Everyone makes mistakes, it’s not a big deal! However, sometimes it IS a big deal when you’re dealing with things that directly affect your financial (and mental) condition. As you probably understood, one of those things are taxes which are connected to you and your business with a straight line.
People who made a tax-related mistake know that there’s nothing worse than that feeling: the feeling of panic and hopelessness, the feeling that you perhaps ruined everything you once built from the square one. Sadly, most of our clients do not know that there are certain mechanisms to fix the mistakes, which is why they suffer more than they have to! In some cases, they shouldn’t suffer at all!
“But How Can I Fix These Mistakes?”
Well, this is when our specialists at Prestige Auditors come to the scene! Our prestige tax services are offered to save your time, make your life better and more productive! So, if you really want to know how to fix all those unintentional (or maybe intentional) tax mistakes, here’s what you can do:
But Before That…
Keep in mind that the Internal Revenue Service of the United States is not a boogeyman that wants to frighten you into good behavior. Well, even though it sometimes punishes and frightens you to death, that’s not the case!
Sometimes, the IRS corrects your mistakes. This is applicable only for minor mistakes that won’t really affect the final result. This is what the agency says about it: “The IRS may correct math or clerical errors on a return and may accept it even if the taxpayer forgot to attach certain tax forms or schedules. The IRS will mail a letter to the taxpayer, if necessary, requesting additional information.” However, there are certain situations when you should take certain measures and file an amended return!
Let’s get back to our main subject.
The IRS itself says that you can use a certain interview tool to understand your proper situation. By using the interactive Tax Assistant, you will be able to determine your conditions and if you should file an amended return or not.
Form 1040-X Comes to Help
If you found that you made a mistake or simply did not include certain details in your tax return, it’s time to act! As it is stated on the website of IRS, you need to use the Form 1040-X, Amended U.S. Individual Income Tax Return to fix all those tax related mistakes! Keep in mind that this should be filed on paper! To make sure the form is complete and that you don’t need to put the finishing touches, read it again and make sure you include:
- The year of the original return
- Explanation of the made changes
- Attachment of forms and schedules
After this, send this form to the address listed in the instructions, voila! However, bear in mind that this address is not applicable to every situation! As the IRS says, “taxpayers filing Form 1040-X in response to an IRS letter should mail it to the address shown on the letter.”
The IRS knows the tax world can’t stand confusions. This is why the guardian of taxes has decided taxpayers should always use separate forms while amending more than one tax year! More specifically, this is what the IRS wants you to do:
“Taxpayers must file a Form 1040-X for each tax year and mail each year’s form in a separate envelope to avoid confusion. They should check the box for the calendar year or enter the other calendar year or fiscal year they are amending. The form’s instructions have the mailing address for the amended return.”
As you can see, there is only one thing that you should do to fix your tax mistakes, which is following the instructions given by the Internal Revenue Service.
Here’s a piece of advice from our tax specialists: always follow instructions! They can appear everywhere: on the IRS’ website, in the different forms presented by the agency and so forth… Taxes are complicated, and if there’s something confusing you need to know the correctly interpreted version before you even deal with them!
If you feel that you need help, our prestige tax services are what the doctor ordered! Contact us and we will help you with this! What’s more, if you have questions regarding taxes, the Walmart tax exempt application, Amazon FBA sales tax, retail partnerships, business formation and so forth, you can always feel free to ask us!