If you make an error on your tax return, you can fix the mistake by filing an amended tax return.
It is best to take care of this sort of thing quickly, because the IRS charges interest and penalties if you wind up owing them additional tax.
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Some common errors include forgetting to include:
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The IRS keeps track of income you receive from employers, brokerage houses and financial intuitions. Their computer system matches information they receive from these sources to your tax return.
If the IRS thinks you did not report all of your income, they will send you a letter asking for an explanation. Included in this letter is a calculation of how much additional tax they think you owe.
Sometimes these letters are not as bad as they seem. You may have legitimate deductions to offset the increased income. In many cases the IRS will actually wind up owing you additional refunds and interest.
Get a free consult.
Amended tax returns are somewhat complicated. Changing a number in a tax return can snowball through the return and change the return in several places.
A properly amended tax return shows what was changed in comparison to how it was reported on the initial tax return. This side by side comparison allows the IRS to quickly resolve the matter.
If you need to correct something on a tax return you already filed, send us an email or give us a call at (619) 260-1955. We can help you fix the problem in a hurry.
Get a free consult.
You get you a larger refund when we find the legitimate business deductions that are often overlooked… Unless you like giving your extra money to the government.
Understand your tax return with a tax preparation specialist that will explain the process in a thorough, easy-to-understand way.
If you are not happy with our work and you decide not to file the return we prepared for you, we will not charge you.
Randy was awesome. I set up an appointment online as a new client. Even with the closures due to COVID-19, Randy guided me through an online process and had my taxes processed in a couple of hours.
Randy is genuine and honest and a master in his trade. I am 100% pleased with his services and am confident in his knowledge and would highly recommend him for all your accounting needs!
My wife and I have been using ABC Tax Service for nearly 20 years. Randy is the only person I will trust to do my personal taxes.
I was referred to Randy by a colleague who said nothing but positive things about her years of experience with him. I have to say I was very impressed. He was organized, knowledgable, professional and provided sound consultation on financial goals I have for the next year.
For 4 years now my wife and I have had our taxes done by Mr. Randy Ames at ABC Tax Services. We have received excellent service and care from Mr. Ames.
I spoke with several other CPA/Tax Preparation services before finally selecting Randy and ABC Tax Service. The day of my appointment Randy was on time, pleasant and thorough. He explained every step of each of the returns he filed for me and was very helpful in answering all my questions.
Randy Ames, owner of ABC Tax Service, San Diego
Common errors include forgetting to include all of your income from W-2s you receive from various jobs, stock sales reporting, interest from bank accounts, and income from self employment
The IRS keeps track of income you receive from employers, brokerage houses and financial intuitions. Their computer system matches information they receive from these sources to your tax return.
If the IRS thinks you did not report all of your income, they will send you a letter asking for an explanation. Included in this letter is a calculation of how much additional tax they think you owe.
Sometimes these letters are not as bad as they seem. You may have legitimate deductions to offset the increased income. In many cases the IRS will actually wind up owing you additional refunds and interest.
Amended tax returns are somewhat complicated. Changing a number in a tax return can snowball through the return and change the return in several places.
A properly amended tax return shows what was changed in comparison to how it was reported on the initial tax return. This side by side comparison allows the IRS to quickly resolve the matter.