Filing your taxes is a long process that takes time and effort, so when it’s done, you should enjoy a sigh of relief. That being said, unfortunately, your work doesn’t end once you finish your taxes in April.
There are a few important steps you must take and things to keep in mind after you file your taxes. In this article, we will discuss what you should do after you file your taxes and how you can receive professional help to ensure everything is done properly.
What to Do After Filing Your Taxes
There are many things to consider and do after you file your taxes. While we cannot list every detailed item in this article, the following are a few of the most important things to do and/or keep in mind:
- Pay Your Tax Bill: While this may seem obvious, many people and businesses don’t realize that filing your taxes is not the same thing as paying your tax bill. Upon filing your taxes, you will know whether you owe the IRS anything and if so, how much you owe. It is then your responsibility to pay. Again, you cannot just file your taxes; you must pay your tax bill if you owe anything. Forgetting to do so could result in heavy fines from the IRS.
- Keep All IRS and Tax Records: When filing your taxes, be sure to keep track of everything you do. This means keeping an organized record of everything you submit to the IRS, how much money you owe or will be refunded, and more. Then, after you file your taxes, keep this record on hand, as you may need it to follow up with the IRS. Employees at the IRS are human and therefore make mistakes, so be sure to keep a detailed record so you can prove to the IRS that you submitted everything accurately and on time.
- Don’t Fall Behind on Regular Accounting Duties: Filing taxes may take up most of your time during tax season, but this is no excuse to fall behind on other bookkeeping-related activities. Ignoring other accounting-related activities while filing your taxes will only make next year’s taxes more difficult. Remember, accounting and filing taxes are year-long processes, so be sure to not let tax season get in the way of the rest of the back-end of your business.
- Don’t Forget About Quarterly Taxes: Depending on your personal income or business structure, you may have to pay quarterly taxes. This means that when you submit the bulk of your taxes in April, your job may not be done yet. So, after you submit your taxes in April, make sure you are prepared to file taxes again a few months later. We recommend speaking with a tax professional to determine whether you owe quarterly taxes.
Receive Expert Tax Help with Allman & Allman
If you seek trustworthy and credible tax consultants, please do not hesitate to reach out. With the full range of accounting services Allman & Allman APAC provides, we are equipped with the expertise for which you may be in need. Seeking guidance from our firm will provide you the opportunity to work with individuals armed with broad and deep financial knowledge, able to provide advice on a wide range of issues.
As a full-service public accounting firm, our professional services will surely help you succeed and thrive. Please feel free to reach out to Allman & Allman APAC via email at [email protected] or via phone at 760-406-5056 to discuss your situation and find out how we can help you grow. We look forward to hearing from you.