Tax season can be a tough time for businesses and individuals alike as they try to navigate the complexities of filing and the return process. Our team gets lots of questions during this time of the year, especially about tax returns. Whether you’re a first-time filer or a seasoned tax pro, we hope you’ll find our answers to these common tax return questions useful.
Do I need to file a tax return?
Generally speaking, if your income exceeds a certain figure, which is set by the IRS, you will need to file a tax return. However, there are some exceptions, so working with a tax professional can help you determine if you need to file a return.
What documents do I need to prepare my tax return?
The specific documents will vary based on your unique circumstances, but common ones include:
- W-2 forms (for wage income).
- 1099 forms (for miscellaneous income).
- Investment statements.
- Mortgage interest statements.
- Receipts for deductible expenses.
Keeping organized financial records throughout the year will make collecting the necessary documents easier when tax season rolls around.
How long will it take for me to receive my tax refund?
The time it takes for you to get your tax refund will depend on a few factors, including how you filed (online or by mail) and the method of payment (direct deposit or paper check). Electronic filing with direct deposit is typically the quickest option, and those refunds are typically processed in a few weeks. You can check the IRS website for updates on your refund status.
What should I do if I made a mistake on my tax return?
If you discover that you have made a mistake on your tax return after you have filed it, there is a special form called Form 1040-X that you can fill out as an amendment. You should fill this out as soon as possible after discovering the mistake. We suggest working with a tax professional to ensure the amendment is filed correctly and in a timely manner.