Filing taxes can be a stressful time for individuals. Depending on the complexity of your return, ensuring that you have each and every figure correct can have critical results. Not only could a mistake cost you money, but leaving out certain items could also cause you to not be getting the refund to which you are entitled. For many people, turning their finances and yearly spending over to someone else for submission is the desired method, but even professional services can sometimes make mistakes. Regardless of how you file, finding someone you trust and an organization which places multiple sets of eyes on a single return will help to make certain that you benefit from the best possible outcome.

The most common tax filing mistakes involve everything from electing how you file to putting an improper name. While most of this confusion is the result of individuals getting married during the preceding year, there are also a few numbers which may be misconstrued as well. In the event that you find a mistake, knowing what steps to take next could help save you time and money in the future.

Correction

If an error has been made on a previously filed return, then reporting it yourself is best. To do so, individuals must fill out an amended tax return. While not as complex as the original, the 1040-X paperwork is used to show which return was submitted in error, the changes, and discrepancies in both the original and new figures.

Submission

At this time, amended returns may only be filed using the paper form and mailed to the corresponding Internal Revenue Service (IRS) office. Typically, changes can only be made within three years of the original filing date for a return. For most, this indicates corrections within each of the three preceding years are eligible to be made. 

Results

Once submitted, returns are usually processed within a few weeks and corrections noted with appropriate action taken. If you owe money, this should be submitted along with the 1040-X form or paid online. Should a refund be due, then the IRS will issue a check accordingly.

If you notice a mistake, wish to have someone else take a look at your recent returns, or have any other tax related questions, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers for your questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a top quality tax service, our group can also complete all types of returns and get answers to any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!