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Tax

Ten Facts on Filing an Amended Tax Return

What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases all you have to do is file an amended tax return. But before you do that, here are 10 facts you should be aware of when filing an amended tax return.

1. Use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended tax return. An amended return cannot be e-filed. You must file it on paper. Contact us if you need assistance or have any questions about Form 1040X.

2. Consider filing an amended tax return if there is a change in your filing status, income, deductions or credits.

3. In most cases, you do not need to file an amended return to correct math errors because the IRS automatically makes those changes for you. Also, do not file an amended return because you forgot to attach tax forms, such as W-2s or schedules. The IRS normally will send a request asking for those.

4. Generally, you must file Form 1040X within three years from the date you filed your original tax return or within two years of the date you paid the tax, whichever is later. Be sure to enter the year of the return you are amending at the top of Form 1040X.

5. If you are amending more than one tax return, prepare a 1040X for each return and mail them to the IRS in separate envelopes. You will find the appropriate IRS address to mail your return to in the Form 1040X instructions.

6. If your changes involve the need for another schedule or form, you must attach that schedule or form to the amended return.

7. If you are filing an amended tax return to claim an additional refund, wait until you have received your original tax refund before filing Form 1040X. Amended returns take up to 12 weeks to process. You may cash your original refund check while waiting for the additional refund.

8. If you owe additional taxes with Form 1040X, file it and pay the tax as soon as possible to minimize interest and penalties.

9. You can track the status of your amended tax return for the current year three weeks after you file. You can also check the status of amended returns for up to three prior years.

10. To use the “Where’s My Amended Return” tool on the IRS website, just enter your taxpayer identification number (usually your Social Security number), date of birth and zip code. If you have filed amended returns for more than one year, you can select each year individually to check the status of each.

Questions about amended returns? Give us a call today. We’ll take care of it so you don’t have to.

Tax

Filing Amended Returns: The Facts

What if you’ve already filed your return, but realized that you were eligible for a deduction or credit that you didn’t take, or worse–discovered an error and need to “fix it” on your return?

Fortunately, there’s an easy answer: file an amended return. Here’s what you need to know if you’re considering filing an amended federal income tax return.

1. When you need to amend an income tax return, use Form 1040X, Amended U.S. Individual Income Tax Return. You can use Form 1040X to correct previously filed Forms 1040, 1040A or 1040EZ.

2. An amended return cannot be e-filed. You must file a paper return.

3. Generally, you do not need to file an amended return to correct math errors. The IRS will automatically make that correction. Also, do not file an amended return because you forgot to attach tax forms such as W-2s or schedules. The IRS normally will send a request asking for those.

4. Be sure to enter the year of the return you are amending at the top of Form 1040X. Generally, you must file Form 1040X within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later.

5. If you are amending more than one tax return, prepare a 1040X for each return and mail them in separate envelopes to the appropriate IRS campus. The 1040X instructions list the addresses for the campuses.

6. If the changes involve another schedule or form, you must attach that schedule or form to the amended return.

7. If you are filing to claim an additional refund, wait until you have received your original refund before filing Form 1040X. You may cash that check while waiting for any additional refund.

8. If you owe additional 2011 tax, file Form 1040X and pay the tax before the due date to limit interest and penalty charges that could accrue on your account. Interest is charged on any tax not paid by the due date of the original return, without regard to extensions.

Give us a call today if you need assistance filing an amended return.

Accounting Tax

7 Tips for Preparing Your Taxes Without the Stress

Many people find preparing their tax return to be stressful and frustrating. But it doesn’t have to be! Here are 7 tips for how to do your taxes without pulling out your hair:

  1. Gather your records in advance. Make sure you have all the records you need, including W-2s and 1099s. Don’t forget to save a copy for your files.
  2. Get the right forms. They’re available around the clock on the IRS Web site, www.IRS.gov.
  3. Take your time. Don’t forget to leave room for a coffee break when filling out your tax return as rushing can mean making a mistake.
  4. Double-check your math and verify all Social Security numbers. These are among the most common errors found on tax returns. Taking care will reduce your chance of hearing from the IRS. Submitting an error-free return will also speed up your refund.
  5. E-filing is easy. E-filing catches math errors and provides confirmation your return has been received. It also gives you a faster refund.
  6. Get the fastest refund. When you e-file early, you receive your refund faster. When you choose direct deposit, you receive your refund even sooner because you don’t need to wait for a check. This year, electronic filing options will speed the payment of refunds to millions of taxpayers. Taxpayers who e-file and choose direct deposit for their refunds, for example, will get their refunds in as few as 10 days. That compares to approximately six weeks for people who file a paper return and get a traditional paper check.
  7. Get started early. Don’t wait to the last minute to work on your taxes. Getting a head start will not only keep the process calm, but also mean you get your return faster.

And remember, if you run into any problems or you have any questions, call us. We are more than happy to help.

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