What is an amended return?
Mistakes happen and tax returns are no exception. Filing an amended tax return corrects information reported previously. This includes making changes to filing status, dependents, or correcting income, credits or deductions.
When do I need to complete an amended tax return?
If a simple math error is made on the tax return, the IRS will typically correct that and send a letter to the taxpayer explaining that the error was corrected. When the error is of a more serious nature the taxpayer needs to amend the tax return; GRF Tax can help. Most changes will require you to file an amended state return as well.
You should file an amended return when:
- You receive revised documents after filing your tax return
- You used an incorrect filing status
- You did not report all of your income for the year (maybe you forgot or misplaced a reporting document)
- You did not claim tax credits or deductions that you were entitled to claim.
These issues can be stressful if you try to resolve them your own. GRF Tax can find the best option to resolve tax problems before they result in wage garnishments or bank levies assessed on amounts due, the loss of a potential refund or the potential to recapture taxes erroneously paid.
Bring your documentation to GRF Tax and one of our experienced team members will prepare your amended tax return quickly and accurately. Early action will enable our professionals to minimize penalty and interest charges. In some instances, we can work with the IRS to reduce or abate the penalties.
Call today at (813) 815 -1040 or email us.
