Being done with your taxes can feel great. All you want to do is to submit the return and never think about it again. In reality, however, there are a few things you should do after you submit your tax return. When you take all the steps needed, it can save you time, effort and money. Glenn Sandler, the CEO of G.I. Tax Service, has shared some tips with you on what to do after you’ve submitted your taxes.
Check the status of your return
When you submit your tax return, the IRS lets you know through email right away if your return was accepted. If not, they’ll tell you there were errors on your form and you need to correct them. You could end up in trouble if you neglect to check for the status of your tax return.
If there are errors on your return, correct them
A return is usually rejected for one of four reasons:
If it’s for one of these errors the return is rejected, make the corrections requested, and resubmit. There is no amendment needed. You do need to file an amendment, however, if you realize you’ve made a mistake of some kind, and the IRS still accepts your return.
If you have a tax bill, pay it
You may end up owing taxes if your employer hasn’t withheld enough from your paycheck for state and federal income taxes. You may also owe a tax bill if you own a small business, and need to pay estimated taxes each quarter.
Check your refund status
Once the IRS accepts your electronically filed tax return, you can begin to check the status of your tax refund within hours. It can take a month, however, if you file a paper return. The IRS website has a Where’s My Refund tool you can use. You need a few pieces of information handy to use the tool — your filing status, your Social Security Number, and the refund amount stated on your return. You should see, then, if your refund has been approved or sent.
File away all your records for the future
The IRS can pull your records and verify your tax return for up to three years after you file. If they decide to audit you, they can ask for all kinds of records — employment papers, canceled checks, tickets, bills and so on. You should make a well-organized file of all these documents to keep, just in case the IRS decides to ask for them.
Use your refund money wisely
When you finally get a refund in your account, you may either want to use it to treat yourself to some fun, pay down debt or invest wisely. There are many tax-advantaged ways in which to invest your refund so you can make a deduction the following year. You could invest in your retirement, in a college education, and so on.
“Paying your taxes may be a chore you don’t look forward to, but it has to be done responsibly,” Glenn Sandler said. “With only a little more work to put in after you submit your tax form, you can make sure you save time and money.”
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