This artice will help you better understand what an Amended Return is ad howyou migt be ale to benefit from one.
You took a step in the right direction by filing your federal income taxes before April 15th. Still,you are sure you've forgotten something important, or perhaps you didn't remember to capitalize on certain deductions. There's no need to panic; you still have time to correct your errors with amended income tax returns when you file your taxes.
Reasons to File an Amended Income Tax Return
You can correct your errors by submitting IRS Form 1040X, Amended U.S. Individual Income Tax Return. Amended returns will help with tax return mistakes when you submit taxes. The IRS has provided 5 reasons for you to file amended returns. An amended income tax return is only necessary for some tax return mistakes:
Did You Not Account for Your Total Income? You must report every cent you earn to the IRS. This includes profits from selling a business, working a part-time job, or doing work as a contractor.
Did You Dishonestly Claim Credits or Deductions? If you've started to worry about your daring tax deductions or credits, now is the time to set things right. Remember, big deductions are questionable and can put you at a higher risk for an audit.
Warning for Owners of Small Businesses: Small businesses and the self-employed are supposedly the leading cause of the massive tax gap. The IRS is swooping down on small businesses, as they work to close the gap. If you're guilty of any Tax Return errors, make sure to use Amended IRS Returns to remedy them, as the IRS has made a vow to boost the amount of audits they do.
You Forgot about Credits or Deductions That You Were Eligible for: There are many new tax credits and deductions to claim. Don't hesitate to submit an amended tax return if you failed to take advantage of any of these new opportunities. Work with a tax expert to confirm that you qualify.
Do You Need to Correct Your Filing Status? It's a simple process to file with a more accurate filing status if necessary Vital Note: Did you file jointly with your spouse, but want to switch it to Married Filing Separately? It's too late to change that if you already submitted your taxes by the deadline. As an exception, an executor might be able to perform this change for a spouse who has passed on.
Are You Eligible for the First Time Homebuyers Credit? If you bought a house between 2008 and 2010, you may qualify for the First Time Homebuyers Credit.
Under some circumstances, the Internal Revenue Service can amend tax return errors for you. Don't file an amended return if you made one of the mistakes listed below.
Forms or Schedules Forgotten: The IRS can allow returns without certain appropriate schedules or forms. Wait for word from the IRS seeking data rather than submitting an Amended Tax Return.Basic Math Errors: Per their website, the Internal Revenue Service is able to correct math mistakes on your tax return.
IRS Amended Returns to Fix Federal Income Tax Return Mistakes
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