If you already filed your 2016 tax return and still have questions, you’re not alone. The IRS has provided answers to many of them. Here are some of the most common questions that are asked after a tax return has been filed.
* What should I do if realize that I made a mistake on my return?
You can file an amended tax return using Form 1040X (Amended U.S. Individual Income Tax Return) to correct your errors. For example: if you find you failed to report income or forgot to claim a credit or deduction you were entitled too.
* What if my address changed after I filed my tax return?
You will need to send a change of address to the IRS using Form 8822 if your address changed after filing your tax return. You will also need to change your address with the Postal Service so that you will receive your refund or any notices sent to you by the IRS.
* How do I check on the status of my tax refund?
Go to www.irs.gov and click on "Where's My Refund?" You will need your Social Security number, your filing status, and the amount of your tax refund. You must wait 24 hours after the IRS received your e-filed tax return or if you mailed a paper tax return, it may take up-to 4 weeks.
* What records should I keep?
You should keep a copy of the tax return, along with the supporting records, for seven years. This includes; receipts, canceled checks, or other substantiation for any deductions or credits you claimed. Also keep records that verify other items on your tax return (W-2s, 1099s, etc.).
At Summit CPA we offer multiple resources to assist you with all of your tax and financial planning needs. Contact our office at 866-497-9761 to schedule an appointment with our advisors.