Tax Help
Tax day has come and gone, which hopefully means that you have already filed your taxes. However, if you realized that you made a mistake, do you know what to do? Keep these tips in mind to fix a mistake on your already filed taxes to ensure that you do not have to deal with an audit down the line.
Before you start to worry about your mistake, take a deep breath and realize that thousands of people make mistakes on their taxes each year. While your mistake may mean that the IRS will take a closer look at your taxes, if you made a simple, small mistake, it can be easily fixed.
If you made a math error that you realize after you file your taxes do not worry, since the IRS will most likely fix it for you. However, if you made a bigger mistake, such as if you claimed a credit that was not owed to you, you will have to file a Form 1040X. Or, if you made a mistake that will affect both your federal and state tax liability, such as the wrong tax filing status, you will need to fill out the form.
While you have the option to file a 1040X by yourself, you should seriously consider working with a tax professional since it can be tricky.
You will also need to fill out an amended version of any forms, such as a new W-2, that applies to the mistake that you made. Write “as amended” in the top right corner of the first page in pen, and then fill out a whole new 1040 and write “as amended” in the same way.
If you can, include a copy of your original return that has the mistakes on it to make it easier for the IRS to compare them. If you do not package your materials properly, you may have to deal with a processing delay.
For all of your tax help to get the tax return that you deserve, contact Phocus Companies in Phoenix, Arizona.
