Mistakes happen, but that doesn’t mean you have to live with them. If you discover an error or omission on a previously filed tax return, an amended return can help correct the situation. At Allied Tax Advisors, we guide our clients through the process of amending their returns, ensuring accuracy and compliance while minimizing any potential penalties or issues with the IRS.
An amended tax return is a form filed with the IRS to correct errors or make changes to a previously submitted tax return. Whether the error is related to income, deductions, credits, or filing status, an amended return can be filed to correct those discrepancies. The IRS allows individuals and businesses to amend their returns for up to three years after the original filing date or two years after the date the tax was paid, whichever is later.
There are many reasons why you might need to amend your tax return, including:
State Amendments: In some cases, an amended federal return may require you to file an amended state return as well. We help ensure that both federal and state corrections are properly coordinated to avoid any discrepancies.
Discovering additional income that wasn’t initially reported.
Forgetting to claim eligible deductions or tax credits
Changing your filing status, such as moving from “Single” to “Head of Household” or correcting a marital status error.
Adding or removing dependents.
Receiving a notice from the IRS that requires you to update your previously filed return.
In some cases, an amended federal return may require you to file an amended state return as well. We help ensure that both federal and state corrections are properly coordinated to avoid any discrepancies.
We begin by reviewing your original return and identifying any areas that require correction.
The IRS requires Form 1040-X to be used for amended individual tax returns. We prepare and file this form on your behalf, ensuring all corrections are accurately documented.
Amended returns often require additional documentation to support changes. We help gather and organize all necessary supporting documents to minimize any delays.
If the IRS has already contacted you regarding your return, we communicate with them directly to ensure your amended return addresses their concerns.
If your federal amendment affects your state taxes, we handle the preparation and submission of any necessary state amended returns to ensure full compliance.
Amending a tax return requires careful attention to detail. Our team ensures that:
We have extensive experience in handling amended returns and are well-versed in the complexities of tax law.
With us managing the amendment, you can be confident that your return is accurate and compliant.
Promptly amending a return can minimize penalties and interest, especially if errors resulted in underpayment of taxes.
Get in touch with Allied Tax Advisors to schedule your consultation. Our team is ready to provide the tax expertise and peace of mind you deserve.
As we enter the second quarter of the year, global markets continue to show resilience.
We are a team of dedicated financial experts committed to guiding you towards financial growth and success.
Allied Tax © 2024, All Rights Reserved.