Your Return Is Filed! 3 Things to Keep in Mind Post-Filing

Completing tax information.

Most people feel some relief after filing their income tax returns each year. But even if you’ve successfully filed your 2024 return, you may still have questions. Here are three common ones.

1. What's the Status of Your Refund?

You can learn the status of your tax refund using an IRS online tool. Go to irs.gov and click on “Get Your Refund Status.”

You’ll need your Social Security number, filing status and refund amount.

2. What if You Forgot to Report Something?

In general, you can file an amended tax return and claim a refund within three years after you filed your original return or within two years of the date you paid the tax, whichever is later. So, if you filed your 2024 tax return on April 15, 2025 (the due date for 2024 returns), and barring any changes in the rules, you’ll generally have until April 18, 2028 (because April 15 is a Saturday and April 17 is a holiday in Washington, DC) to amend your return.

However, there are a few situations when you’re allowed more time to file an amended return. One example is claiming a bad debt deduction. Generally, you may amend your tax return to claim a bad debt for seven years from the tax return’s due date for the year the debt became worthless.

3. How Long Must You Keep Tax Records?

Retain tax records as long as the IRS can audit your return or assess additional taxes. The statute of limitations is generally three years after filing, meaning most 2021 tax year records can now be discarded if you filed by the April deadline in 2022. If you filed an extension, keep records from the extended due date for three years.

The statute extends to six years for substantial underreporting (over 25% of gross income). There’s no time limit if you never filed or filed fraudulently. So, keep actual tax returns indefinitely to prove legitimate filing.

Retirement account records should be kept until the account is depleted, plus three (or six) years. Real estate and investment records should be kept for as long as you own the asset, plus at least three years after selling, or six years to be extra cautious.

Being diligent with recordkeeping can help you avoid IRS issues down the line.

Still Have Questions?

Contact the office for help finding answers about your refund, filing an amended return or record retention.

408-252-1800

Contact Us

Photo by WOSUNAN from Freerange Stock.

Tips for Pain-Free Tax Filing

Photo by Winnie Vinzence from Freerange Stock

It’s time again to start thinking about getting your tax return prepared. Here are some quick tips you can use to help speed tax filing and avoid hassles.

  • Gather all documents needed to prepare an accurate return, including W-2s, 1099 forms, statements of interest and dividends, and relevant receipts. Failure to provide certain information could mean an incomplete return, which may require additional processing and delay any refund due.
  • Check names, Social Security numbers and amounts for accuracy and correct spelling. Also, if you supply a bank account number, double-check it.
  • Don’t wait to contact the office for a tax preparation appointment.

If you are interested in tax services, Contact Us to see if we’re the right fit, and if you’re already a client, call the office to schedule your appointment.

408-252-1800

Photo by Winnie Vinzence from Freerange Stock.

Required Withholding for Supplemental Pay

Photo by rawpixel from Freerange Stock

Employers are required to withhold federal tax from supplemental wages paid to employees. These include bonuses, commissions, reimbursements (so long as you don’t have an accountable plan), severance, cash prizes, retroactive raises and taxable fringe benefits.

Suppose you pay a bonus separately from regular wages. In that case, you generally must either 1) withhold 22% or 2) add the supplemental wage to the employee’s regular wages and withhold at the ordinary rate.

Supplemental wages paid with regular wages are subject to ordinary withholding. (For supplemental wage payments over $1 million, tax on the excess must be withheld at the highest rate, currently 37%.)

If you have additional questions or are interested in tax services, feel free to contact our office.

408-252-1800

Contact Us

Photo by rawpixel from Freerange Stock.

Don’t Wait Until the Last Minute to File Your Extended Return!

Woman filing extended return

If you requested an extension to file your 2023 tax return, you probably know that the deadline to file your extended return is coming up soon, on Oct. 15. If you have the information you need, consider filing now.

There’s no advantage to waiting, and last-minute filing may lead to worry. If you’re concerned about paying any tax owed, the IRS offers short- and long-term payment plans, as well as installment agreements, to taxpayers who qualify. It’s important to act quickly if you owe because any amount that was due April 15 accrues interest until the balance is paid. As soon as possible, gather your 2023 tax year records and contact the office for an extended return preparation appointment or to ask any questions you may have.

(408) 252-1800