Test Yourself: Do you know where you stand financially? Take our quiz and read advice from Michelle. The interactive package offers guidance for every life stage, whether you’re just starting out in your career to living an abundant life in retirement. Money moves for life: For a more sweeping overview of Michelle’s timeless money advice, see Michelle Singletary’s Money Milestones. Here are seven ways to lower your credit card debt in light of the Fed continuing to raise interest rates. Regardless of the answer, there are practical steps you can take to help shield yourself from a worst-case scenario.Ĭredit card debt: Carrying credit card debt is never good and you should ditch the habit. Recession-proof your life: The tsunami of economic news is leading consumers, investors and would-be homeowners alike to ask whether a recession is inevitable. If you have a personal finance question for Washington Post columnist Michelle Singletary, please call 1-855-ASK-POST (1-85). The best of Michelle Singletary on personal finance To find out if you qualify for the later date, go to irs.gov and search for “Tax Relief in Disaster Situations.”ī.O.M. Some Tennessee, Mississippi, New York, and Arkansas residents have extended filing deadlines too, due to severe weather. 16 to file their individual and business tax returns and pay what they owe. Four weeks after mailing your tax return. Victims of severe storms in most of California, and parts of Alabama and Georgia, have until Oct. If you live in an area hit hard by storms last year, you’ll have more time to file and pay. If an amended return shows you owe, pay the IRS by April 18 to avoid interest or a penalty.Previously, taxpayers had to wait for a paper check for any refund. If you are due a refund, beginning this year, direct deposit can be requested for electronically filed amended returns for tax years 20. Where’s My Amended Return Track the status of your amended return.“If refunds were claimed on both, that could mean a substantial delay for both refunds.” “That’s because having both an original return and an amended return in the system for the same year at the same time will usually delay the processing of both returns,” Smith said. If you catch your own error, wait until after the original return is processed to file the amended return.The agency will likely adjust your original return to ensure that you are not assessed any additional taxes. However, you should not call the IRS during this period. Once it is received, you can cash your refund. You should wait at least three weeks after mailing your amended tax return to check on its status. Lovely1 You can check the status of the amended return here, but allow 3 weeks after mailing. This tool will help you decide if your filing status has changed and if you need to file an amended tax return. If you are wondering whether you need to amend your return, you can use the IRS’s interactive tax assistant. Depending on the situation, it can help you get a larger refund, reduce your taxes, or make sure you are paying your taxes. You may need to file a 1040-X Form – Individual Amended Tax Return for many different reasons. However, you should consult a tax controversy attorney if you have any material errors on your original tax return. Simple math errors, for example, do not require an amendment. These changes to a tax return can change your tax liability and income.Īmended tax returns should only be filed for errors or changes that affect your tax liability. Those who owe taxes or claim credits, such as a child’s health insurance, may need to file an amended tax return.
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