Amended Returns: You submitted your taxes by April 15th, and you should be relaxing. Butyou know you have forgotten something big, or you didn’t remember to capitalize on certain deductions. Don’t panic; you still have time to correct your mistakes with amended federal income tax returns. These amended federal income tax returns will assist you with federal tax return errors.
Amended Federal Income Tax Return: When You Need to Submit One
Correct your errors with IRS Form 1040X, Amended U.S. Individual Income Tax Return. Amended returns will help with tax return errors when filing taxes. From the Internal Revenue Service, below are 5 situations when you should submit amended returns. Not all tax return mistakes will require an amended federal income tax return:
If You Did Not Report All the Income You Made:
Every cent you make needs to be reported to the IRS, including profits from selling your business, working a part-time job, or working as a freelancer.
You Dishonestly Claimed Deductions or Credits
If you’ve started to worry about your daring tax deductions or credits, now is your chance to set things right. Be aware that big deductions and a lot of credits are a warning sign, creating a greater risk for an audit.
Small Business Proprietors, Be Careful:
Small business owners and self-employed individuals are said to be the biggest cause of the large tax gap. The IRS is attacking small businesses with a vengeance, as they strive to close the gap. If you’re guilty of any Tax Return errors, be sure you utilize Amended Returns to correct them, as the Internal Revenue Service has made a vow to increase audits.
Did You Forget about Deductions or Credits That You Had Been Eligible for?
Many new tax credits and deductions are now available. If you forgot to claim any of them, don’t hesitate to file an amended tax return. Be sure to double check with a tax specialist to confirm that you are eligible.
You Have to Correct Your Filing Status:
It’s easy to amend with a different filing status if necessary, such as if you filed as Head of Household, but after filing your return, you realized that you don’t exactly qualify for this status.
Did you file Married Filing Jointly, but want to adjust it to Married Filing Separately? If you already sent in your taxes by the deadline, it’s too late to change that. However, an executor could change this for a spouse who has passed on.
If You Are Eligible for the First-Time Home Buyers Credit:
You may qualify for the First Time Homebuyers if you bought your first home in 2008, 2009, or 2010.
Under certain circumstances, the IRS Service Center will amend tax return mistakes for you. If you made one of the mistakes listed below, you shouldn’t bother with an amended return.
Forgotten Forms or Schedules: The IRS may accept tax returns with schedules or forms missing. Rather than mailing an Amended Tax Return, wait for correspondence from the IRS seeking info.
Basic Calculation Errors: The Internal Revenue Service may amend mathematical errors made on your return, according to their official website.
Fixing Federal Tax Return Mistakes Using an Amended IRS Return
Use Form 1040X to submit an amended return
A brief, organized explanation of the changes may be expected
The instructions on Form 1040x list the addresses for the Service Centers