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HOW TO CHECK THE STATUS OF YOUR TAX REFUND

Gone are those days when it takes a great deal of paperwork to check your tax refund status. The internal revenue service (IRS) has brought the process of checking the status of your tax refund to your fingertips, with the “Where’s my refund?” on the IRS website, a feature which allows you to check the status of your tax refund. So, if you would like to check tax refund status, here’s how to go about it.

To check the status of your tax refund:

Step 1

E-file your tax return and wait for at least three (3) days before you proceed to get your refund status. This is because, it takes approximately three days after you e-file your tax return to the Internal Revenue Service (IRS), to update your profile on the website with the needed tax refund status. Check your e-file status online, to ensure that it has been accepted by the IRS. You would also get an email notification from the IRS to confirm the acceptance of your e-file.

If you however, mailed a paper copy of your tax return to the IRS, it is recommended that you wait for a minimum period of three weeks, before you request for your tax refund status online. See more.

Step 2

Get a copy of your tax return, before you proceed to check your tax refund status online. This is advised because, the IRS portal would request some of the information contained on the printed copy of your tax return. Some of the information that might be requested include:…

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How to Make a Tax Return from Financial Statements

Financial statements are the annual record of the business’s revenue and expenses for the year. They are usually divided into two parts: an income statement which reflects the business’s net income, and a balance sheet which demonstrates the capital resources and liabilities of the business all important regarding tax refunds. This includes both short-term and long-term assets and liabilities such as cash, accounts receivable, accounts payable and notes payable.

If you are a self-employed specific conducting business as a single proprietor, you will have to prepare an Agenda C for your tax return which is the summation of your business income and expenditures.

Preparing an Individual Schedule C

  • Prepare the Schedule C, which is the record of your business income and bills by using the totals from the year-end income and loss declaration. The Program C has brand items for some income and expense items. For instance, in the income section, the proper execution will ask for gross income. This can be found at the very best of your financial assertions. The same applies for expenditures. If your business comes with an expense item that is not shown on the IRS form, you can list it as an “other” expense in the bottom of the form.
  • There are several supporting schedules that must be mounted on the return that provide supporting detail to some of the trouble items shown on Routine C, such as depreciation expense and car and truck bills. Your bookkeeper or accountant should be able to provide the aspect associated with the deductions for these items.
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