When to Amend your Tax Return



   Mistakes are part of life.  If there was a mistake that involves a tax return, there is always the option to file an amended return to make corrections.  We will look at some situations where an amended return would be needed.

    If a taxpayer needed to adjust important facts like their number of dependents, total income, or filing status, then an amended tax return would be necessary.  This would also be appropriate if they wanted to claim tax deductions or credits they qualify for, but did not claim at first.  In a situation where a taxpayer owes more than expected, an amended return should be filed as soon as possible.  Doing so will limit interest and penalty charges.  A very important note is that you must file an amended within 3 years of the date the original tax return was filed.  There are many reasons that an amended tax return might be needed for a taxpayer, and certain steps that need to be followed in order to set matters right.  In this time of uncertainty, you may want to get professional help.  What do you think?

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