With only a few weeks until the April 18th tax deadline, many of you have already filed your taxes. Yay You! Whether you have filed or are in the process of filing, there are a few things you should know post tax season.
Print or download a copy of your completed tax return. Keeping a copy of your tax return is great practice. Especially considering you may need to refer to it next year for things such as your Annual Gross Income (AGI). A copy of your previous year return can also serve as a guide for filing in the current year.
Keep a hard or electronic copy of your return for at least 3 years. If you claimed a loss due to bad debt or securities, the IRS recommends that you keep your return for 7 years.
Know and determine your options if you owe. If you decide to pay the balance immediately you can pay electronically or via check. When paying via check, make the check payable to the United States Treasury not the IRS. You can also choose to set-up a payment plan, request a delay in collection or apply for an Offer in Compromise.
Submit an amended return if you find out that you’ve made an error regarding your income, filing status, credits or deductions. This can be corrected using an Amended US Individual Income Tax Return or Form 1040X. You can complete an amended return with TaxSlayer.
Create a file with all your tax documents. In addition to printing and retaining a copy of the actual return, you should also create a file with all your 2016 tax related documents. Such documents include W-2s, childcare expense report, mortgage interest statement Form 1098, Form 1099, etc.
These five pointers will help you organize your 2016 tax files and prepare you for next tax season. It’s the perfect way to get ahead of the game. If you have not filed your taxes, these are great points to note when you’re done.