Filing your tax return accurately is crucial to avoid unnecessary tax troubles. However, it’s not uncommon to discover errors or overlooked information after you’ve already filed. Fortunately, the Internal Revenue Service (IRS) allows taxpayers to amend their returns using Form 1040X. We can help you navigate the complex world of tax resolution and correction when necessary.

Uncovering Missed Income and Deductions:

Sometimes, taxpayers file their returns only to realize later that they omitted certain sources of income, such as earnings from temporary jobs or side gigs. This oversight becomes apparent when they receive a 1099 or a late W2 form indicating the income earned. Similarly, others may discover they were entitled to additional deductions or exemptions. For such cases, amending your tax return is the appropriate course of action.

Understanding the Timeframe:

The IRS allows individual income tax returns to be amended up to three years after the original return’s due date. Form 1040X is the official document used for amending returns. While you can file an amended return on your own, it’s strongly recommended you have a tax professional’s assistance. They possess the expertise to handle multiple years of unfiled tax returns, potentially negotiate reduced payments, and save you from unnecessary headaches.

Proper Documentation and Explanation:

When completing Form 1040X, each amended tax year requires its own separate form. The form provides space to explain the changes made, and it’s important to clearly state the line numbers and reasons for the amendments. While you don’t need to attach a copy of the original return, any additional IRS forms or supporting documents must be included to substantiate the changes.

Processing Time and State Returns:

After mailing your amended return, it may take several weeks for the IRS to process it. Currently, this is a 20-week process. It’s worth noting that amending your federal return may also necessitate changes to your state tax return, especially if the amendment involves reporting increased income.

In conclusion, amending your tax return can rectify errors, report missed income, or claim additional deductions. The process involves completing Form 1040X and mailing it to the IRS. While it may take time for the IRS to process your amended return, seeking professional assistance to ensure that the procedure is handled accurately and efficiently. Don’t let tax troubles overwhelm you—reach out to our firm today and take the first step towards resolving your tax issues for good.