Frequently Asked Questions About Tax Returns
Filing a tax return is the legal responsibility of every employee and employer to stay on the right side of the IRS. It’s also essential to ensure that your tax return is filed accurately and promptly to receive a quick refund if you’re eligible and avoid an unnecessary audit.
However, When it comes to tax returns, there are a ton of questions clients have but often find answers difficult to come by.
Therefore, Pinnacle 1 – Goose Creek wants to arm you with the most accurate information available to help you make informed decisions. To do this, we’ve answered some of the most frequently asked questions about tax returns.
1. When will I receive my tax refund?
The IRS usually takes two to three weeks to process and send refunds.
2. It has been two to three weeks since I filed. Why haven’t I received my refund?
There is no guarantee that the IRS will send your refund in two to three weeks. The IRS chooses a random number of tax returns to review each year, taking longer to process. Also, the IRS may need more information from you and will mail you a letter to obtain it.
3. I received an email from the IRS. Is this a scam?
Yes. The IRS will never communicate with taxpayers via email. They will contact you by US Mail.
4. My address has changed. How do I let the IRS know?
You can file Form 8822: https://www.irs.gov/pub/irs-pdf/f8822.pdf.
5. How do I check my refund status?
You can check online: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp, or call this number: 800-829-1954.
6. How do I get a copy of a past year’s tax return?
You can request a transcript: https://www.irs.gov/individuals/get-transcript. You can also create an online account with the IRS and view all of your past tax records: https://www.irs.gov/payments/your-online-account.
7. When is the tax filing deadline for 2021 tax returns?
For business returns (Forms 1120, 1120-S, and 1065), the deadline is March 15, 2022. For personal returns, the deadline is April 18, 2022.
8. If I file an Extension of Time to File my tax return, does that save me from paying all penalties and interest?
No. Filing an extension keeps you from paying late filing penalties. But if you owe money to the IRS based on your tax return and you have not paid your balance due by the original filing deadline, you will have to pay late payment penalties and interest on that balance. Penalties and interest begin accruing the day after the filing deadline.
We hope these answers made you confident to move forward with your tax return.
If you need advice assistance with filing tax returns, then get in contact with Pinnacle 1 – Goose Creek today. As the best accounting, bookkeeping, and tax preparation firm in Goose Creek, South Carolina, we can help you with all your financial reporting needs.
We have over twenty years of industry experience and excel in individual/ business taxes, payroll, and bookkeeping.
We serve clients across Goose Creek, North Charleston, Hanahan, Moncks Corner, Ladson, and the surrounding areas.