What happens after your taxes are accepted?
After you’ve successfully filed your taxes and they are accepted by the IRS, you might find yourself in a state of anticipation. But what exactly happens in the aftermath? Understanding the process that follows can help you stay informed and prepared for the next steps. Let’s explore the journey of your taxes after they are accepted.
1. Processing and Review
Once your taxes are accepted, the IRS begins the process of reviewing and processing your return. This includes checking for accuracy, verifying your information, and ensuring that you’ve claimed all applicable deductions and credits. The processing time can vary depending on the complexity of your return and the volume of submissions the IRS is handling at the time.
2. Refund Status
If you’re expecting a refund, you can start checking the status of your refund after about 21 days from the date your return was e-filed or 6 weeks if you mailed your paper return. The IRS provides a convenient tool called “Where’s My Refund?” on their website, which allows you to track the progress of your refund in real-time. This tool provides updates on when your refund was approved, when it was sent, and when it was deposited or mailed.
3. Tax Balance
If you owe taxes, the IRS will notify you of the amount you owe and provide instructions on how to make a payment. You can pay your tax bill online, by phone, or by mail. It’s important to address any tax balance promptly to avoid interest and penalties that may accrue.
4. Notice of Tax Examination
In some cases, the IRS may select your return for an examination, also known as an audit. This process is designed to ensure that your return is accurate and that you’ve reported all income and claimed the correct deductions. If you’re selected for an audit, the IRS will send you a notice explaining the reason for the examination and provide instructions on how to respond.
5. Correspondence and Follow-Up
Throughout the process, the IRS may send you correspondence regarding your tax return. This may include requests for additional information, clarifications, or corrections. It’s crucial to respond promptly and accurately to any communication from the IRS to avoid delays or potential penalties.
6. Tax Account Update
After your taxes are accepted and processed, your tax account will be updated with the information from your return. This includes any tax liabilities, credits, and refunds. You can access your tax account information through the IRS website to view your tax records, make payments, and manage your tax obligations.
Understanding what happens after your taxes are accepted can help you stay informed and prepared for the next steps. By staying proactive and responsive to any communication from the IRS, you can ensure a smooth and hassle-free tax experience.
