Now that tax filing season has come and gone, most people don't have to think about income taxes again until next spring.
But, for some, new questions arise after April 15. What kinds of questions? And what do you do if you face one of these quandaries during the year?
Is it Too Late To File?
Taxpayers sometimes fail to file for a number of reasons. Maybe you were just too busy. Maybe you didn't have a form or two. Maybe you were avoiding the headache. In any case, it's not too late to fix the problem. If you didn't file before the deadline, you still have three years to file and request a refund. Even if you aren't expecting a refund, you may still be required to file income taxes.
What If I Received A Letter?
The IRS verifies several things about each return filed, and this check may result in a notice to you. Often, such a letter notifies the taxpayer about an error in math, credits or deductions taken in error, incorrect income reported, or payments not accounted for.
Be sure to read any IRS notices as soon as you receive them. If you agree with the changes made, you likely do not need to respond. If, though, you don't believe the adjustments are correct, you will generally have 30 days to respond in writing. If you're not sure what the letter means or if the changes are appropriate, consult with an accountant who has experience in tax preparation.
Where Is My Refund?
Most IRS tax refunds arrive in less than 3 weeks. However, occassionally, a refund fails to materialize in either your bank account or mailbox. If this happens, start by checking the official IRS website and clicking the "Check Your Refund Status" tab. You will need some information from your tax return in order to access your refund information.
If your tax refund information page states that your refund has been adjusted to pay for a debt, call the number provided to receive more information on the nature and amount of the debt to which it was applied.
How Can I Make A Change To My Filing?
If you realize after filing your taxes that you need to make a change to them, it's not too late. In fact, you may either be required to amend your return or it may be beneficial for you to do so. For example, if you failed to include some business or independent contractor income, amending to include your business expenses will lower your tax bill.
You may want to work with a qualified tax preparer, though, since amending Form 1040 can be somewhat complicated.
Knowing what to do when you have a tax question or concern after tax day will help reduce your stress and may even save you money. For more information, contact a professional like Zara Rhone CPA Inc.