Already File Federal Taxes? Fix Tax Return Mistakes When You Submit Amended Returns

Amended Returns: You took a step in the right direction by filing your federal taxes by April 15th. However,you think you have omitted something important, or maybe it didn't come to mind to capitalize on specific deductions. No need to worry; you can still fix your mistakes with amended IRS returns when you file your taxes.

Situations That Call for an Amended Federal Tax Return

Remedy your errors by filing IRS Form 1040X, Amended U.S. Individual Income Tax Return. Amended federal tax returns will help with IRS tax return mistakes when submitting income taxes. According to the IRS, these are five reasons why you will need to file amended IRS returns. Not all tax return mistakes will need an amended return:

You Didn't Report All Income Earned: Every penny you make has to be reported to the Internal Revenue Service, including income from selling your business, doing work as a freelancer, or working a part-time job.
If You Claimed Credits or Deductions That You Were Not Eligible For: If you are feeling nervous about your daring tax deductions or credits, now is the time to make amends. Take note that substantial deductions and a lot of credits are suspicious and can put you at a greater risk for being audited.
Warning for Owners of Small Businesses: The biggest contributors to the current tax gap are considered small business owners and the self-employed. The Internal Revenue Service aims to close the gap, and they are coming down hard on small businesses. They've taken a vow to bump up the number of audits, so if you're guilty of any Tax Return mistakes, be sure to use Amended Returns to correct them.
Did You Forget about Deductions or Credits That You Were Eligible for? Many new tax credits and deductions are now available. Be sure to file an amended tax return if you neglected to claim any of them. Double check with a tax professional to verify you qualify.
Do You Need to File with a Different Filing Status? It's a simple process to file using a different filing status if necessary.
Important: Did you file a joint return with your spouse, but wish to change it to married filing single? It's too late to do that if you already submitted your taxes by the deadline. However, an executor may have the ability to make this change in situations of a deceased spouse.
Are You Able to Make Use of the First Time Homebuyers Credit? If you purchased your first home between 2008 and 2010, you might be eligible for the First Time Home Buyers Credit.

The Internal Revenue Service can, in some instances, correct tax return errors for you. Don't file an amended return if you made one of the below errors.

Forms or Schedules Omitted:The IRS may accept income tax returns with schedules or forms missing. Rather than submitting an Amended Tax Return, look for communication from the Internal Revenue Service asking for additional data.
Basic Mathematical Errors:The Internal Revenue Service may fix mathematical errors made on your tax return, according to their website.

Correcting Tax Return Mistakes Using an Amended Income Tax Return

Use Form 1040X to submit an amended federal return
Expect to furnish a simple, organized explanation of the modifications
The addresses for the Service Centers are provided in Form 1040x

By: Jason Spee

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Visit 1099TaxDebt.com if you need help filing amended returns when you file IRS taxes. We will help you prevent Federal Income Tax Return Errors on your Amended Federal Income Tax Returns.