You probably know that it’s important to file a timely and accurate tax return each year. But what happens if you later discover an error or get new information that wasn’t accounted for the first time around? The IRS allows you to file amended returns to correct any issues. Amending a tax return is necessary in the following situations:
- You received an updated W-2 or 1099 from an employer
- A 1099 or other form arrived after you’d already filed your return
- You forgot to report details such as an IRA rollover or the sale of a stock at a loss
- You overlooked a significant deduction that will change what you owe
- You received an unexpected K-1 form as an estate beneficiary
If you don’t provide the new information promptly, the IRS may penalize you. Filing an amended tax return, meanwhile, will allow you to remain IRS compliant. Whether you made a calculation mistake, forgot an important piece of information, or fell victim to an employer screw-up, Taxation Solutions, Inc. can help. Typically, you have three years from the April due date of the return to file any amendments. We’ll follow up swiftly to help you avoid penalties and fees and receive any refunds you’re owed.
Learn more about the services we offer Raleigh-area taxpayers by calling now!