Filing taxes is a required act for a majority of Americans. However, just because individuals understand they must report income and then either receive a refund or pay more to the federal government, state, or both - it doesn’t necessarily mean they know why, how, or what should be done once the paperwork is complete. Typically receiving assistance in completing a tax return, filers gain a general understanding of what to expect in terms of an end result but most are basing this off of their own historical results.
This year, the filing deadline has been pushed back to July 15 from the normal April 15 date. Moving the date serves multiple purposes and the extension of time for all individuals and corporate returns is a welcome reprieve, especially given the current global situation. For many who are expecting a refund, getting their return filed and money back as soon as possible could be extremely helpful. So once the return is complete, what are the next steps?
Tax Return Status
After you have a provider submit your return the immediate next step is to ensure that it has been accepted by the Internal Revenue Service (IRS). Depending on the number of returns currently being processed this may take some time but typically a notification is returned within 30 minutes or sooner.
Tax Refund Status
After submission, individuals and families who are receiving a refund will want to know when this money is coming. Fortunately, the IRS has a tool designed for tracking the status of a return. By providing some information, anyone can see exactly where their return and refund are in the process.
Finally, if you owe then preparing to make the payment (before July 15 this year) due is next. Filing early can provide much needed time to generate the funds due, if needed. In addition, if you are receiving a sizable refund, setting a plan or utilizing the funds in a tax associated manner can be derived.
If you are in need of personal help or assistance for your business then let the tax and accounting experts at Bloch Rothman and Associates
assist you or your business today. In addition, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us today. Available for all of your tax needs and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!