Check On Your Tax Return In 2023
Knowing the Basics: What is a Tax Return?
A tax return is a form that you fill out with the Internal Revenue Service (IRS) to file your taxes. It is a way for you to report your income, expenses, and other important financial information to the federal government for the purpose of calculating how much money you owe in taxes. Every year, the IRS requires that you file a tax return by April 15th in order to be in compliance with the tax laws. The form you fill out for your tax return will vary depending on the type of income you earned during the year.
Understanding the Different Types of Tax Returns
When it comes to filing a tax return, there are several different forms that you can choose from. The most common forms are the 1040, 1040A, and 1040EZ. The 1040 form is the most comprehensive and is typically used if you have multiple sources of income or if you are self-employed. The 1040A is used if you only have one source of income and don’t have any dependents. The 1040EZ is the simplest form and is used if you only have one source of income and don’t have any dependents or deductions to claim.
Filing Your Tax Return
Once you have determined which form you need to fill out, it is time to start filing your tax return. Generally, the best way to do this is to use the IRS's online filing system. This system allows you to enter all of your information and have your tax return automatically calculated for you. The system will also check for any errors and provide you with an estimate of how much you will owe in taxes. Once you have completed the online filing process, you can submit your tax return electronically or print it out and mail it to the IRS.
What to Do if You Can’t File Your Tax Return on Time
If you are unable to file your tax return on time, you can request an extension from the IRS. This extension will give you an additional six months to file your return, but you will still need to pay any taxes that you owe by the original deadline. To get an extension, you will need to fill out and submit Form 4868, "Application for Automatic Extension of Time to File U.S. Individual Income Tax Return."
What if You Don’t Have All The Necessary Documents?
It is important to have all of the necessary information and documents you need to file your tax return. This includes W-2 forms from your employers, 1099 forms from any other sources of income, and receipts and documentation for any deductions you are claiming. If you don’t have all of the necessary documents, you can still file your tax return, but you will need to estimate your income and deductions as accurately as possible.
Filing Your Tax Return Early
If you are able to, it is best to file your tax return as early as possible. This will give you time to make any corrections or adjustments to your return if necessary, and it also gives you more time to get your refund if you are entitled to one. Filing early also decreases the chances of your tax return being flagged for an audit by the IRS, as these tend to happen more often when returns are filed closer to the deadline.
Checking on Your Tax Return Status
Once you have filed your tax return, you can check on its status through the IRS website. The website will tell you whether your return has been accepted or rejected, as well as how long it will take to process. You can also use the website to track the status of any refunds you are expecting.
Conclusion
Checking your tax return can help you ensure that you are in compliance with the IRS and that you are paying the correct amount of taxes. Knowing the basics of filing a tax return and the different types of tax returns available can help you prepare for filing your return each year. Additionally, it is important to file your tax return on time, or to request an extension if you can’t file it by the deadline. Finally, it is important to check the status of your tax return to ensure that it has been accepted and that you will receive any refunds you are due.