You filed your taxes — now what?

Edited by: Brad Hanson, Senior Editor, Tax

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If you end up owing taxes, start by paying whatever you can by the filing deadline — even a partial payment reduces the penalties and interest the IRS charges. If you can’t pay the full amount, you still have options to stay on track.

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Even if you can’t pay your full balance, filing your return by the deadline reduces the “failure to file” penalty. Filing on time is always better than waiting.

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Got questions? We have answers.

The IRS recommends keeping tax records for at least three years. This includes W-2s, 1099s, receipts for deductions and your filed return.

If you realize you left out income after filing, you’ll need to file an amended return using Form 1040-X. It’s best to wait until the IRS finishes processing your original return before amending.

If you owed more than expected or received a much larger refund than you planned, updating your W-4 can help you fine-tune your withholding for next year. A quick way to check is to compare your tax bill or refund with how much tax was withheld from your paychecks — big gaps usually mean a W-4 adjustment could help.

Yes. Getting married, having a child, switching jobs, moving states or taking on freelance work can all affect your tax situation. When major changes happen, it’s a good idea to update your W-4 and note any documents you may need for your next tax return.

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