What To Do After Your Return Is Filed

The monkey is now off your back and your return is filed (hopefully!). At least, of course, if you didn’t file for an extension.

But that doesn’t mean you may not still have questions. Here are some common ones we get.

“Do I need to keep a copy of my return?”

Yes, for a *minimum* of three years, but I recommend forever. There are all kinds of contexts where it’s useful. We do keep one on file, on your behalf, but it’s just smart and safe for you to keep one in a secure place at home.As for the supporting documents from your return, anything that relates to a home purchase or sale, stock transactions, retirement, business or rental property, should be kept much longer than the three years.

“I think there’s a mistake in my return. What should I do?”
Sometimes, you’ll find a receipt or a documentation after April 15th which really would have changed your prior year tax return. That’s, again, when you would have us file an “Amended Return”. Here are some other, common reasons to Amend…

• You neglected to report some income earned.
• You claimed deductions or credits you should not have claimed.
• You did not claim deductions or credits you could have claimed.
• You filed under one filing status, but you should have filed under another.

You might have other questions about Tax Returns in New York, which I haven’t addressed here. Let me know!