There are some questions that are often asked about taxes. Here are our answers to some of them.
1. What if I made a mistake?
If you made a mistake you should definitely not PANIC! You should very calmly and collectedly prepare and file a Form 1040X (the “Amended U.S. Individual Income Tax Return”) as soon as you reasonably can. That’s especially the case in the case of finding income that you didn’t report, but you can also claim additional deductions or tax credits.
2. Can I check to see the status of my refund?
Probably. There’s a tool at www.irs.gov called “Where’s My Refund?” Go give a try. If that isn’t working for you though, talk to an accountant. You did remember to actually file your taxes though, right?
3. What records should I keep?
Like, almost everything. Receipts, cancelled checks, any other documentation for credits you claimed, along with any forms that you’ve been sent (W-2s, 1099s, 1095 and 1098s, etc.). You should also keep a copy of your tax return along with that supporting documentation for as long as possible, at least seven years.
4. What if I move?
If you move, especially if you move during tax season or while you’re going through something that requires contact with the IRS, you should send in a Form 8822 (the “Change of Address” form for the IRS). You should also go to your post office and forward your mail to your new address, to make sure that you get any notices or mail that might be sent to your old address.
If there are other questions that you need answered, we’re here to answer them. Feel free to give us a call.