You filed your tax return on time and forgot about it – that is until you realize you forgot a highly beneficial deduction or the IRS claims you owe more than you should. In this situation, you cannot change your initial return once it is submitted and accepted by the IRS. However, you do have the option to file an amended return.
You can file an amended return using Form 1040X, which allows you to enter the proper information. You will also need to provide an explanation of why you are changing the information from your initial return. There is not a need to completely redo everything on the return – you only need to update the information that needs correction and make sure your tax liability is also corrected. You should also file an amended state return using the proper state forms.
Generally, you have to file an amended return within one of the following, whichever comes later:
- Three years of when you filed the initial return
- Two years of when you paid tax liability for the initial return
Properly amending a return can often save you significant funds, as most errors result in higher tax liability than you should have had. You can avoid this process by having a professional prepare your original tax returns and handle all communications with the IRS. If the IRS does not accept an amended return, we can assist in this situation, as well.
Speak with a San Francisco Tax Attorney as Soon as Possible
At SF Tax Counsel, our San Francisco tax lawyers assist clients with various tax-related matters year-round. We know that tax concerns do not end each spring, and many people need assistance with various issues during the rest of the year. If you are getting audited or need to amend a return, contact us online or call 415.318.3990 for more information.