You've filed your return, now what?
You've done the hard part; you've filed your taxes. Now what? Here are a few things left to do after you file your taxes.
Refund Status
The IRS provides access to the status of your refund through an online tool at irs.gov . All you need to do is go to the site and click on "Get Your Refund Status" near the top of the page. Once you have clicked the link, you can provide your Social Security number, filing status, and exact refund amount to see the status of your refund.
If you have electronically filed, you are usually able to view tax return information 24 hours after the IRS receives the return. If you mailed a paper copy, it may take up to four weeks before you are able to track the status. Once you have verified that the IRS has accepted your return and you are expecting a refund, you can begin to track the status of your refund. According to the IRS website, more than 9 out of 10 refunds are issued in less than 21 days. Note that some tax returns require additional review which can delay the refund process.
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Estimated Tax Payments
Taxes are required to be paid as you earn or receive income throughout the year. You can do this through tax withholding or estimated payments. Estimated payments are required if you expect to owe tax of $1,000 or more when you file your return. Estimated payments are divided into four payment periods. For tax year 2024, the estimated tax due dates are April 15th, June 17th, September 16th, and January 15th, 2025. These payments can be made online or by mailing a check with Form 1040-ES. Failure to withhold or pay taxes throughout the year can result in underpayment penalties even if a refund is due.
Amended Returns
If you find yourself in a situation that requires an amendment to a prior return and the amended return results in a refund, the refund can still be collected if the amended return is filed within three years of the date you filed the original return. For example, if you filed a return on April 15th, 2024. You have until April 15th, 2027, to amend. Note that amended returns can take up to 20 weeks to process due to processing delays.
Tax Records
Once your return is filed and your refund or payment is settled, your tax records should be kept for a minimum of three years from the date of filing, as the statute of limitations is three years after you file the return. However, the statute of limitations is six years for any taxpayer who files a return with a substantial understatement of income, either purposefully or accidentally. This occurs when taxpayers report their gross income 25% lower than actual or more. Although it is generally okay to discard tax records after three years, a copy of each year's tax return should be kept indefinitely. Unfiled returns and fraudulent returns are not protected from audit by the statute of limitations, so it is important to keep copies of your returns to prove to the IRS that you did in fact file if ever questioned.