While many taxpayers try hard to file accurate returns by the IRS due date, sometimes this isn’t possible, and an amended tax return is necessary. If you knew your return was inaccurate when you filed it, then amending it right away is in your best interest.
When to Amend
Amending your tax return isn’t always necessary, but there are a few scenarios that require an amended return. If you need to correct your filing status, your total income, your number of dependents, or certain tax deductions, then filing an amended return is the best course of action. When you do amend your return, it’s important that you amend ALL errors—not just the ones that might result in a more favorable return for you.
When Not to Amend
Sometimes, it’s not necessary to file an amended return with the IRS. If you made a simple math error on your return, the IRS will check your math and correct the information when filing your return. Also, if you forgot to attach a W-2 or another schedule to your return, you do not need to file an amended return. Instead, the IRS will send you a request for what you need to submit.
If you’re not sure whether you should file an amended tax return, get in touch with Taxation Solutions, Inc. We’re your best bet for tax help in the Orlando area!