As one of the leading tax accounting firms in Texas, allow us to share some helpful insights when you experience filing a tax return with an error. You don’t have to worry because you can file an amended return.
If you made a mistake on your tax return and discovered that you were missing out on a lucrative tax deduction, it may be in your best interest to file an amended tax return. In many cases, such as forgetting to submit taxable income, claiming an expense or credit that you were not authorized to claim, adding or removing a dependent, claiming the incorrect tax filing status, and so on, you have the right to file an amended tax return.
Before filing an amended tax return, make sure that you possess all the documents for your amended return. You need to use Form 1040-X, Amended U.S. Individual Income Tax Return, to modify a previously filed Form 1040-series return adjusted by the IRS. You will also have to provide a clear explanation for your reasons for filing an amended return in Part III of Form 1040-X. Keep in mind that if your amended tax return results in a higher tax bill, you will be required to pay an additional tax payment.
Do you need tax services in Round Rock, Texas? Then you have stumbled upon the right blog post. Look for no other than KF Tax & Accounting, P.C.
We can help with tax filing, IRS problems, payroll processing, and other services related to tax and accounting. Rest assured that our professionals are capable of addressing all your needs. You’re in good hands.
For reliable accounting and bookkeeping services, please don’t hesitate to call us today.
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