You have your returns done (or you will have them done soon). Now you get to relax … Actually, don’t relax yet. You have a couple more things to do. But these are quick- I promise!- and will save you a lot of future headaches.
–Await your refund
If you are receiving a refund, then it normally takes 2 weeks for electronically filed returns and 4-6 weeks for mailed returns. If you experience delays, you can check the refund status on the IRS “Where’s Your Refund?” application.
–Submit your payment
The sooner you pay, the better. Every day that you delay paying your taxes, interest and penalties accrue. Even paying a portion will translate into savings.
–Request an extension of time to pay
You can contact IRS to request an extension of time to pay your taxes, in case you aren’t able to pay. The extensions are available for up to 120 days, though if you need less time, that is fine.
–Request that penalties be waived
While you’re requesting your extension of time to pay, you can ask for a penalty waiver. When penalties are waived, your overall bill will be reduced. This is at IRS’s discretion, so it may or may not work. But it doesn’t hurt to ask!
–Double-check your records
A few weeks after submitting your returns, compare your tax returns to your receipts and other documents. Sometime between June and August, get copies of all of your income statements from IRS (you can do this online). If you see a forgotten 1099 or W-2, you can amend your tax return to include that newly discovered information.
–Prepare for next year
Adjust your W-4s at work if your withholding was inadequate. Start digitally scanning your receipts and other relevant documents so that you can have all of your information in one place.
This short list will help you catch any errors and reduce your tax stress. Here’s to low-stress future tax seasons!