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May 28, 2013

The Proper Methods in Amending the Mistake of your Tax Return

Filed under: Tax — Tags: , , , , , — admin @ 12:47 pm

There are times when an error emerges after the filing of your tax return. If you want to amend this mistake, you can get tax services help from online sites. However, it is also possible for you to take care of this problem by yourself. You have to remember though, that you need to be equipped with the proper knowledge regarding tax laws within your state when you resolve tax return errors. If ever you want the assistance of professionals, you can seek the help of a tax attorney. A CPA or an accountant can also offer you assistance with this type of tax problem. Choosing to hire the advice of an expert will allow you to come up with the best possible solution to fix your problem.

According to online sites which provide tax services, the IRS will correct the problem when the mistake is not that complicated. An example of a simple error could be a missing schedule. The IRS will just request this and you won’t have to file an amendment for your tax return. However, this is not the case when the mistakes are serious. Examples of grave errors include the wrong filing status; your overall income is not exact; and you assert wrong credits or deductions.

When you have formerly filed Form 1040EZ, 1040A, or 1040 and you want to make corrections, you have to use Form 1040X. The same form should also be used for tax returns which have been filed through electronic means. While you are filling out the form, make sure that you do not forget to include the year which you are amending. This should be placed on top of your Form 1040X. If ever you are fixing two or more tax returns, you should prepare individual forms for each of the returns. When you mail these forms, always remember to place them in separate packages. To make the mailing process convenient, choose an IRS center for processing within your area. Looking for a center near your neighborhood is not difficult since the instructions of Form 1040X include processing center addresses.

Your Form 1040X for amending tax returns is divided into 3 columns. The first column is utilized to display the adjusted or original figures from your original tax return. The third column is utilized to display the amended figures. The distinguishing factors of columns one and three are shown within the second column. An area at the form’s back part should contain an explanation of the changes that have been made. Along with the explanation, you also have to state the reason why you want to change the figures.

If there are changes with your other forms or schedules, these should be attached along with the Form 1040X. When you want to file a claim for additional refund, you should wait for the moment when your original refund is handed to you before you file Form 1040X. If ever you owe an additional tax, you should file an amending tax return right away before you are charged with interest and penalty.

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