Most people would not want to put themselves in a situation where the IRS notices the blaring examples of negligence in their tax return forms because this has the potential to create a lot of trouble in the future. But then we are humans and like all others of our species we too are prone to errors, however the best course of action in case of an error while filing your tax returns is to point it out yourself instead of waiting for the IRS to discover your mistake. You have to realize that if the IRS find out about your errors and they will, a simply apology from your side with not cut.
As a matter of fact, a small error is often the prelude to a full blown IRS audit and scrutiny which is the situation that most people try to avoid like the plague. So if you have made a mistake while filing your tax returns correct them by fling amended tax returns. If the mistake was a result of erroneous calculation, the IRS takes are of it and you will not have to file amended tax returns, but if the error involves leaving out an income source you should definitely retrace your steps.
Most people have the propensity to make errors such as discrepancies in the total income, credits and deductions the number of dependents, filing status etc. Ideally, you should try your best to avoid such errors quite simply because sometimes filing for amended returns may get your refund while other time it may earn you a penalty.
To file amended returns you will need Form 1040x, Amended U.S. Individual Income Tax Return. This form is used to correct any anomalies in the taxes filed under Form 1040A and 1040EZ or 1040. The original taxes can either be sent through mail or submitted through e filing; however, for amended returns you will have to mail the form in. You cannot use the IRS e filing system to submit the electronic 1040x forms. In the amended returns 1040 x form you will simply be asked to point out the data that needs to be amended and the reasons for such requests.
Most people who file amended returns do so when they want to change their filing status. You can use the Form 1040x to claim the deductions that you are eligible for under your current filing status but which were denied for your previous filing status. The most common request for change in filing status involve a change from single to head of household. There is a conspicuous difference in the deductions available for people who qualify as head of the household.
You have three years to file your amended tax returns from the day of the tax filing date. However, you can only get the three year grace period if you have paid all your tax obligations on the tax return that need s to be amended. If you have not paid your tax dues in full for tat tax return, the grace period is cut down to two years.
If you have just discovered that an error was made when you recently filed your taxes, you may want to wait you get a refund and all the paperwork for that tax return has been completed before filing the amended tax return. Even If you believe that by filing for amended tax returns you may end up paying more, go ahead and do it because this will help you to prevent IRS trouble in the future. It is almost impossible to conceal financial facts from the IRS, so expect them to discover your negligence in the near future and when they do you may be headed for troubled waters, if they feel that you have deliberately tried to conceal information from them they will penalize you, so tread carefully.
If you have any questions about taxation, you should get in touch with an accountant of a Dallas Tax attorney and resolve your doubts at the earliest.
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