Mistakes happen. Even when you take your time and double-check everything before you hit that submit button, it can be easy to overlook something on your taxes. At JLW Tax & Bookkeeping Services, we handle any extra paperwork if we make an error on a return for our customers in Springfield, IL, but what happens if you don’t get a 1099-INT form in time? Or did you forget about a crypto trade that’s taxable? If you forgot to include something or need to make a change when filing taxes, our tax preparation company can help.
Don’t Panic. Wait for the IRS to Process Your Return
Before we take any extra steps to fix your return, let the IRS look. No need to run down to your local IRS office in Springfield, IL just yet. If your error is mathematical, the IRS will simply fix it and provide an amended refund amount. If your mistake involves a forgotten payment that you made earlier in the year or anything else that’s straightforward and for which the IRS has the documentation, you’ll likely see it fixed during the review process. So, if you made an error in your bookkeeping when filing taxes, just be patient and wait. After you have an accepted return (or if the IRS denies your return), you can move on to the next step.
Filing an Amended Return
If the IRS doesn’t approve your return, you have a chance to re-file with the corrected information. No need to file an amendment in those circumstances. But, if the IRS did approve your return, you’ll probably need to file a form 1040-X to fix things. You can use an amendment to add or remove dependents, update address information, include additional income, or report extra deductions. In most cases, filing an amendment with the help of your tax preparer is the fastest and best way to avoid any penalties or problems from an inaccurate tax return.
At JLW Tax & Bookkeeping Services, our accounting services can help you keep track of all your income sources, reducing the risk of a missed end-of-year form or forgotten deduction. If you have a complex tax situation and want to avoid the need for amendments, contact us today.
Help with Business Filing
The 1040-X is the standard form for income tax amendments, but what should you use if you’re filing for your business? If you have a sole proprietorship or other pass-thru entity, you can still use the 1040-X, but if you have a corporation or storefront with payroll management and other business expenses, you’ll likely need to file a form 1120-X to correct any mistakes. In general, unless you have a background and experience in tax preparation, it’s a good idea to work with a professional for your business bookkeeping and accounting services.
Contact our Tax Experts Today
Call JLW Tax & Bookkeeping Services today at 217.679.1872 to get help with your older returns that need correction or with a recently filed return in Springfield, IL. Our team of tax experts would be more than willing to help you with whatever service you need to get the correct refund you deserve. Grant yourself peace of mind by putting your trust in our professionals. Call today!