We all make mistakes, from time to time. Usually they are unintentional and there is no harm involved. But, when you make a mistake on your tax return that you file with the IRS, it can be a different story.
When you realize you made a mistake on your tax return, you may want to file an amended tax return. However, in most cases, this is not mandatory, though your tax preparer may advise you to do it, anyhow. If you filed a return in the belief that it was correct at the time, you are generally not required to file an amendment.
However, if you do file an amended return, make sure you fix all mistakes on the return. For instance, if you were notified by the IRS of a math error and happen to realize you also neglected to report some income, you must fix every mistake on the amendment.
You also must file all amended returns by paper, even if you filed electronically, before. If you have multiple years to amend, you must file each one separately. And you must file your amendment within the statute of limitations, which is generally three years from when you originally filed or when the tax was originally due, whichever is later.
There are other rules to consider, when filing amended tax returns. If you made a mistake and are considering amending your return, contact us for all your tax help. We will advise you on your options. When it comes to dealing with the IRS, it’s best to have the tax professionals on your side.