{"id":6995,"date":"2017-05-05T16:16:10","date_gmt":"2017-05-05T16:16:10","guid":{"rendered":"https:\/\/www.investintech.com\/resources\/blog\/?p=6995"},"modified":"2017-05-05T16:21:50","modified_gmt":"2017-05-05T16:21:50","slug":"filed-taxes-now-what","status":"publish","type":"post","link":"https:\/\/www.investintech.com\/resources\/blog\/archives\/6995-filed-taxes-now-what.html","title":{"rendered":"You Just Filed Your Taxes, Now What?"},"content":{"rendered":"<p><a href=\"https:\/\/www.investintech.com\/resources\/blog\/wp-content\/uploads\/2014\/03\/Data-Format.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-4940\" src=\"https:\/\/www.investintech.com\/resources\/blog\/wp-content\/uploads\/2014\/03\/Data-Format.jpg\" alt=\"Consistent Data Formatting\" width=\"640\" height=\"427\" srcset=\"https:\/\/www.investintech.com\/resources\/blog\/wp-content\/uploads\/2014\/03\/Data-Format.jpg 640w, https:\/\/www.investintech.com\/resources\/blog\/wp-content\/uploads\/2014\/03\/Data-Format-300x200.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Tax season just ended, and you probably filed your return with either the CRA or the IRS. So now what? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even though you may be taking a deep sigh of relief that it\u2019s over, don\u2019t be too quick to celebrate. <\/span><span style=\"font-weight: 400;\">There are still a few things you can do to ensure that next year goes a bit more smoothly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are 3 things you\u2019ll want to keep in mind after you file your taxes.<!--more--><\/span><\/p>\n<p><b>1. Follow Up On Tax Related Issues<\/b><\/p>\n<p><span style=\"font-weight: 400;\">While your main tax return is done, there are still a few essential issues and loose ends you should keep in mind. The good news is that most of the basics can be done, researched, and\u00a0monitored online: <\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Amended Tax Filings: <\/b>I<span style=\"font-weight: 400;\">f you\u2019ve made a mistake on your taxes, whether you\u2019re a business owner or an individual, you can submit amendments to your return. You can find information online for Canada, <\/span><a href=\"http:\/\/www.cra-arc.gc.ca\/nwsrm\/txtps\/2015\/tfsk13-eng.html\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">, and for the US, <\/span><a href=\"https:\/\/www.irs.gov\/uac\/about-form-1040x\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Audits and Reviews: <\/b>B<span style=\"font-weight: 400;\">e sure to keep all documents and information you\u2019ve claimed on your return in case you get audited or if your taxes get reviewed. You can research just exactly what to expect and how to be prepared for an <\/span><a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ncm-tx\/rvws\/menu-eng.html\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400;\">audit or review with the CRA<\/span><\/a><span style=\"font-weight: 400;\"> and<\/span><a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/irs-audits\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400;\"> an audit with the IRS<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Tax Return status:<\/b><span style=\"font-weight: 400;\">\u00a0Always stay on top of your tax return, whether that means simply jotting down your confirmation number or by checking your return status online with the CRA or IRS.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Tax Refund Deposits:<\/b><span style=\"font-weight: 400;\">\u00a0For your refund, you can usually have it sent by <\/span><a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ncm-tx\/rfnds\/menu-eng.html\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400;\">direct deposit from the CRA<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.irs.gov\/refunds\/tax-season-refund-frequently-asked-questions\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400;\">electronically deposited by\u00a0the IRS<\/span><\/a><span style=\"font-weight: 400;\"> into an account under your name<\/span><span style=\"font-weight: 400;\">. Ensure that you\u2019ve submitted the correct account information to avoid any confusion or delay in receiving it. <\/span><\/li>\n<\/ul>\n<p><b>2. Get Organized And Prepared For Next Year<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Taxes are an annual occurrence. As such, it\u2019s a good idea to stay on top of things for next year. There\u2019s nothing worse than leaving everything unorganized and leaving your future self to deal with it the next year. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s why it\u2019s crucial to stay well prepared and track everything you do so that next year when tax season rolls around again, it\u2019ll go more smoothly and stress-free. Here are some tips on how to achieve that:<\/span><\/p>\n<p><b>a) Keep Your Documents Safe<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Place your paper documents in the right folder and keep them in a safe and secure spot which you can easily access. Also, start placing every new tax-related document as it arrives into that folder so you don\u2019t lose track of something important. There are several relevant documents, among the rest, you\u2019ll need to save:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Investment summaries<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Property tax bills<\/span><\/li>\n<li><span style=\"font-weight: 400;\">State and local tax payments<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Records of donations<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Receipts from medical expenses <\/span><\/li>\n<li><span style=\"font-weight: 400;\">Employee business expenses<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">But, if you\u2019re afraid of losing your hard copy forms and papers, there is an option to scan them with mobile apps like <\/span><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.intsig.camscanner&amp;hl=sr\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400;\">CamScanner <\/span><\/a><span style=\"font-weight: 400;\">and <\/span><a href=\"https:\/\/itunes.apple.com\/us\/app\/tiny-scanner-pdf-scanner-to-scan-document-receipt-fax\/id595563753?mt=8\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400;\">TinyScan<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, if you wish to keep everything in one place, create a folder for your <\/span><a href=\"https:\/\/www.dropbox.com\/\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400;\">DropBox <\/span><\/a><span style=\"font-weight: 400;\">or <\/span><a href=\"https:\/\/www.google.com\/drive\/\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400;\">Google Drive<\/span><\/a><span style=\"font-weight: 400;\"> account and send scanned receipts and documents to yourself.<\/span><\/p>\n<p><b>b) Keep Hard Copies And Digital Copies Organized<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Some other great advice is to use desktop software tools to work with your scanned and paper document and receipts for redacted information and easier management. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can use <\/span><a href=\"https:\/\/www.investintech.com\/\"><span style=\"font-weight: 400;\">Able2Extract Professional 11<\/span><\/a><span style=\"font-weight: 400;\"> \u00a0which has an Optical Character Recognition software feature built right in, so you can convert any scanned document into a fully editable file format. \u00a0Then with its text editor you can make any visible changes or modifications needed for third parties. <\/span><span style=\"font-weight: 400;\">You can save and manage your digital documents on your computer, or with tools like <\/span><a href=\"http:\/\/www.mendeley.com\/\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400;\">Mendeley<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"http:\/\/www.qiqqa.com\/\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400;\">Qiqqa<\/span><\/a><span style=\"font-weight: 400;\">, or via the cloud. <\/span><\/p>\n<p><b>c) Perform Regular Check Ins<\/b><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s always a good idea to keep an on-going tracking sheet of important financial information. One way to do it is to set calendar alerts for each quarter to check your income and withholdings. You can use <a href=\"https:\/\/support.google.com\/calendar\/answer\/2465776?co=GENIE.Platform%3DDesktop&amp;hl=en\" target=\"_blank\" rel=\"nofollow\">Google Calendar<\/a>\u00a0for such a task. This way you can ensure that everything matches up. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you wish to make things easier for next year, begin tracking everything right now, starting with important <\/span><a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ll-dts\/menu-eng.html\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400;\">CRA tax dates<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.irs.gov\/publications\/p509\/ar02.html\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400;\">IRS tax dates<\/span><\/a><span style=\"font-weight: 400;\"> to note.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, your tax filing can change as your life changes. For instance, you can easily miss income that may apply to you if you\u2019re an ebay seller, an <\/span><a href=\"http:\/\/www.cbc.ca\/news\/business\/taxes\/tax-time-2016-uber-drivers-1.3462006\" target=\"_blank\" rel=\"nofollow\" class=\"broken_link\"><span style=\"font-weight: 400;\">Uber driver<\/span><\/a><span style=\"font-weight: 400;\"> or have a hobbyist blog that generates income. <\/span><b>\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">And don&#8217;t forget to\u00a0look into <\/span><a href=\"https:\/\/www.irs.gov\/individuals\/did-you-know-life-events-like-marriage-birth-and-divorce-may-have-a-significant-tax-impact\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400;\">how major life events will affect your taxes<\/span><\/a><span style=\"font-weight: 400;\">, such as owning a home, having a baby or working in a different industry. You\u2019ll want to be informed on what <\/span><a href=\"http:\/\/www.cra-arc.gc.ca\/tx\/ndvdls\/tpcs\/ncm-tx\/rtrn\/cmpltng\/ddctns\/menu-eng.html \" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400;\">tax forms<\/span><\/a><span style=\"font-weight: 400;\">\u00a0and documentation you need along the way, what you can claim, \u00a0and how to take advantage of the tax credits you may qualify for. \u00a0<\/span><\/p>\n<p><b>3.<\/b><b> Make Plans For Your Tax Refund<\/b><\/p>\n<p><span style=\"font-weight: 400;\">While getting a tax return may seem like a nice little windfall of money, it isn\u2019t. It\u2019s actually money that you\u2019ve overpaid to the government. You should be treating it like your income because that\u2019s what your refund essentially is. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">No one would argue that splurging your refund is the fun way to go, but if you want to come out ahead, you should figure out how to use your tax refund wisely. Here are some general \u00a0ideas: <\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pay off your debt<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Invest the money (retirement savings, interest bearing accounts) <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Deposit into your emergency fund<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Invest in your skillset (pay for online courses, seminars or conferences)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Make donations and contributions (you can claim them on next year&#8217;s tax return)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This is just a general list of common suggestions, but if you need more, you should always check in with an accountant on what works best for your situation. For any direct questions, you should get in touch with the IRS or CRA.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax season just ended, and you probably filed your return with either the CRA or the IRS. So now what? Even though you may be taking a deep sigh of relief that it\u2019s over, don\u2019t be too quick to celebrate. There are still a few things you can do to ensure that next year goes &#8230; <a title=\"You Just Filed Your Taxes, Now What?\" class=\"read-more\" href=\"https:\/\/www.investintech.com\/resources\/blog\/archives\/6995-filed-taxes-now-what.html\" aria-label=\"More on You Just Filed Your Taxes, Now What?\">Continue reading \u2192<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[265,137,140,352,267,290,264,160,138],"class_list":["post-6995","post","type-post","status-publish","format-standard","hentry","category-3-diversions","tag-able2extract-professional","tag-accounting","tag-cloud-computing","tag-cra","tag-document-management","tag-personal-finance","tag-scanned-pdf","tag-tax","tag-taxes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>You Just Filed Your Taxes, Now What?<\/title>\n<meta name=\"description\" content=\"Tax season is over, but there are still a few things to keep in mind. 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