The tax filing process is pretty complicated. There are many forms, and you will have to include tons of numbers to add and deductions to make. With all these, you need an average of eight hours to prepare your tax every year.
Humans are not machines; hence we are prone to errors, especially when you do a boring activity for too long. What happens when you file a tax, and there is a mistake on it? Your world will not come crashing down if Uncle Sam notices that error. Please take a deep breath as you can get it corrected.
With a mistake on your filed tax, this is what you should expect:
Uncle Sam knows you are human and not above error. Also, they are not that keen on making you go for expensive paperwork. When you make mistakes, they do understand. Such errors, however, need to be minor.
If your mistake is a simple math error, it is not a big deal. The IRS knows that everyone is not an accountant. They are prepared for simple math errors on many people's tax forms. Once the error is minor, Uncle Sam will correct it.
If Uncle Sam corrects your error or tax bills, there will be an adjustment to your refund. There is no point in filing another return or even talking to them.
If your tax form or schedule is missing, you will not be asked to submit a whole new return. With a lot of forms to return, they know it can be easy to misplace any in the process.
On reviewing your tax return, the IRS will request the missing form. On getting it, your tax return will be processed.
While Uncle Sam will correct simple mistakes for you, there are times they will request for an amended tax return. This happens when you have many mistakes that take a long time to complete. The amended return is your tax return that has been corrected. It is usually filed with form 1040X. The form will reveal your initial calculations, filing status, deductions, and your corrections.
With this information, the IRS will either issue your refund or deduce what you owe. Many times when the IRS rejects your original tax return, you cannot escape filing an amended return. To get the most out of your amended tax return, bear the following in mind:
If there is an error on your original tax return, the filing of the amended return does not have to be immediate. You have three years from when you filed the wrong one to file the corrected one. This translates to enough time to make sure you get everything right, fix all errors rather than taking care of a few
A good strategy for many people is to wait for Uncle Sam to process the initial return and issue a refund. Then, you can file the amended one. If, with your mistake, you owe the IRS a lot, it is in your best interest to file as soon as possible. This is important to avoid penalties.
Sadly in sending amendments to the IRS, it has to be by mail not electronically. In filing corrections as well, you are better off getting help. Get an experienced tax professional that will help you claim all significant deductions and fix necessary mistakes.
Bear in mind that if you don't claim deductions, you are eligible to, it is like losing money. A trained tax expert will help access your finances and filing status, your info and look for deductions that might be impossible for you to detect.
You will hardly be called or sent an email by the IRS to complain of an error with your tax. You will get a letter via mail.
Should you get a call from someone that claims to represent the IRS try and get their details. Contact the IRS via 1-800-829-4933 and confirm if truly your account has issues.
Any call you get claiming to be from Uncle Sam is probably the scam that wants your details. When you confirm with the IRS, you will be sure of the status of your return. Besides, you also get to report the scam to the appropriate channel.
Flynn Financial Group Inc