CARL WATTS & ASSOCIATES
April 25, 2011
Washington DC
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tel/fax 202 350-9002 |
You are finally over the stress of filing tax returns and you’re entitled to relax at last, unless … there are still a few issues you’d like to be at peace with.
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What to do with all the tax documents?
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Well, that’s easy, you need to keep a copy of your tax returns together with all the documents related to them, especially the ones supporting expenses and deductions. If more “electronically” inclined, scan all your documents, make folders for each year and make sure you back up everything on an external drive also.
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Worried about your refund?
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You can go online to check the status of your refund three days after IRS acknowledges receipt of your e-filed return, or three to four weeks after you mail a paper return. Be sure to have a copy of your tax return available to be able to supply all the information requested.
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Go to http://irs.gov and click on “Where’s My Refund” or call 800-829-4477 for automated refund information.
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You can also 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.
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What happens if you change your address?
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There is Form 8822, Change of Address, that you need to send to the IRS if you happen to move after you filed your return.
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And, by all means, don’t forget to file a change of address with the US Postal Service too (in case you expect a mailed refund and for other purposes as well).
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Also, since changes on your federal tax return may impact your state tax liability, make sure you contact your state tax agency. |
What if you receive a notice from the IRS?
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There is no reason to panic. You may receive a letter or notice form the IRS for a variety of reasons, such as to request payment of taxes, to notify you of changes to your account, or to request additional information.
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A notice from the IRS usually covers a very specific issue about your account or tax return and offers specific instructions on what you are asked to do.
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If you agree to the correction, then there is no need to reply. If you disagree with the correction made by the IRS, you should send a written explanation, including any documents and information you want the IRS to consider, along with the bottom tear-off portion of the notice.
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If you have questions or need more information, call the phone number provided with the notice.
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Keep copies of any correspondence with your other tax records.
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What if you have no issues at all?
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That is great!
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Nevertheless, this would be the perfect time to start planning your finances for the following years.
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With adequate professional help, you can minimize your tax liability and get advise on how to interplay your income tax planning strategies with other aspects of your wealth. And don’t forget, it is always a pleasure for us to be of service to you!
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