How to Fix Tax Mistakes: Amended Tax Returns

Mistakes can be fixed.

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.

Common tax errors

Some 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
income from self employment

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The IRS catches increased income

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

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.

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With a free consult, you might as well see for yourself. You’ll understand why we have an excellent reputation in San Diego for being friendly, fair and thorough.

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We have complex tax returns every year, and every year, since moving to San Diego, we have trusted this tax preparation service with our complicated returns. Very personable/professional staff and phenomenal knowledge of tax law.

IanSan Diego

Randy is always available to assist with any questions or troubles that may be encountered with the IRS or California Franchise Tax Board. He has resolved matters and concerns we have encountered in the past, without delay.

RosieGarden Grove

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.

TomasSan Diego

It was very easy to schedule an appointment with Randy (He came recommended from a family member.) He is knowledgeable, reliable and very thorough. Highly recommended.

BreannaSan Francisco

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.

MichaelVista

work, save, and plan for retirement.

DebbyOceanside

Randy Ames, tax preparation expert and owner of ABC Tax Service in San Diego.

Randy Ames, owner of ABC Tax Service, San Diego

FAQ

What are some common tax filing errors?

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

How does the IRS track income?

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.

How does an amended tax return work?

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.

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