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What to Do After Filing Your Taxes from Your Denver Accountant

May 9, 2018

You’ve just finished your taxes for the 2018 season, and now you can rest easy knowing you’ve completed your duty as a tax-paying citizen. Tax season can be a very stressful time for many individuals and companies, as the obligations and the overall bill can add up to be a difficult and harrowing experience. It’s usually not a pleasant experience, especially for those who are self-employed or have many source of untaxed income. It is a situation that will make a person thankful they’ve opted to go with a reliable, trustworthy accountant. After you’ve filled, here are a few things to do afterwards from your local Denver accountant.

Track Your Return

If you’re a person that needs to know the exact whereabouts of an incoming package or needs to know the exact dates for when something will be completed, tracking your tax return is just the tool for you. The IRS provides accurate tracking information for individuals who file both electronically and through paper returns.

However, if you file electronically, you will be able to track the status of your return within 24 hours of submitting it. This differs greatly from those who decide to file their taxes the old-fashioned way on paper, as a paper return can take up to four weeks before being able to check the status of it. This further stresses the benefit of filing a return electronically.

Use Your Return to Pay Down Debt

Many people utilize tax season as a time to celebrate, to splurge on expenses that are normally not in their budget. Assuming they’ve received a nice return, it can be very alluring to use this time to buy a luxury that normally would not be within reach. While this can be an exciting and exilarating experience, it is not always the wisest decision.

If you are lucky to have received a substantial amount of money from the IRS, a smart decision would be to utilize this chunk of money to pay down debts. Utilizing a return to buy something out of your budget is an especially bad decision if you have outstanding debts to take care of. Think of the amount of interest you will be paying over the course of a loan and recognize that it is a much smarter decision to eliminate the need to pay for this.

If you find that you are in need of expert tax preparation, there is no better option than going with Bloch, Rothman, and Associates. Whether you are dealing with various nuanced tax situations or you are just looking to get the biggest tax return for you and your family, we are your preferred choice for tax accountants.

We are a full service Denver and Aurora accounting firm that offers personal and affordable accounting and tax services for both individuals and businesses. We pride ourselves on providing the best possible customer service and advice to our clients in the industry. Contact us today and we will be happy to help you receive the highest return possible.