“Goodness, Gracious, I Made a Mistake!” What If I Need to Amend My Tax Return?

“Goodness, Gracious, I Made a Mistake!” What If I Need to Amend My Tax Return?

Tax Day came and went, but it is quite possible that your tax worries haven’t. If you submitted your tax return before realizing you made a mistake in it, you are probably wondering what to do next.

Though it may be tempting to forget about an inaccurate tax return and hope the IRS doesn’t audit you, there is a better way to protect yourself. The IRS is much more forgiving of those who amend their tax returns than those who wait to be caught in error.

Fortunately, the McAllen accountants at Abigail Y. Murray CPA have plenty of experience helping clients figure out all sorts of tax-related issues.

If you think that you need to amend your tax return, give us a call at (956) 800-5600; we can guide you in the right direction. To help you get started, we’ve provided the following overview of what to do if you need to amend your tax return.

Reasons to Amend

If your tax return contains errors in the following field, you will need to file an amended tax return:

  • Your income
  • Your status
  • Your deductions
  • Your credits

Reasons Not to Amend

Not all mistakes made on a tax return require you to amend them. If you realize that your calculations were made in error, or that you forgot to include certain attachments to your original tax return, you do not need to file an amended tax return.

The IRS will correct miscalculations and will request missing documentation.

How to Amend Your Return

To amend your tax return, you must use a 1040X form and file it on paper. The IRS will not accept amended tax returns electronically. Amended tax returns must be filed within three years of the original filing date, or two years from when you paid the taxes if that is later than the date you filed. (This means there’s plenty of time left for those of you who might have made a mistake on your 2017 tax return!)

If you are expecting a refund from your original tax return, you should wait until you receive that money before amending your tax return and requesting an additional refund. On the other hand, if you realize that you owe more than you paid on your original tax return, pay the difference as soon as possible to avoid any penalties.

To amend more than one tax return, send them into the IRS separately with a 1040X form accompanying each one.

Before filing an amended tax return, take the time to ensure that all of the information you are providing is correct. Amended tax returns are more likely to be audited than originals. An amended tax return must have all of the information corrected, especially since it will come under greater scrutiny.

Need help amending your tax return? Murray CPA in McAllen is here to help.

If you find yourself needing to amend your tax return, take solace in the fact that you’re not alone. The experienced McAllen CPAs at Murray CPA have helped many people like yourself, and we are happy to guide you through the process of amending your return.

Amending a tax return is generally an easier process than you may think. Best of all, getting it done will let you set aside your tax fears and focus on building a stronger financial future for yourself and your loved ones.

Contact our office today at (956) 800-5600 to schedule an appointment. The sooner you call, the sooner you’ll find peace of mind.