Saturday, May 21, 2022

How To Know If Your Taxes Are Filed

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Tracking Your Irs Refund

If you havenât filed your taxes yet, check to see if you can do it for free

The IRS has a tool where filers can check the status of their refund. You can find it here, or you can search “Where’s My Tax Refund?” You can search it as early as 24 hours after filing electronically, or four weeks after you mailed your return. The information is updated daily.

To get your refund status, you’ll need to input your:

  • Social Security number
  • Exact refund amount

These are all found on the tax return you filed for the year.

If it’s been more than the allotted three weeks for electronically filed returns and six to eight weeks for paper filings, the IRS says representatives can research the status of your return. That is, if you can get through to them.

“It’s challenging to speak with a human when the IRS has only answered roughly 7% of single taxpayer phone calls to date,” says Oak View Law Group Attorney Lyle Solomon. “Even if you’re one of the fortunate ones who gets through, they’re unlikely to provide much information.”

Quick tip: If you’re feeling like you can beat the odds and want to try calling the IRS, the number is 800-829-1954.

Fill Out Your Tax Forms

Youre almost there! Next, youre going to fill out all your required tax forms, using your software of choice. This is where all of those documents you collected and organized will come in handy.

According to the IRS, the average American spends a total of 12 hourspreparing and completing their tax return. You can potentially save some time by using a tax preparation software that is very intuitive and will guide you through the process. Some will even auto-populate the information for you when you upload your tax documents.

These softwares use interview-style questions and user-friendly guides that can turn a complex tax return into one thats relatively simple to input.H& R Blocks tax softwarealso includes features to make the process even easier, such as being able to upload your W-2 right from your mobile device, where it will scan for the correct information and pre-populate the forms. The IRS also provides additional resources, like alist of free formsthat can help make sure you fill out everything correctly.

Determine If The Irs Filed A Substitute Return

Just because you didn’t file your return doesn’t mean the IRS won’t file one for you. The IRS may file a Substitution for Return or SFR on your behalf. Don’t think of this as a complementary tax filing service. The substituted return may leave off the exemptions or deductions that rightfully belong to you.

Once an SFR is filed, you will be sent a notice to accept the tax liability as filed in this alternate return. If you don’t respond, the IRS will issue a notice of deficiency. At this point, the tax is considered owed by you and the IRS can begin the collection process. To encourage payment, a levy can be placed on your wages or bank accounts. A federal tax lien may also be placed against your home and real estate.

If an SFR was filed, you don’t have to accept the outcome. You can go back and refile those years and include any available deductions. You may be able to decrease the tax owed and reduce any interest and penalties.

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How To Track Your State Tax Refund

State taxes work a little differently than federal taxes, because each state manages their system a little differently. To check the status of your state tax refund, youll need the same information you need to check your federal tax refund: your Social Security number and your refund amount.

Your states tax website should have an option on the page to track your taxes, similarly to the federal system. Most states pages will say Wheres My Refund? Follow the prompts there to track your state tax refund.

The amount of time it takes to get your refund also varies by state, and some take several weeks. Once youve crossed the amount of expected time it takes, then you potentially have the option to call your state tax office to locate your return, get a status update and an idea of when you might receive your refund. You can find all this information on your states local tax page.

How To Check The Status Of Your Income Tax Refund

3 Ways to Determine Your Tax Filing Status

Waiting for your tax refund from the Canada Revenue Agency can seem like an eternity. Instead of checking your mailbox daily, or looking at your bank account online every day, the CRA has other options you might want to consider. Before going through them, however, we must look at the NETFILE process to ensure you have successfully filed your tax return the first time around.

No filed return means no tax refund! You can usually expect your refund within two weeks after you successfully NETFILE, but may take longer if your return is selected for a review. For more information on your refund status, please see this CRA link: Tax Refunds: When to expect your refund.

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How To Calculate Your Tax Refund

The easiest way to calculate your tax refund is to use an online tax calculator or have an accountant do the sums for you.

You can also do a rough reckoning on paper, but depending on how complex your financial situation is it may take you some time.

You will need five final numbers:

  • Income tax already paid

  • Total credits multiplied by 0.15

  • The equation is:

  • Total income – Total deduction = Tax payable

  • Tax payable x average tax rate = Tax owed

  • Total tax owed – = Total tax payable

  • Total tax payable – tax already paid = refund

  • Its basic elementary school mathadding, subtracting and percentages. While it may look intimidating, youll get the hang of it fast, and probably get more in touch with your finances while youre at it.

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    Check Where’s My Refund

    Whether you filed a paper or an e-filed return, if youre expecting a refund, the IRS offers the Wheres My Refund? site. Youll need your Social Security number, your filing status and the amount of the refund you are due to receive. If you filed a joint return, you can use either spouse’s Social Security number. The IRS advises you to wait three weeks before checking the status of mailed returns and 72 hours before following up on e-filed returns.

    Read More:When Can You Get That Tax Refund?

    To Follow Up On Your Submitted Return:

    What to know as you file your taxes

    You should receive an email within 24-48 hours indicating that your return has been received by TaxAct and transmitted to the IRS. Later, you will receive a second e-mail indicating the status of your return .

    After transmitting your return, it is your responsibility to ensure that it is accepted by the IRS or state agency. If you do not receive an email confirmation or acceptance, you can check the status of your electronically filed returns using the TaxAct E-File and Tax Refund Status webpage.

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    Easy Steps On How To File Your Taxes

    Filing a tax return plays a vital role in helping you save money.

    Tax residence in Canada must pay the tax before or on April 30. However, the Canada Revenue Agency has made it super easy for the taxpayers in Canada to pay their taxes before the desired date by picking a payment method. If you’re filing a tax return for the first time or millionth time in Canada, these seven easy steps will help you.

    Remember, you need to calculate and pay the tax before the deadline. Otherwise, the CRA will charge a penalty or fine that can burn a hole in your pocket. Are you Looking for how to file a tax return in Canada without any inconvenience? Follow these seven steps and pay your taxes on time and without hassle.

    1. Get Social Insurance Number Or Business Number

    For any Canadian taxpayer, it’s essential to have one of the following:

    Social Insurance Number

    Business Number

    A Social Insurance Number is your tax identity. You will need a SIN in all tax, social benefits, and entitlements. If you do not have a SIN, contact your provincial representative to obtain one.

    Businesses and self-employed also need a tax identity this is your Business Number, a CRA nine digits Business number, followed by RC, followed by four digits. Example: xxx-xxx-xxx RC 0001.

    2. Collect Necessary Documents

    3. Choose The Best Method

    Contact us today for a stress-free tax filing.

    Another method of filling is by mail or using third-party platforms.

    4. Beware Of The Deadline

    5. Double Check Everything

    Gather Tax Filing Information

    Youll need to do this whether youre hiring a tax preparer or doing the tax filing yourself. The goal is to gather proof of income, expenses that might be tax-deductible or win you a tax credit, and evidence of taxes you already paid throughout the year. Our tax prep checklist has more guidance, but heres a short version of what to round up:

    • Social Security numbers for yourself, as well as for your spouse and dependents, if any.

    • W-2 form, which tells how much you earned in the past year and how much you already paid in taxes.

    • 1099 forms, which are a record that some entity or person not your employer gave or paid you money.

    • Retirement account contributions.

    • State and local taxes you paid.

    • Educational expenses.

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    Use The Irswheres My Refund Online Tool

    Since 2003, the IRS has provided an online tool that lets you track the status of your refund electronically. You can access the tool, called Wheres My Refund?, as soon as 24 hours after you e-file your tax return . You can also download the IRS2Go app to track your tax refund on your mobile device.

    Youll need the following information to check the status of your refund online:

    • Social Security number or ITIN .
    • Filing status .
    • Exact amount of the refund listed on your tax return.

    Once you input the required data, youll encounter one of three status settings.

  • Return Received: The IRS has your tax return and is processing it.
  • Refund Approved: The IRS has finished processing your return and your tax refund is being prepared. Once ready, the IRS will send your funds to your bank or mail them to you directly.
  • Refund Sent: The IRS has electronically submitted the refund to your bank or your check is in the mail.
  • The IRS updates refund status once a day, usually overnight.

    Your Refund Has Been Offset To Pay A Debt

    Know Your Tax Deadlines: When to File  airCFO

    If you owe certain debtsincluding unpaid child support, unpaid state taxes, or delinquent federal student loansthe IRS can offset your refund by the balance owed. If your refund is offset, youll receive a notice from the U.S. Treasurys Bureau of the Fiscal Service advising you as to why your refund was taken and the agency to which the debt has been owed. You have the right to dispute the debt with the agency that received your refund.

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    Providing Additional Income Support To Canadians

    The Government of Canada has indicated from the outset that there would be no penalties or interest in cases where CERB needs to be repaid. However, we recognize that, for some individuals, repaying the CERB could present a significant financial hardship. For this reason, we will give Canadians more time and flexibility to repay based on their ability to pay. We will work with impacted individuals on a case-by-case basis. There is no deadline to repay COVID-19 emergency benefit payments.

    If you mistakenly received COVID-19 emergency benefit payments, or your situation has changed since you first applied for one of these benefits, you can repay the CRA via My Account, online banking, or mail.

    Newly announced on February 9, 2021, targeted interest relief is being provided to Canadians who received COVID-related income support benefits. Once individuals have filed their 2020 income tax and benefit return, they will not be required to pay interest on any outstanding income tax debt for the 2020 tax year until April 30, 2022.

    Self-employed individuals who applied for the CERB and would have qualified based on their gross income will not be required to repay the benefit, provided they also met all other eligibility requirements. The same approach will apply whether the individual applied through the CRA or Service Canada.

    Tax Season 202: What To Know About Child Credit And Stimulus Payments

    First, look in your mailbox for two letters the I.R.S. is sending this month. Make sure the numbers the agency is listing for pandemic aid match yours.

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    By Ann Carrns

    This years tax filing season is likely to be another challenging one because of pandemic-related tax changes. But the first step for many taxpayers is simple: Check the mail.

    The Internal Revenue Service is sending special statements to the millions of Americans who got monthly payments last year of the expanded child tax credit, part of the pandemic relief program. The agency is also sending letters to the people who got the third stimulus payment last year.

    The advance payments of the child tax credit reflected half of a familys estimated credit. To claim the other half, people must enter information from the I.R.S. statement on their federal tax return to reconcile the amounts. The document, I.R.S. Letter 6419, details the total amount of advance payments paid last year and how the amount was calculated.

    Trish Evenstad, a board member at the National Association of Enrolled Agents, a group of federally licensed tax professionals, said the envelope of one such letter she had seen was clearly marked Important Tax Document.

    Hopefully, people will save it, Ms. Evenstad said.

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    What Tax Return To Submit

    If your old-age pension or disability pension is subject to taxation in Poland, the ZUS will send you:

    • PIT-11A information, or
    • PIT-40A annual tax calculation.

    On the basis of these documents, you will prepare the PIT-37 tax return, which you will submit to the revenue office.

    You are not required to submit a tax return if you have received the PIT-40A annual tax calculation from the ZUS and:

    • you have not earned other income subject to taxation according to the tax scale in Poland,
    • you are not entitled to tax relief in Poland.

    If you are not required to submit a tax return, but you would like to donate 1% of your tax to a public benefit organisation of your choice, you should submit the PIT-OP declaration. You should do this by 30 April of the year following the fiscal year. The declaration is submitted to the revenue office having jurisdiction over the registered office of the taxpayer .

    Reasons Your Tax Refund Might Be Delayed

    Top 5 things to know if you havenât filed your tax return yet o

    Although youre probably eager to receive your refund, it might take longer than 21 days for the IRS to process your return. Several issues might cause a delay, including:

  • Your tax return includes errors.
  • The tax return you submitted is incomplete.
  • Youre a victim of identity theft or fraud.
  • Youre claiming the Earned Income Tax Credit or Additional Child Tax Credit.
  • You submitted a Form 8379, an Injured Spouse Allocation, which could take the IRS up to 14 weeks to process.
  • The tax return requires further review.
  • You filed a paper return, which could result in processing delays due to limited staffing.
  • Your return might have been impacted by COVID-19 .
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    First Check Your Refund Status Online

    If you are wondering where your refund is, you can start by checking its status on the IRSs Wheres My Refund? page. To do that, the IRS says you will need:

    • Your filing status
    • Your exact refund amount

    , supply the required information, and youll get results. Unfortunately, this tool does not provide much detail about why your money may be delayed. It may advise you to call the IRS, from which you should be able to learn more details. However, the IRS says you should not call unless one of the following two things is true:

    • It has been 21 or more days since you e-filed.
    • The Wheres My Refund? online tool tells you to contact the IRS.

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