Easy Tax Returns
- Do I need to upload last year's tax return?
- What happens when the IRS receives my tax return?
- How long does it take to get my tax refund?
- What's the status of my tax refund?
- What happens if I owe taxes?
Do I need to upload last year's tax return?
If youʻve filed with someone else in the past, youʻve probably been told you need to upload last year's return, that it'll make filing easier. Here at Keeper, importing last yearʻs return isnʻt necessary. Weʻre preparer filed, which means weʻll get all the information we need from you, your write-offs, and your current tax forms. We'll then get your return ready to go for you. Talk about easy.
What happens when the IRS receives your tax return?
Once the IRS receives your e-filed tax return from us, it can take it up to 48 hours to accept your return. Don't worry! We’ll notify you once your return has been accepted.
Once accepted, your tax return is in the IRS system. What does that mean? Congratulations, your tax return has been filed!
How long does it take to get my refund?
If you’re owed a tax refund, it takes the IRS 21 business days on average to process your return and remit payment. However, it may take longer. With that said, many people receive their refund much sooner!
What's the status of my refund?
Here are a few ways to check:
- Use the online IRS Where’s My Refund? tool
- Call the IRS at 800-829-1954
What happens if I owe taxes?
If you owe money, it'll be withdrawn from your account on the tax deadline. If you are planning to pay your bill in one sum, the IRS will use the account and routing number you provided on your return to deduct the funds on tax day. If they arenʻt able to do so due to incorrect details or a low balance, they’ll reach out via mail.
If you are looking to pay your balance monthly, you can choose the "Pay later" option where you'll need to set up a payment plan directly with the IRS and your state - more on this in the next section below.
The IRS charges low-interest rates of 0.25% monthly when you set up an installment agreement. This is lower than most credit cards that charge an average of 20%+.
It's a common misconception that most people expect to be heavily penalized if they don't pay their taxes on time. In reality, there are hefty penalties if you don't file (5% per month). The IRS doesn't want to chase people and would rather they at least file and then figure out a way for them to pay the bill. Users are much better off if they file and then sign up for a payment plan as opposed to avoiding filing all together because they currently can't afford their tax bill.
Here are IRS resources with interest rates:
- Failure to file penalties: https://www.irs.gov/payments/failure-to-file-penalty
- Failure to pay penalties: https://www.irs.gov/payments/failure-to-pay-penalty
How can I set up a payment plan with the IRS?
When you're in the filing flow, it'll ask how you want to pay. This is where you have the option to choose to "Pay later" if making monthly installments is a better option for you. Once your tax return has been accepted, head over to the IRS website directly to apply for a payment plan. It'll direct you to create or sign into your IRS Online Account.
Need more information on the process? You can go directly to this link to learn more https://www.irs.gov/payments/payment-plans-installment-agreements
Once you create an IRS Online Account, you'll be able to access your personal information, including balances, payment plans, and tax records. You can also view the notices and letters the IRS has sent you, and more!
Need an installment plan for your state taxes? Many states have them as well, although the process is different for each state. You’ll need to check with your state's Department of Revenue for more details.
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