With tax season in full swing, you’re most likely trying to handle tax filings for both your business and as an individual.

Making an unintentional error when filing a return is not uncommon. It actually happens more often than you probably think.

Luckily, TaxBandits specializes in not only providing you with the necessary tax forms to keep your business afloat but also has your back when you make a mistake.

Here’s Everything You Need To Know When Filing Your Amended Tax Return:

When you’ve made an error on a tax return simply make a correction

Once you’ve filed a tax return with the IRS it is considered to be your return for the applicable tax year.  Instead of filing a completely new return, simply file an amended return to correct the errors that we made in the original return.

Reminder: You can only file a complete tax return with all schedules and attachments once. You can make amendments, but you can’t start over.

Use TaxBandits to correct your return

Whether it’s Form 1099, W-2, ACA Forms, or even Form 990 series returns, TaxBandits has you covered!

Amending and correcting a return can be done in no time. Best of all, when you file your original return with us, any amended returns can be filed at no cost!

Even if you filed your Form with another service provider, you can still make corrections using TaxBandits.

Any necessary schedules that should be attached to a specific return can be filed as well.

Amend previous year tax returns

Depending on the changes your returns need, you may need to amend previously filed returns. Both current and previously filed returns can be corrected using TaxBandits comprehensive software.

Amended return timing

Corrections to returns that will result in you owing money should be filed as soon as possible. This will minimize expensive penalties or interest that may have been incurred.

If the correction should result in a tax refund we suggest that you wait until after you have received the refund to file the amended return to eliminate confusion.

But don’t wait too long; the IRS expects you to file within three years after your original return or within two years after taxes were paid from that return. 

State the reason for amending the return

Be prepared to explain why amending a return was necessary. While this explanation should be detailed, it can be very brief. 

Be honest and to the point with your explanation.

Common reasons to file an amended return

You should strongly consider filing an amended return if there has been a change in your filing status, income, annual deductions or credits.

Just in case you fail to dot all of your “I’s” and cross your “T’s,” TaxBandits is here to save the day. Utilize these great tips and get back on the right track today!

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