If you made a mistake on your filed income tax return, the IRS will allow you to amend that return. This is called the amended tax return. Mistakes happen during the tax preparation process, so amending a tax return is not the end of the world. Whether you owe money or you are expecting a refund, if you have a mistake on your tax return it needs to be addressed within a timely manner. Each tax filer has three years from the original date of the filed tax return to submit an amended tax return.
It is to your benefit to submit an amended return if there is a mistake because the correction can increase the amount of refund you receive or under certain circumstances increase the amount you owe. If you happen to owe money based on the amended tax return, it is imperative that you reconcile this soon so you don’t incur penalties and interest on the amount you owe.
The IRS allows an amended tax return under the following circumstances:
Simple math errors are not a circumstance for submitting an amended tax return. The IRS checks the calculations done by tax filers and you will be notified if a correction has been made to your tax return in the event of a calculation error. Calculation errors can affect the amount of money you owe or the amount of refund you receive, but again this is not a reason to submit an amended tax return.
The filing of an amended tax return requires the submission of form 1040X. This form is available on the irs.gov website, but you should consult a tax professional before beginning the process since you want to make sure to get this right. Amending your tax return will most likely also affect your state return, make sure you are covering your basis and talking with a tax professional is vital.
Doing an amended tax return can be stressful since most people and businesses don’t like doing tax returns in the first place, having a trained professional like ATAG by your side assures that you are in good hands. We will help get all your amended tax return questions answered. Even if we were not the ones that originally prepared your tax return, give us a call and so we can help you do it right.
For more information on amendments and filing your amended tax return visit our amendments page. The tax professionals here at Assurance Tax & Accounting Group are here to answer all your questions and make sure you have the correct information to prepare an amended tax return and gets you a maximum refund. To begin the process fill out the form below or contact us directly.
It is to your benefit to submit an amended return if there is a mistake because the correction can increase the amount of refund you receive or under certain circumstances increase the amount you owe. If you happen to owe money based on the amended tax return, it is imperative that you reconcile this soon so you don’t incur penalties and interest on the amount you owe.
The IRS allows an amended tax return under the following circumstances:
- Your filing status needs to be corrected.
- Your gross income needs to be corrected.
- The number of dependents you claim needs to be corrected.
- The number of deductions and credits you are reporting needs to be corrected.
Simple math errors are not a circumstance for submitting an amended tax return. The IRS checks the calculations done by tax filers and you will be notified if a correction has been made to your tax return in the event of a calculation error. Calculation errors can affect the amount of money you owe or the amount of refund you receive, but again this is not a reason to submit an amended tax return.
The filing of an amended tax return requires the submission of form 1040X. This form is available on the irs.gov website, but you should consult a tax professional before beginning the process since you want to make sure to get this right. Amending your tax return will most likely also affect your state return, make sure you are covering your basis and talking with a tax professional is vital.
Doing an amended tax return can be stressful since most people and businesses don’t like doing tax returns in the first place, having a trained professional like ATAG by your side assures that you are in good hands. We will help get all your amended tax return questions answered. Even if we were not the ones that originally prepared your tax return, give us a call and so we can help you do it right.
For more information on amendments and filing your amended tax return visit our amendments page. The tax professionals here at Assurance Tax & Accounting Group are here to answer all your questions and make sure you have the correct information to prepare an amended tax return and gets you a maximum refund. To begin the process fill out the form below or contact us directly.
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