People filing tax forms in 1920

People filing tax forms in 1920 (Photo credit: Wikipedia)

It’s a familiar feeling.

Relief. Exhilaration (or frustration at having to pay *more* taxes!). Gratitude for a job well done by your preparer.

But that doesn’t mean you may not still have questions. Here are some common ones we get this week…

1. “When will I get my refund?”
Well, the IRS does seem to have entered the 21st century.

If you had us “e-file” your return, you can check your status right now, or if you had us mail a paper return, after about 3 to 4 weeks.

When you’re checking with the following options, make sure you have a copy of your tax return on hand or know your “filing status“, SSN and the exact dollar amount of the anticipated refund.

Online: Go to IRS.gov and click on Where’s My Refund.
[or go right to: https://www.irs.gov/individuals/article/0,,id=96596,00.html ]
Automated Phone: Call 1-800-829-4477 24 hours a day, 7 days a week for automated refund information.
In-Person Phone: Call 1-800-829-1954 during the hours shown in your IRS form instructions. [Of course, the hold time for the IRS is … somewhat of an issue — and they’re closed for five days this month because of the furloughs 🙂]

2. “Do I need to keep a copy of my return?”
Yes, for a *minimum* of three years. There’s all kinds of contexts where it’s useful. We do keep one on file, on your behalf, but it’s just smart and safe for you to keep one in a secure place at home. (I’ve already written about Amended Returns, and you need a copy for that process, of course).

As for the supporting documents from your return, anything that relates to a home purchase or sale, stock transactions, retirement, business or rental property, should be kept much longer than the three years.

3. “I think there’s a mistake in my return. What should I do?”
Sometimes, you’ll find a receipt or a documentation after April 15th which really would have changed your prior year tax return. That’s, again, when you would have us file an “Amended Return”. Here are some other, common reasons to Amend

•          You neglected to report some income earned.
•          You claimed deductions or credits you should not have claimed.
•          You did not claim deductions or credits you could have claimed.
•          You filed under one filing status, but you should have filed under another.

You might have other questions, which I haven’t addressed here. Let me know!

To more of your money in your wallet!

Remember, if you are not happy about the amount of taxes you paid, get the free report that will help you
to save taxes. Click on the tap on the top right and you will get it immediately.  Take charge of your taxes now for 2013!

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