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Should You Amend Your Tax Return?
Perhaps you were caught up in the mess of getting all of your tax information together and made some mistakes when filing. Not to worry, there are options available so that you can fix any errors you may have made – and could even save you some money! Amending a tax return isn’t a difficult process so long as you have all of the necessary documentation. A Denver accountant can assist in identifying any errors in your return and provide you the correct forms to make changes to your previously filed taxes.
A 1040X form will enable you to make the necessary changes to file an amended return. The form will have three columns that will include the original return, any changes being made and the corrected amount. This form cannot be filed electronically, it has to be done on paper and mailed. This form must be submitted within three years from the filing date of the original return, or two years from when the tax was paid – whichever is later. It typically takes about 8 to 12 weeks for the amended return to process.
There are specific circumstances that don’t require you to amend your tax return. For example, math errors will be fixed by the IRS. Any forms you may have forgotten to attach will alert the IRS to notify you and request these documents. You cannot amend errors that will favor your refund; you must fix all errors that correlate with your tax liability ranging from marital status to the amounts of dependents you are attempting to claim.
The enormous amount of rules and regulations can be daunting, but we can provide Denver tax resources that will save you more money or grant you a larger tax return.