Our tax services include preparing an amended tax return when a mistake was made on the original return.
Despite your best efforts and information available at the time, it is possible to submit your tax return only to realize later that a mistake has been made. Whether it is in your favor or not, you are required to submit an amended tax return as soon as you realize there was an error. Here at Proctor & Assocs., we see a wide variety of situations that require an amended tax return, and we can assist you with its preparation whether or not we prepared the initial tax return.
- Receive Corrected 1099 or Other Document- Businesses, brokerages, and other agencies sometimes find out a mistake was made on the forms they sent out. When that happens, they send you a corrected form, which may arrive after you’ve already filed using the inaccurate information.
- Notification by IRS- If the IRS received conflicting information, they will send you a letter telling you how they are changing your tax information. It usually will state that if you are in agreement, you do not need to file an amended tax return. If the information is not correct, depending on the situation, an amended tax return or other documentation will need to be submitted. We can assist you with tax resolutions whether or not an amended tax return is needed.
- Missed Deduction- Any number of things can alert you that you missed the opportunity for a tax deduction. You might read an article about a new deduction you didn’t know about, find a receipt you had forgotten about for a donation or medical bill, or you have met with us for tax planning for the next year and realized you missed something last year. We can prepare an amended tax return within the allowable time period and get you the refund you deserve.
- Missed Income- It is just as easy to forget to include income, especially if you have varied sources of income. While the IRS will most likely catch this for you, it can take them several months or longer, and you may face interest charges for unpaid taxes. It is better to go ahead and file the amended tax return and pay the tax as soon as you realize you missed reporting income.
If you have any questions about whether you need to file an amended tax return for federal or state taxes, don’t hesitate to contact us. We are happy to serve all the tax needs of our Charlotte, North Carolina neighbors!