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Amended Denver Tax Returns: Cause and Effect

September 23, 2020

Filling out tax returns can be a stressful time period for individuals across the United States. Depending on the financial outcome of your past year, and a handful of other events which could impact your taxable income, completing a return and finding out if you owe money or may be getting a refund can be a little frightening. However, understanding your current financial situation and working to plan for where the results may fall allows for individuals to not approach the filing period blindly, but with a plan in place to either maximize their refund or make any necessary payment without hesitation. 

With nearly 100 million individuals filing a tax return there are bound to be a few mistakes. These errors could be the result of simply entering a figure incorrectly or a variety of other mishaps but the ability to make a change on your filing exists and should be utilized once you realize that a mistake may have been made on the return. For those who need to make a correction, filing an amended tax return is the appropriate method and these can be utilized for a variety of different reasons, including some which may actually benefit the taxpayer. 

Corrected Paperwork

Most of the figures used in order to report your income on a tax return are reported to you via some type of form. Whether it be a W-2, 1099, or other paperwork, the same possibility which exists in making an incorrect filing, also is present for those who are responsible for gathering and producing this information. In the event there was a mistake, corrected paperwork will be issued. If you have already filed a tax return, using the previously received information, then an amended return is necessary in order to correct the misrepresented figures originally reported.

Late Notification

Deadlines for receiving the information necessary to file your tax returns is typically within the first calendar month of a new year. However, there are always tax documents coming in throughout the entire filing window and should you have submitted a return without receiving all of the appropriate information and then receive something later - an amended return is necessary. For individuals who have various types of investments, ensuring you are in receipt of the most recent paperwork and figures prior to an initial filing is important to avoid having to revisit your return.

Rule Changes / Missed Deductions

At various times, the regulations revolving around certain parts of your return may change. If this pertains to your tax return and filing provisions, then amending a return may result in a credit or additional refund. Taxpayers can go back up to three years in order to assess such a change. In addition, if a possible deduction has been missed, then amending a return to include this measure may also benefit the filer.

If you are in need of an amended tax return, plan for individual finances, or those of your business, then let the tax experts at Bloch Rothman and Associates assist you today. In addition, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in 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 and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!