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Questions Now that Your Tax Return is Done

Posted by HomeWork Solutions on 4/18/19 10:00 AM
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tax return questions

Now that your filing is done you may have some questions. Here are some common ones and their answers.

Question #1: What tax records can I throw away now?

You should keep, at a minimum, copies of your return and any receipts/documents you used to create it. The IRS can audit you up to three years after a filing is done (or whenever they want if you didn’t file or are suspected of filing a fraudulent return). We suggest keeping the return itself indefinitely and the supporting documents up to six years. This is especially important for employers as they have records that could be needed by their employee(s).

Question #2: Where’s my refund?

Most people get refunds direct deposited in their bank accounts. This can take time though, especially if you waited until the deadline (or close) to file. You can track your refund on www.irs.gov by clicking the “Refund Status” link. You will need personal and return specific information to track it.

Question #3: Can I still collect a refund if I forgot to report something?

Generally you can file an amendment up to three years after the original filing. If you have an amendment to your return that shows you owe more tax, you can file that at any point (like back taxes on a nanny you paid off the books for a few years).

Those are some of HomeWork Solutions' answers to some common questions now that your tax return is done. There are other situations that allow you to file an amendment after the three year mark. If you have specific questions about personally filing limits and regulations please seek the advice of a personal tax accountant.

Topics: nanny, agency, senior, CPA

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