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Experienced attorney discusses when it is in your benefit to file an amended tax return with the IRS.
Information about Filing an Amended Tax Return It is always in your best interest to file for an amended tax return if you realized that there were mistakes on last year's tax return or the one you just sent off in the mail. If the IRS discovers these discrepancies, you might be forced to have problems relating to your taxes. In some cases, errors only pertain to mathematical computations and the IRS simply identifies and corrects them, and then informs you of the adjustments. This will not necessitate you to file for an amended tax return. However, there are certain errors that you do not want the IRS to discover themselves and that call for you to file the amended tax return. A number of these errors are discrepancies pertaining to your deductions or credits, your total income, your dependents or your filing status. When you send a corrected tax return to the IRS, you may even be able to get a refund. But if the error you made does not lead to you receiving more money, and in fact incurs any penalties, it is best to own up to that mistake as well. Tax returns filed under Forms 1040EZ, 1040A or 1040 can be amended using Form 1040x, Amended U.S. Individual Income Tax Return. It is essential to remember that amended tax returns must be submitted through mail as electronic systems still do not accept 1040x. Essentially, pieces of information that need to be corrected as well as the reasons for such are the items that you will put in the 1040x. The usual reasons to filing for amended tax returns include a correction in filing status. Taxpayers usually change status from single to a head of household filer. Such change entitles you to a refund as there is a considerable difference in the deductions available to those who are eligible to head of household status. If you have diligently paid the taxes on the applicable tax return, you may file for an amendment within the three year period following the return's filing date. Otherwise, your grace period is lessened to only two years. It is best to wait until a refund is received and all of the paperwork has been processed before you file for an amended tax return for errors discovered in the one you have recently filed. This saves you from any confusion in your tax records or any duplication in your paperwork. There are, of course, instances and situations where filing an amended return would actually require that you pay the IRS money for the new information provided. While you may not want to file one, in the end it is truly in your best interest to do so to avoid a more serious IRS problem. In due time, the IRS will discover these errors. In this situation, there is a higher possibility that you will be charged with higher penalties as compared to when you volunteered to correct those mistakes through an amended tax return. Darrin T. Mish is a Nationally recognized Attorney whose practice focuses on representing clients across the United States with IRS Problems. He is AV rated by Martindale-Hubbel and is a member of the American Society of IRS Problem Solvers and the Tax Freedom Institute. He has been honored by a listing in Martindale-Hubbel's Bar Register of Preeminent Lawyers. His passion is providing IRS help to taxpayers with both individual and payroll tax problems. He also spends a great deal of time traveling the nation providing training to attorneys, CPAs and Enrolled Agents on how to handle their toughest cases with the IRS. If you would like more information about his services please visit http://getirshelp.com.
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