Have you discovered an error on your tax returns? Are you entitled to unclaimed credits?
Well then, it’s time to amend your tax return!
We try to prepare your tax returns correctly – the first time! Once in a while, an error occurs. For instance, sometimes a 1099 shows up in September after your return is filed. Here’s what you can do: Avenge with an Amend
In most cases, the IRS automatically corrects mathematical errors or missing forms but if you made a mistake on your filing status, dependents, total income, deductions, or credits – amend! It is also important to amend your return if you are eligible for the new first-time homebuyer credit, which can be up to $8000, for a 2009 home purchase. You don’t have to wait until next year!
So how do you accomplish such an “amendment”? It’s simple! Use form 1040X, the Amended U.S. Individual Tax Return to correct previously filed taxes. Don’t forget to enter the year of the return you are amending at the top of the form! Detailed instructions are available at irs.gov or by calling 800-tax-form. Good luck!
We’d love to add you to our list, where we send out bookkeeping and tax saving ideas as well as good business building practices. Just click here to sign up today.
Tags: IRS, tax credit, tax deductions, tax planning, tax preparation, taxpayer mistakes