If you’ve made a mistake on your tax return, don’t panic—it can be corrected. The process is called an amended return, and it’s relatively simple to do. However, there are a few things you should know before tax filing error correction.
After all, if you’ve already made an error on your taxes, you don’t want to make one on the amended return. With that said, read below to learn what you need to know about filing an amended return.
When Is a Tax Filing Error Correction Required?
First, it’s important to note that you should only amend your return if you think you’ve underpaid your taxes. If you’ve overpaid, the IRS will automatically issue a refund.
To file an amended return, you’ll need to fill out Form 1040X. This form is available on the IRS website. Once you’ve completed the form, mail it to the address listed on the form instructions.
It’s also vital to understand that if you’re amending your return because you’ve been selected for an audit, you should not file an amended return. Instead, you should work with the IRS to resolve the issue.
If you’re amending your return because you owe taxes, it’s important to pay the taxes as soon as possible. The sooner you pay, the less interest and penalties you’ll owe. You can make a tax payment online, by mail, or by phone.
Furthermore, if you’re filing an amended return because you’re owed a refund, there is no penalty for filing late. However, you should know that the IRS has a three-year window to issue refunds. So, if you’re owed a refund for 2016 taxes, you need to file your amended return by April 15, 2020.
If you’re experiencing tax complications, check out the highlighted link to get help with understanding how to prevent errors and audits.
Filing Taxes: Common Errors
Taxes are a tricky and confusing process. There are many mistakes that people often make that could result in higher taxes or even penalties for not filing correctly.
One of the most common mistakes that taxpayers make is miscalculating their deductions. When you are filing your taxes, there are many types of deductions available, including mortgage interest, charitable donations, medical expenses, and more. It’s important to carefully calculate these deductions so that you do not end up overpaying for your taxes.
Additionally, it’s important to keep a record of all the deduction types that you are claiming so that you have documentation if your return is audited by the IRS.
Another mistake that people make on their taxes is failing to report all of their income. This may seem like a minor error, but it can result in much higher taxes and penalties if you get audited by the IRS.
Tax Audit: The Steps to Fixing Errors Via an Amended Return
In summary, an amended return is a way to fix mistakes on your tax return. To do so, you’ll need to fill out a tax filing error correction and mail it to the IRS. If you owe taxes, it’s important to pay as soon as possible to minimize interest and penalties.
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