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Post-Tax Season Tips: How to Check Your Refund Status
Ryan Bourlier • Apr 01, 2024
As we collectively exhale following the peak of another tax season, it's crucial to pivot our attention towards what follows after filing our taxes—tracking our refunds. Ryan J. Bourlier, CPA, is dedicated to not only assisting you through the complexities of tax preparation but also ensuring you're well-informed about the next steps. This guide is crafted to help you navigate the process of checking your tax refund status, ensuring you're equipped with all the necessary information to do so effortlessly.
Essential Information for Tracking Your Refund
Before you embark on your quest to determine the status of your tax refund, it's imperative to have certain information at your disposal. The IRS mandates the provision of the following details to facilitate this process:
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): This unique identifier is critical for accessing any tax-related information specific to you.
- Filing Status: Whether you filed as single, married filing jointly, married filing separately, head of household, or qualifying widow(er), knowing your filing status is key.
- Exact Refund Amount: This figure must be identical to the refund amount stated on your filed tax return.
How to Check Your Refund Status
With your information ready, you have a couple of options to track your tax refund:
- Visit the IRS Website: The 'Where's My Refund?' tool on the IRS website is your go-to resource for real-time updates on your refund status. This tool is updated daily, usually overnight, making it a reliable source of information.
- Use the IRS2Go App: For those who prefer the convenience of mobile devices, the IRS2Go app offers an alternative means to check your refund status on the go.
Additional Considerations
- Electronic vs. Paper Filing: If you've filed your return electronically, you can expect to check your refund status 24 hours after e-filing. However, for paper returns, a four-week waiting period is advisable before seeking an update.
- Understanding Delays: It's not uncommon for refunds to be delayed. This could be due to a variety of reasons, including the need for corrections or additional review by the IRS. Rest assured, if more information is required from you, the IRS will initiate contact.
Here to Assist
Navigating the IRS website and understanding the nuances of your tax refund status can be daunting. Ryan J. Bourlier, CPA, is here to provide the guidance and support you need. Should you have any questions or require further assistance, we encourage you to reach out. Our commitment extends beyond tax preparation; we're here to ensure your post-filing experience is as seamless and informed as possible.
Remember, knowledge is power, especially when it comes to managing your finances post-tax season. Stay informed, stay prepared, and as always, we're here to help every step of the way.
As we navigate through the complexities of business ownership and management, staying informed about new regulations is crucial for success. That's why we're discussing an important update that will impact many businesses in 2024: the Beneficial Ownership Information (BOI) reporting requirement. What is Beneficial Ownership Information (BOI)? The BOI reporting requirement is a new mandate set to take effect in 2024. It aims to enhance transparency in business ownership and control, by requiring companies to report details about their beneficial owners. A beneficial owner is defined as any individual who, directly or indirectly, exercises control over the reporting company, or owns or controls at least 25% of the company’s ownership interests. What Information Will You Need to Provide? To comply with the BOI reporting, you’ll need to gather and submit the following information for each beneficial owner: Legal name Birth date Home address Identifying numbers (from licenses, state IDs, or passports) An image of the associated identifying document For your company, you must provide: Legal name and any d/b/a (doing business as) names Jurisdiction information Taxpayer identification number If a beneficial owner or the company has a FinCEN identifier, this can be provided instead of the detailed information listed above. When is the Filing Due? For existing companies , the filing period is from January 2024 to January 2025. Most corporations (S corp and C corp) and limited liability companies (LLC) are required to comply, unless exempted. You can check for exemptions here. New companies must file within 90 days of their formation. Additionally, any changes to the reported information, such as a new address or name change, require an update to the report. Why is This Important for Your Business? The introduction of the BOI reporting requirement underscores the increasing emphasis on transparency and accountability in business operations. Compliance is not only mandatory but serves as a step towards fostering trust and integrity within the business environment. It's important for local business owners to understand these changes and prepare accordingly to ensure smooth operations. How Can I Help? Understanding and navigating new regulations can be challenging. As a dedicated CPA with a focus on serving local businesses, I am here to help you understand the BOI reporting requirements and assist with your reporting needs after tax season. My goal is to make this transition as seamless as possible for you and your business. Ready to Get Started? If you have questions or need assistance with your BOI filing, don't hesitate to reach out. Together, we can ensure that your business complies with these new requirements efficiently and effectively. Contact Ryan J. Bourlier, CPA, today for guidance and support tailored to your business needs. Let's navigate the future of business compliance together.
As we step into 2024, it's essential to stay informed about the latest retirement limits and regulations. Ryan J. Bourlier, CPA, LLC, aims to position itself as a local retirement expert by providing crucial insights into the 2024 retirement landscape. This blog post is designed to inform and guide individuals in the local market about the latest changes and how they can impact retirement planning. Understanding the 2024 Retirement Limits The year 2024 brings new opportunities and challenges in retirement planning. Ryan J. Bourlier, CPA, provides a comprehensive overview of the updated retirement limits, ensuring that individuals make informed decisions about their retirement savings strategies. Importance of Staying Informed Staying up-to-date with retirement limits is crucial for maximizing your retirement savings. It impacts how much you can contribute to your retirement accounts and influences tax implications. Understanding these changes is key to optimizing your retirement plan. Key Changes and Their Impact Increased Contribution Limits: The 2024 retirement limits have seen an increase, allowing individuals to save more for their retirement. Tax Implications: Understanding the tax benefits associated with retirement savings is crucial for effective planning. Planning Strategies: Adapting your retirement planning strategy in light of these changes can maximize benefits. Expert Guidance from Ryan J. Bourlier Ryan J. Bourlier, CPA, offers expert advice and personalized strategies to navigate the 2024 retirement limits. With a deep understanding of the local market, the firm is equipped to provide tailored solutions that meet individual needs. Navigating the retirement landscape can be complex, but staying informed about the latest limits and regulations is crucial. Ryan J. Bourlier, CPA, LLC, is committed to providing the local market with expert guidance and insights into the 2024 retirement limits, ensuring that your retirement planning is on the right track.
Hello, investors! In the world of U.S. stocks, recent times have been quite turbulent. But amidst this volatility, it’s crucial to remember that these fluctuations are a natural part of investing. In fact, a well-thought-out long-term investment strategy can act as a shield against impulsive decisions and the regret that might follow in the years to come (Jackson, 2022). Grasping Volatility So, what exactly is market volatility (Hayes, 2022)? Simply put, it’s the frequency and intensity of price movements within an asset or market. When these movements reach 1% or more, we deem the market to be in a volatile state. Volatility often carries a negative connotation because it’s linked to rapid downward price shifts. However, it’s essential to note that sharp price increases also fall under the umbrella of volatility. The Current Market Scenario Presently, major U.S. stock indexes are navigating through a landscape marked by higher interest rates, surging inflation, geopolitical tensions, supply chain disruptions, and more. This convergence has led to accelerated downward price movements. Navigating Volatility: Your Action Plan Here’s how investors can navigate these uncertain times: 1. Be Prepared Diversification and a well-balanced portfolio serve as shields against short-term market volatility (Lioudis, 2022). They help minimize the immediate impact of downward swings. 2. Identify Opportunities Downward price volatility can present opportunities for certain long-term investors with specific risk tolerances and timeframes (Sprung, 2018). Dollar-cost averaging is also a strategy worth considering during times of discounted asset prices (Hayes, 2022). 3. Stay the Course Long-term investing often triumphs over short-term market trading. Remembering this can offer solace during turbulent times. Embracing Inevitable Volatility Market volatility can be nerve-racking, but it’s an inherent part of market cycles and long-term investing (Forbes, 2020). Patience and discipline are your allies during these periods of uncertainty (Weiss, 2022). Should you want to delve deeper into discussions about the current market scenario or your specific investments, please feel free to reach out anytime. Rest assured, I’m keeping a close eye on the market and will keep you updated as the situation progresses. Invest wisely, stay focused, and remember: volatility is just a part of the journey towards your financial goals.
As a business owner, understanding the fundamental aspects of bookkeeping can significantly impact your company’s financial health and decision-making. While a professional bookkeeping service handles the intricate details, familiarizing yourself with key terminologies empowers you to navigate financial discussions and comprehend your business’s monetary pulse better. Here’s a concise overview of ten essential bookkeeping terms every business owner should know: 1. Accounts Receivable This represents the amount owed to your business by customers for goods or services provided on credit. Managing accounts receivable efficiently is crucial for maintaining healthy cash flow. 2. Accounts Payable Accounts payable denote the outstanding payments your business owes to vendors, suppliers, or creditors for received goods or services. Timely management of payables is vital for sustaining positive relationships with stakeholders. 3. Balance Sheet A balance sheet is a snapshot of your business’s financial position at a specific moment. It showcases your assets, liabilities, and equity, offering a comprehensive view of your company’s financial standing. 4. Income Statement Also known as a profit and loss statement, this document outlines your business’s revenues, expenses, and net income (or net loss) over a defined period. It helps assess your profitability. 5. Expenses These are the costs incurred by your business to generate revenue, including overheads like rent, utilities, salaries, and marketing expenditures. 6. Revenue Revenue is the income earned from sales of products or services. Monitoring revenue helps gauge business performance and growth. 7. Profit Profit is the financial gain achieved after deducting expenses from revenue. It reflects the business’s success in generating income. 8. Cash Flow Cash flow tracks the movement of money in and out of your business. Efficient cash flow management ensures your business can meet its financial obligations. 9. Double-Entry Accounting A system where each financial transaction is recorded with at least two corresponding entries (debit and credit) to maintain accuracy and equilibrium in accounts. 10. Chart of Accounts A categorized list of funds used by your business to record transactions, providing a structured framework for financial reporting and organization. These terms serve as a foundation for understanding bookkeeping essentials. However, if you encounter unfamiliar jargon or seek deeper insights, don’t hesitate to contact your bookkeeping service provider. Developing familiarity with these concepts equips you to make informed financial decisions and actively engage in discussions about your business’s finances. Feel free to bookmark this overview for future reference or share it with colleagues and peers. Remember, a solid grasp of bookkeeping principles can be invaluable in steering your business toward financial success. If you have any queries or require further clarification, I’m here to assist you every step of the way.
I strive to keep you abreast of pivotal shifts in the financial landscape that could profoundly impact your retirement savings. Today, I bring your attention to the recent signing of the SECURE 2.0 Act by President Biden, a legislative move poised to reshape retirement planning for Americans. The reality stands stark: only a fraction of U.S. workers currently possess retirement plans, a concerning statistic that the SECURE 2.0 Act endeavors to address. Here’s a comprehensive breakdown of the significant provisions within this new act: Immediate Changes: What's Effective Now 1. 401(k) Hardship Withdrawals Employees now have the opportunity for one penalty-free 401(k) distribution annually, up to $1,000, provided it's repaid within three years. These withdrawals cater to immediate financial needs, encompassing medical expenses, funeral costs, or educational expenses. 2. Part-Time Worker Eligibility Part-time employees need only work between 500 and 999 hours for two consecutive years to qualify for their company's 401(k) plans, down from the prior three-year requirement. 3. Saver’s Match for Low- to Mid-Income Workers A government-matched 50% contribution, up to $2,000, will bolster the retirement savings of workers falling within low- to mid-income brackets. However, the match phases out at specific income thresholds. 4. RMD Adjustments The mandatory age for withdrawing funds from 401(k) plans has been extended to 73 in 2023 and 75 in 2033, allowing individuals to preserve their retirement funds longer. 5. Employer-Based Emergency Savings Accounts Employers can opt employees into savings accounts, contributing up to 3% of their salary annually (capped at $2,500), with tax-free withdrawals available. 6. Roth IRA Matching for Employer Plans Employers can now offer matched contributions to Roth accounts, granting employees additional flexibility in their retirement savings. Changes on the Horizon: What's Coming Later 1. 529 College Savings Plans From 2024, 529 plan assets can be rolled into a Roth IRA, subject to annual contribution limits and a lifetime cap. 2. Student Loan Repayments Also commencing in 2024, student loan repayments will qualify as retirement contributions, eligible for employer matching. 3. Automatic Enrollment in Retirement Plans Starting in 2025, employers, barring exceptions for certain entities, will be required to enroll employees in retirement plans automatically. 4. Catch-Up Contributions Individuals aged 60 to 63 will have the opportunity to direct an additional $10,000 annually towards their 401(k)s, starting in 2025. Given these monumental changes, it might be opportune to reassess your retirement savings strategy. Should you seek guidance or wish to delve deeper into your options, I am at your service. Please don't hesitate to reach out for personalized assistance.