Tax Return Mistakes: The Basics

If you have made a mistake on your tax return, the good news is that depending on your mistake, there are ways to fix your error with relative ease. Many people make mistakes on their taxes every year, and luckily the IRS has some safety nets in place to help with these situations. It is important to be aware of the varying types of tax return mistakes so you know what action to take. Also, the longer you wait, the more expensive your misfile may become.

Small Errors

If your mistake has to do with a numerical amount, such as addition and subtraction miscalculations, the IRS will automatically fix these mistakes for you. You will be able to view them on your tax return after it has been processed. If you are missing any documents from your file, the IRS will usually contact you. You will be given the opportunity to send in any missing documentation while your tax return is still being processed. Examples of missing forms which the IRS will request if missing include a 1099 or a W2.

Larger Tax Return Mistakes

Depending on the severity of your mistake, you may need to file an amended return. These returns must be sent by mail and filed within three years of the original return. If you find that you will owe the IRS money because there was a discrepancy on your original return, then you will want to want to refile as soon as possible, as this amount grows with time. You may also go through the amendment process if you need to change your filing status or revise your deductions or credits.

Tools for Filing an Amended Return

If you are still unsure of how to proceed, the IRS offers an online tool which will help you determine whether you should file an amended return. You can access it here:

https://www.irs.gov/help/ita/should-i-file-an-amended-return

Our professionals are here to help guide you through this daunting process and to answer any questions you may have. The greater the discrepancy, the more we encourage you to seek help from us to help you navigate those difficult waters.

Get Tax Return Support From Miles Tax Advisory

If you need advice or have questions on your tax return mistakes, we are always here to assist you!