A lot of people assume that work for tax professionals falls down after Tax Day, but for a lot of tax professionals, the pace actually picks up following this time of the year. This is due to the fact that often, the tough questions begin after people have filed. The biggest issue that tax professionals fact around this time: What is you’ve found a mistake in your tax return? While mistakes are typically quite fixable, there are certain things that you should be informed about regarding making a mistake on your tax return. Read on to learn more about what happens if you make a mistake on your tax returns from tax return company SmarTax, LLC. If you are looking online for a “tax return company” in the Pembroke Pines area, call SmarTax, LLC today. 


Making A Mistake


If you think you’ve made a mistake on your tax returns, don’t panic. There are certain things that can be done:

  • The Internal Revenue Service (IRS) may fix it for you- Most of the time, you should fix mistakes yourself. But sometimes, it makes the most sense for the IRS to do it. The IRS can correct math errors and possibly even offer a capitulation for you (bringing a total from a schedule that you forgot to bring forward). In certain cases, the agency may apply that estimated payment that you forgot that you made, and you can happily let IRS correct the relatively harmless errors that you’ve made. 
  • You can fix most mistakes through an amended return- If the IRS doesn’t correct it, if the mistake is huge, or if you forgot to report something important, you’ll need to fix your own mistakes. You can do this through amending your previously filed tax return with a federal form 1040X. This form can be used to correct a previously filed form 1040, 1040A, 1040EZ, 1040NR, 1040NR-EZ, or to edit amounts previously adjusted by the IRS. 
  • Be careful with instructions- Form 1040X is only two pages long, but it can be confusing if you don’t carefully follow the instructions. Form 1040X is the ONLY tax form to use when correcting your mistakes. You won’t need to file another form 1040 since the front page of the amended return is an abbreviated version of form 1040. 


Advice From A Tax Return Company


While you may be looking for a “tax accountant near me” for assistance with your filing, there are more things about fixing filing mistakes to be informed about. 


  • Have a copy of your previously filed return- On form 1040X, in Column A, you need to briefly summarize the items on your tax return as reported originally. In Column B, you’ll  put in any adjustments for items of income, deductions, liabilities, and payments. In Column C, you’ll put in the correct amounts as they should have come up on the original tax return. This means that Column A + or – Column B should add up to Column C.
  • Changes to one item may have other consequences- If your adjusted gross income, or AGI, changes, for example, the items which use your AGI may also change (such items include certain itemized deductions, tax credits, and taxable amount of Social Security benefits). This goes the same way when it comes to your filing status.


Contact Us Today


There are certain things to be aware of if you think you’ve made a mistake on your tax return. If you are looking online for a “tax accountant near me” ini the Pembroke Pines area, call tax return company SmarTax, LLC today!