Money Tax

5 Steps you must not forget to take after the tax season is over

The tax season is finally over. Thank god! This whole month I was just running to my tax consultant with piles of documents every other day. The agony of filing tax papers, rushing to office, taking care of my house and making time for blogging was too much for me. Utterly relieved to see that I don’t have to crunch numbers every evening now. I’m finally done.

Although I’ve completed a big task, yet I can’t start celebrations right now. There are a few other things that every taxpayer like me needs to take care of before moving on with life. Curious to know about them? Just read this blog carefully.

Steps you should take after filing tax

Have a look at these 5 steps which I suggest you take every month.

1.Take care of your tax papers: Don’t throw away your tax papers until your payment has been properly processed or you’ve received a refund from the IRS. If anything goes wrong and you need to file tax again, then these papers will come handy.

My father used to save all the tax filing papers for at least 10-12 years. Like a dutiful daughter, I also save my tax papers but electronically. It works for me and saves my time too.

2. Use the IRS2Go app: I’m a lucky woman this year. I’ll get a tax refund. Yeppie! I’m so excited, This is the first time I’ll get a refund. So, every other day you’ll find me checking out IRS2Go app at least once a day. By the way, did I tell you that IRS2Go is an awesome app? Really, I’m falling in love with it. All you need to do is give your SSN, tax filing status, and the total amount you’ll get as refund. You’ll get a good idea about your tax filing status.

You know what’s the best part of checking your tax filing status? You can be rest assured that everything is fine. And if there is any problem, then you can take care of it before it is too late. You won’t have to pay a tax penalty.

3. Ask for a payment plan: Are you facing a financial crunch? Is your tax bill more than what you expected? If yes, then request for a repayment plan as soon as possible. There’s an online payment agreement application option you can use. Obviously, you can use this option when you meet the criteria.

Once you get a payment plan, make sure you don’t break it by any chance since it will only increase your financial troubles.

4. Pay your tax please: You have done all the calculations. Good. Now, it’s time you pay your tax. Use your debit card or a credit card to pay your tax. Don’t just keep them for online shopping or booking hotels. Use these cards for real purpose too. You can pay your tax through electronic checks too.

5. Get ready for the next season: Learn from your past mistakes. For instance, if you didn’t take advantage of tax deductions in the last season, then make sure you don’t do this stupid mistake in the next financial year. Keep all the financial papers and documents with yourself. Read articles on how to save tax throughout the year and use them. If you’re just plain bad in maths, then there’s only one thing you can do. And that is, hire a tax consultant.

So this was my take on what you need to do after filing your tax return. What are you planning to do now that the tax filing task is done and over?