What to Do If You Realized You Made a Mistake After Filing Your Taxes!

October 26, 2018

Filing your taxes can be confusing. You may make some mistakes and only realize them after you’ve filed. Maybe you made a math error, made a typo, forgot to claim a deduction, or forgot to include a source of income. You may feel stressed out and worried about making an error on your tax return, but Los Angeles company advisors can help. Here’s what to do.

Expect a Notification from the IRS

The IRS will likely catch your mistake and notify you. Sometimes, the IRS will recalculate your tax obligations for you. If you receive a notice from the IRS with a recalculated number, make sure it’s correct. Once you determine the amount is correct, simply pay the bill.

File an Amended Return

Here’s when you’ll need to amend your tax return:

• The IRS recalculation isn’t correct
• You need to correct your dependents, filing status, or total income
• You need to correct your credits or deductions

You must change your return by filling out Form 1040X Amended Return. Once you fill out Form 1040X, you must mail it to the IRS–electronic filing isn’t an option. You only have three years from the day you filed your original return to file Form 1040X, so don’t delay.

Form 1040X is a two-page document with three columns. Enter the amounts from your original form in Column A, changes to these numbers in column B, and corrected numbers in column C. Then, you explain your changes on page two.

Get Tax Help If Necessary

Filling out Form 1040X can be confusing, especially if you’re dealing with a past-due tax mistake. Plus, a significant tax error may invoke an audit or penalties. If you seriously understated your income, you should consider getting help from a Los Angeles accounting service.  

While making mistakes on your taxes is stressful, amending a return with assistance from an Encino accountant is easy.


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