What You Need to Know About Amending Your Tax Return

July 19, 2019

Taxes are confusing and it’s common to make mistakes, especially without the help of Los Angeles tax preparation services. Whether you realize you made an error or forgot to claim a credit or deduction, you may wonder whether it’s possible to fix this problem. Thankfully, the IRS has a simple method for amending your return. Here’s how you can amend your tax return with the help of Los Angeles accounting professionals. 

Gather Your Documents 

Collect all relevant papers and files, including your original return. You need your initial return in order to reference any mistakes or missing information. New documents are necessary to show the IRS why you are making an amendment. These documents may show proof that you qualify for a deduction you are now claiming.

Collect the Necessary Forms

You can download the appropriate tax forms you need from the IRS. Los Angeles accounting services can also provide the correct forms for you. You don’t need to re-submit every form related to your tax returns, just the ones that are affected by the amendment.

 Fill Out IRS Form 1040X

 Download a current version of IRS Form 1040X, also known as an Amended U.S. Individual Income Tax Return form. This document has instructions you can easily follow as long as you have the proper documents mentioned above. There is also a blank space where you can include a written explanation for amending your return. You may want to consult with your tax preparer or accountant about what to write in this space.

 File Your Amended Return

Once you complete a 1040X Form, it’s time to submit it to the IRS. You can send the return via mail. Before you mail it out, make sure you’ve attached any necessary supporting documents and forms. If the amended return makes your tax bill higher, include any additional payments. It generally takes about eight to twelve weeks for the IRS to process amended returns.

Now that you know how easy it is to amend your tax return, you can get started right away.