July 15, 2014
Once you have filed your 2013 tax return, you may still have a few tax questions. The IRS provides these answers to commonly asked questions.
* How can I check the status of my refund?
You can go online to check on your refund. Go to www.irs.gov and click on "where's my refund?" Or call 1-800-829-4477 for automated refund information available 24 hours a day, seven days a week.
* What records should I keep?
Keep receipts, canceled checks, or other substantiation for any deductions or credits you claimed. Also keep records that verify other items on your tax return (W-2s, 1099s, etc.). Keep a copy of the tax return, along with the supporting records, for seven years.
* What if I discover that I made a mistake on my return?
If you discover that you failed to report some income or claim a deduction or credit to which you are entitled, you can correct the error by filing an amended tax return using Form 1040X.
* What if my address changes after I file?
If you move or have an address change after filing your return, send Form 8822 "Change of Address" to the IRS. You should also notify the Postal Service of your new address so that you'll receive any refund you're due or notices sent by the IRS.
For answers to other tax questions you may have, contact us.
This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:
According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats:
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.