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How To File for an Amended Tax Return
By Darrin Mish of Law Offices of Darrin T. Mish, P.A.
How To File for an Amended Tax Return Naturally, you do not want the IRS to find some discrepancies in your tax returns because this can lead to a substantial problem in the future. Therefore, if you discovered some errors on your tax return, may it be last year's or the one you recently sent, it is always in your best interest to file an amended tax return. If the errors are simply a result of miscalculations, there is no need to file an amendment as the IRS will take care of correcting and informing you about this. However, there are mistakes that need to be corrected by you as doing otherwise could cause you problems. Discrepancies in deductions or credits, total income, dependents and filing status are several of the usual errors in the tax return. Bear in mind, however, that sending a corrected tax return may lead you to get a refund or incur you any penalties. Form 1040x, Amended U.S. Individual Income Tax Return, is utilized to file for an amended tax return. This, in effect, corrects the discrepancies filed under Forms 1040EZ, 1040A, or 1040 Whether you previously filed through e-filing formats or simply sent it through the mail, you must submit amended tax return through the mail. The IRS e-file systems are not yet compatible to electronic 1040x forms. In the 1040x, you are simply asked to pinpoint the data that need to be amended and the reasons for the requested adjustments. Among the most popular reasons that people file amended tax returns is when they need to correct their filing status. Form 1040x allows you to claim the deductions that are otherwise taken from you if you filed under the wrong status. Changes from single to head of household status are among the most common requests for this type of information. The amount of deduction available to those who qualify as head of household is substantially different from those who are single filers. You have a maximum of three years (following the filing date of tax return in question) to file for an amended tax return if you have diligently paid all your taxes. Otherwise, the grace period is shortened to only two years. It is best to wait until a refund is received and all of the paperwork has been processed before you file for an amended tax return for errors discovered in the one you have recently submitted. This saves you from any mix up in your tax records or any duplication in your paperwork. Conversely, there are cases when filing for an amended tax return means paying or owing the IRS more money. While it is tempting not to file for one, doing such is truly in your best interest, in the long run. There is a very good possibility that the IRS will find out about the mistake on your initial tax return. In this situation, there is a higher possibility that you will be charged with higher penalties as compared to when you volunteered to fix those mistakes through an amended tax return. Darrin T. Mish is a Nationally recognized Attorney whose practice focuses on representing clients across the United States with IRS Problems. He is AV rated by Martindale-Hubbel and is a member of the American Society of IRS Problem Solvers and the Tax Freedom Institute. He has been honored by a listing in Martindale-Hubbel's Bar Register of Preeminent Lawyers. His passion is providing IRS help to taxpayers with both individual and payroll tax problems. He also spends a great deal of time traveling the nation providing training to attorneys, CPAs and Enrolled Agents on how to handle their toughest cases with the IRS. If you would like more information about his services please visit http://getirshelp.com. |
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