Amending Tax Returns
We’ve all made mistakes on our tax returns at some point. The good news is, the IRS allows you to amend your tax returns. Filing tax return amendments is just one of the many services that Platinum Tax Defenders provide. According to the IRS, nearly 6 million people filed tax return revisions in 2018. So, it’s good to know you’re not alone when making a mistake on your tax returns. If you’ve made an error on a previous tax return and need help filing a revision, the Platinum professionals can help.
HOW TO AMEND A TAX RETURN
To amend a tax return, you will have to fill out Form 1040X. This tax sheet is also called the Amended U.S. Individual Income Tax Return form. Form 1040X is a two-page document used to change a previously filed individual tax return. This form will allow you to make any necessary corrections to your already submitted tax returns. Form 1040X also enables you to modify amounts on your tax returns that the IRS changed after you sent them. Use separate 1040X documents when filing a tax return revision for more than one year. You can mail them in separate envelopes to the IRS. You cannot submit these documents electronically. Platinum Tax Defenders can help you file your tax return amendment. The tax resolution professionals will also ensure your revision is free of mistakes.
WHAT HAPPENS WHEN YOU FILE A TAX RETURN AMENDMENT?
You might be eligible for an additional refund if you file a tax return amendment. You might also have to repay part of the refund you received. Filing a tax return amendment might also mean owing additional taxes. The IRS reviews amended tax returns more carefully than regular tax returns. When submitting your tax return amendment, make sure your information is as accurate as possible. Also, make sure your data is as complete as possible. The IRS is more likely to process your return if you can clearly explain why you’re filing it. When submitting a correction, supply the necessary documentation to tell why you’re making the change. Some taxpayers often wonder if changing a tax return will trigger an audit. No evidence proves an amended tax return will cause an IRS review. Taxpayers will be subjected to the same screening process when submitting an amendment.
WHEN CAN I FILE A TAX RETURN AMENDMENT?
The IRS recommends waiting to file a tax return amendment until you’ve received your tax refund. The IRS suggests holding because receiving your refund means that they’ve finished processing your tax return. Once the IRS has processed your return, you have less chance of them preparing your amendment first. If the IRS has two tax return forms from you, it can be confusing. Do whatever you can to prevent confusing the IRS. It will only lead to trouble. You have three years from the date you originally submitted your taxes to send a revision and claim a refund. You can file it within two years from the date you paid the fee if that date is later. If you miss the deadline, the IRS may not allow you to submit a revision. Contact the Platinum professionals today and don’t miss out any deductions, credits, or tax benefits you could claim.
AM I REQUIRED BY LAW TO FILE AN AMENDED TAX RETURN?
Taxpayers are not required by law to file an amended tax return. It’s not the IRS’ policy to prosecute people who make simple mistakes on their taxes. Are you wondering if you should submit a tax revision? Ask yourself if you sent your original tax forms to the best of your knowledge. If you did, then you are likely safe in not filing an amendment. However, you still may want to file one. One benefit of filing an amended tax return is you could be eligible for an additional refund. However, if you knew your tax forms were inaccurate when you submitted them, file the amendment soon. In this case, it’s beneficial for you to seek out the help of the tax professionals at Platinum Tax Defenders. Tax resolution experts can offer you advice on the scope of your inaccuracies and what to do to fix them.
REASONS FOR AMENDING A TAX RETURN
There are many reasons why taxpayers need to file an amended tax return. Some of these reasons include:
- To correct any information that will alter the tax calculations on your original tax return. The IRS’ computer system will correct any math errors for you. Use Form 1040X if you entered any erroneous information on your previous forms. For example, submit an amendment if you have any income to report from a W-2 or 1099 that arrived after late.
- You claimed the wrong filing status, such as the head of the household.
- If you must remove previously reported dependents you weren’t eligible to claim or add new ones.
- Edit the tax deductions you claimed. You can change your above-the-line deductions, standard deduction, or itemized deductions.
- Make any necessary changes to your tax exemptions.
- Claim additional tax credits that you might have missed. You can also delete any tax credits you mistakenly claimed.
GET HELP AMENDING TAX RETURNS
You shouldn’t be embarrassed about making a mistake on your tax returns. As you read above, many taxpayers make these mistakes every year. It happens a few million times every tax season. It’s always plausible for tax documents to get misplaced or arrive late. Sometimes, you might have forgotten about that deduction that you wanted to claim on your taxes. Other times, you learn too late about a tax credit for which you could qualify. Filing an amended tax return isn’t always easy. Tax codes are constantly changing. It’s hard for any individual to keep up with the changes the IRS makes. But don’t delay on filing a tax return amendment. You could be missing out on money that’s rightfully yours. With the help of the tax resolution professionals at Platinum Tax Defenders, filing taxes can be painless.
Platinum Tax Defenders
WHO WE ARE
Platinum Tax Defenders is a full-service tax resolution firm in Los Angeles that has been helping taxpayers resolve their IRS and State tax issues since 2011. Our team of tax attorneys, accountants, and enrolled agents have a combined more than 90 years of experience in the financial services industry. Our team is ready to provide tax relief services to clients facing wage garnishments, bank levies, liens, and other challenges.
WHAT WE DO
Platinum Tax Defenders is a full-service tax resolution firm that includes a tax attorney, IRS enrolled agents and certified public accountants specializing in providing tax relief services for taxpayers facing IRS or State tax debt. We work with the IRS on your behalf to come up with reasonable payment options and settlements. Our tax professionals are knowledgeable and experts in tax negotiations. The consequences of unpaid taxes vary by each individual taxpayer’s situation. But unpaid tax debt can lead to wage garnishment, property liens, and bank account levies.
Platinum Tax Defenders will help you reach a tax resolution plan before it’s too late. We offer fast response protection to our clients and a commitment to gaining major tax reductions. Whether this is your first time facing a tax problem, or you have previously hired a tax relief firm in Los Angeles to resolve your tax debt, we have a track record of consistently garnering IRS settlements for our clients.
WHY TRUST US
At Platinum Tax Defenders, we’ve developed an impeccable reputation for doing what’s best for our clients, 100 percent of the time. We are honest and upfront with you about your tax debt situation, and the type of tax resolution services we can provide. Each individuals’ tax situation is different, and we’ll do whatever we can to negotiate with the IRS to help you reach a tax relief plan that works for you. We are experts in our field and work diligently to resolve the specific tax issues that each of our clients faces.
Platinum Tax Defenders offers fair and honest tax resolution services, and you can count on us to operate professionally and legally.
Many tax relief services in Los Angeles tend to make unrealistic promises. You can count on us to always be honest and upfront about your financial situation, and what type of tax resolution results you should expect.
Call Platinum Tax Defenders today for a free consultation at (800) 991-3242.