Tax Attorneys Provide Tips on Amending Your Tax Return

For many, deadlines bring along with them feelings of anxiety and the need to rush in order to accurately complete the task at hand on time. Tax season often leaves many tax payers feeling this and more, and because nobody likes to miss a due date, they complete their return without having all proper documentation in hand, or even report an inaccurate amount of income or payments made when claiming a deduction. While you may feel obligated to get your tax return filed before the April 18th deadline, you not only are given the option to request an extension, but you also have the right to amend your return.

tax lawyer in FloridaTax lawyers in Florida recognize that many tax payers choose to have their returns amended by their tax preparer if an error was in fact made, or you failed to file a pertinent piece of information that could leave you at risk of being audited by the IRS. While some of you may have quite the complex case on your hands, knowing when to amend and when it is not actually necessarily can be quite valuable. You may even receive the opportunity to breath a sigh of relief knowing you are not committing tax evasion by not providing the IRS with this documentation.

Tax attorneys in Florida want you to be fully prepared in the event you are considering amending your tax return, and therefore have gathered up some useful information from that pertains to this topic provided below.

When should you amend your return?

When a correction is to be made to your return such as providing the accurate amount of dependents you are claiming, your total income for that year, your filing status, tax deductions, etc., it would be in your best interest to have your tax return amended.

When is amending your return unnecessary?

Tax legal representatives want you to be aware that if you are missing a document that the IRS has already received a copy of, you do not necessarily have to amend your return. The IRS may even reach out to you and have you provide them with the missing information.

Required form-If you decide to proceed with amending your return, you can do so by using the form 1040X.

Expecting a refund but need to amend for more?

In the event you have a tax refund heading your way, wait until you receive it first before filing the form 1040X to apply the new information. After you apply these corrections, the IRS will process your form 1040X and issue you out another check in the mail separate from the first one you received.

If you have already filed your taxes and have come across a mistake made as you review your completed return, be sure to follow through and have your return amended to include these corrections. Tax evasion lawyers in Florida remind you that in order to steer clear of being targeted by the IRS, always report accurately, and in a timely manner.