What Happens after I File My Tax Return?

Now that you have filed your 2010 tax return and deadline is behind us. What do you need to know, now that you filed? According to the Internal Revenue Service, a lot of taxpayers have post tax-filing questions such as what records do I keep and more importantly, “Where’s my Refund?” The IRS has posted some answers for you on their website at www.irs.gov.

For Refund Information:

You can go online to check the status of your 2010 refund 72 hours after IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after you mail a paper return. Be sure to have a copy of your 2010 tax return available because you will need to know your filing status, the first Social Security number shown on the return, and the exact whole-dollar amount of the refund. You have three options for checking on your refund:

  • Go to http://irs.gov and click on “Where’s My Refund”
  • Call 800-829-4477~24 hours a day, seven days a week, for automated refund information
  • Call 800-829-1954 during the hours shown in your tax form instructions
  • Use IRS2Go. If you have an Apple iPhone or iTouch or an Android device you can download an application to check the status of your refund.

What Records Should I Keep?

Normally, tax records should be kept for three years, but some documents — such as records relating to a home purchase or sale, stock transactions, IRAs and business or rental property — should be kept longer.

You should keep copies of tax returns you have filed and the tax forms package as part of your records. They may be helpful in amending already filed returns or preparing future returns.

Change of Address

Have you moved? If you move after you file your return, send Form 8822, Change of Address, to the Internal Revenue Service. If you are expecting a paper refund check, you should also file a change of address with the U.S. Postal Service.

What If I Made a Mistake?

Errors may delay your refund or result in notices being sent to you. If you discover an error on your return, you can correct your return by filing an amended return using Form 1040X, Amended U.S. Individual Income Tax Return.

Planning for 2011?

And it’s never too early to start planning for 2011. Have you checked your withholding? Are you expecting a life changing event – marriage, home purchase, or a baby? These can all affect your tax situation and with careful planning can help minimize your tax burden on your 2011 tax return.

If you have questions or need assistance in planning for your 2011 taxes, feel free to contact Anders or your tax advisor.