When will you receive your refund? The answer depends on how you filed your return. The IRS should issue your refund check within six to eight weeks of filing a paper return.
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Once you've finished with your tax planning for the year, and your return is safely on its way to the IRS, you're at an excellent point for a quick financial check-up. Your tax return is handy, as a quick snapshot of your financial situation and the figures are recent and accurate. Take a few minutes to consider these questions:
1. Have you determined your short- and long-term financial goals?
2. Are you saving and investing sufficient sums to fund your short- and long-term goals?
3. Are you making the best use of tax-deferred savings plans, such as IRAs, 401(k)s, and Keoghs?
4. If you are an employee, are you getting the optimum from your employee benefits?
5. If you are concerned about paying for a child's education, are you saving and spending in the most appropriate ways?
6. Do you have an "emergency fund?"
7. Have you checked the asset allocation of your portfolio lately?
8. Do you have adequate insurance?
9. Do you have all of the necessary legal documents in place?
10. Is your credit under good control?
11. Are you maximizing your cash flow through income tax strategies?
12. If you own your own business, do you have a plan for smoothly passing on that business to family members or trusted employees?
13. Have there been significant changes in your family this year?