You should file amended tax return if you need to correct any piece of information that will alter your tax calculations. Business & Financial Solutions can file an amended return (1040X) for taxpayers to make corrections to the filing status, dependents, income, deductions, or tax credits.
You can amend you return if you need to report additional income from a W-2, interest or dividends. Also, if other important information arrived after you filed your original tax return, you’ll need to file an amendment. Similarly, you would want to file and amended return if you need to remove dependents because you were not eligible to claim them.
There may be numerous other reasons why a taxpayer might need to file form 1040X. You should not file the 1040X if you are only correcting math errors. Because the IRS computers will check your math and correct any errors in calculation. Our tax professionals can help you with your specific areas of concern, and multiple tax issues. So if you think you need to amend a return, it might be beneficial to meet with one of our tax experts.
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Business & Financial Solutions will need to have your original return and all new documents. Because, this will be the starting point for filing the amendment to your return. We will need to reference your original tax return and any documentation that relates to your amendment such as proof of a new deduction. Or you may have to show proof of a new W-2 you didn’t have when preparing the original return. By the way, BFS can obtain information from the IRS by requesting copies of your W2s, 1099s or other documents. And we can pull tax or wage and income transcripts from government agencies.
There are many reasons that a taxpayer may want to file the 1040X. One of the primary reasons is to avoid perjury in the preparation of the income tax returns. The IRS rarely brings up an originally filed return in civil audits or in criminal prosecutions once the taxpayer has come forward and attempted to correct it by filing an amended return. However, to take advantage of this rule, you need to make the correction before the IRS finds your error. Moreover, you need to be aware that even filing an amendment–and fully accurate–tax return will not entirely immunize you if your initially filed tax return was fraudulent.
In amending a tax return a new 1040 will need to be filled out, you will use that to fill out the 1040X, which summarizes what is on your 1040. But it will also indicate the original amounts shown on your return. And 1040X will provide the new amounts and the differences between them. On the back of 1040X, we will explain the changes. Further, we will explain why those changes are being made to the tax return. And we explain what the numbers represent, and exactly where to find them, line by line. If extra space is needed, an attachment to the made to the 1040X.
Washington DC, Maryland and Virginia residents can benefit from our tax expertise. Taxpayers may contact our Vienna, Frederick or Rockville offices at the locations below. We are happy to be of assistance. Our offices can assist taxpayers in other jurisdictions as well, helping clients in states throughout the country. Please complete our contact form for additional information. Documents may also be forwarded to us via fax, e-mail, in person mail.