from the IRS that your return has been received. When you submit your return with TaxSlayer, the IRS notifies TaxSlayer about the status of your account. Within about 15 minutes of filing, you’ll receive an email from TaxSlayer letting you know if your return was accepted or rejected. There is also an account status on the My Account dashboard that allows you to verify the status on your own.
2. Correct errors if your return was rejected
If your return is rejected, there could be a simple explanation:
- The Social Security number on your return does not match the IRS record. Your last name must also match. This is especially important for taxpayers who were newly married during the tax year.
- The birth date you listed does not match what the IRS has on file.
- Your PIN was entered incorrectly.
- You entered the wrong amount of adjusted gross income from the previous year.
If your return is rejected, simply correct your mistake and resubmit. You don’t need to file an amendment in that case. If you realize you made a mistake, but your return was accepted, you should file an amended return.
3. Pay your tax bill (if you have one)
The truth is, not everyone gets a refund at tax time. Owing taxes is not a bad thing. Depending on how much you had withheld from your paycheck for federal and state income taxes, you might owe the IRS money when you file your tax return. The same is true if you are self-employed and required to pay quarterly estimated taxes.
If you find yourself in a situation where you owe taxes, the IRS offers several options for payment. You can use IRS Direct Pay to make a direct payment from your bank account or you have the option to pay by credit or debit card. If you are unable to pay your tax bill in full, the IRS provides payment plans that allow you to pay your taxes over time. Failing to pay your taxes when they are due can lead to penalties and interest. To avoid these additional costs, it’s best to pay what you can by the due date, even if you can’t pay the full amount.
4. Check your IRS refund status
You can check the status of your refund within 24 hours once the IRS accepts your return. The best way to learn your refund status is by using the “Where’s My Refund?” tool at IRS.gov. To use the “Where’s My Refund” tool, you ‘ll need your Social Security Number, filing status and exact refund amount shown on your tax return.
Your account status will be in one of three stages: Return Received, Refund Approved and Refund Sent. If your status is Refund Approved, you should see the date when your refund is scheduled to be sent to your bank. The IRS only updates the site once every 24 hours, so it’s not worth checking multiple times a day. It’s important to note that certain tax credits may cause delays in receiving your refund.
If you filed a paper return, you’ll have to be more patient. Allow 4 weeks before checking on the status. If you’ve recently moved and are expecting a mailed refund, make sure to update your address with the IRS using Form 8822, as well as with the USPS.
5. Make a file for your records
The IRS has up to three years to verify that all the information on your return was correct, so it is recommended to keep all your tax documents for at least three years from the filing date If you get audited, they will want to see documents like receipts, bills, canceled checks, tickets, loan agreements, and employment documents. You’ll need all of these when you complete your return. Keeping them together in a clearly labeled file will make your life easier if the IRS requests to see them. Here’s a brief list of common records to keep:
- W-2 forms
- 1099 forms
- Receipts for deductible expenses
- Bank statements
- Investment records
6. Save or spend your refund wisely
Taxpayers tend to be divided over how to spend a tax refund. Some people view their refund as a yearly bonus to use for fun. For others, paying down debt and contributing to a savings account could be a great way to use the money. Certainly, treating yourself is not a bad plan. But there are also some tax-advantaged ways to invest your refund that could mean more money in your pocket, like making home improvements, clean energy investments, and saving for retirement or college.
