Should you file an amended tax return? Sometimes errors are made on a tax return by a preparer or by a person filing their own tax return. In any event, if you recognize there was an error or omission on your tax return, you should amend the return as soon as possible to avoid the possibility of additional penalties if the IRS audits the return or makes adjustments.
Other instances where an amended tax return may be helpful are in scenarios where spouses file separately and owe more in tax than they would have if they would have filed jointly. Separate filings can be amended to a joint filing to reduce the overall tax burden in most cases, possibly saving hundreds or thousands in tax or creating a refund instead.
File an amended tax return with a professional.
Sometimes, the IRS will reject an amended return. Typically, you have 3 years to file one, however, they can be prepared for even earlier years. Every situation is different and the details matter. Having a professional set of eyes can reduce the likelihood of an amended return rejection. It can also help to realize any savings you may have missed.
Having a set of knowledgeable, highly experienced and qualified eyes to review your tax returns for errors and to make corrections can save you tons of money in the long run. Furthermore, an amended tax return may not be necessary and there may be more savings in other areas. Reach out to us today if you think you need to amend a return or to find out whether you may save extra in taxes by doing so. Please complete the form below for a free consultation.