Business taxes, as well as personal taxes, are challenging enough when filing time comes along. It's human nature to make mistakes, and thousands of individuals and companies make errors on their federal tax returns every year. As soon as you realize that you've filed an erroneous return, get busy filing an amended one to make things right.
If your mistake is small and likely will not change the amount you owe or are being refunded by much, the IRS will usually correct the error for you. When this happens, you will get a letter from the IRS stating exactly what was done, how they fixed the error, and whether your amount owed or refund was affected.
Personal taxes and business taxes can contain dozens of different forms and attachments, but an amended return need not include any data except the corrected error. The key thing is to file a 1040X form, formally called an Amended U.S. Individual Income Tax Return, as quickly as possible. This lets the government know that you caught the error and that it was not intentional. Be ready to supply whatever data was left out of the original return, any missing schedules, and to correct any numerical data that was wrong the first time around.
Form 1040X is all you need to correct mistakes on individual tax returns. It is a relatively short document, by IRS standards, at only two pages. The IRS will ask what parts of your original form were in error, and then ask what the correct amounts are. It's really as simple as that in 99 percent of all cases, but you'll need to make certain that you include all missing schedules and supply whatever backup documentation the IRS asks for at any time.
Personal taxes and associated errors are relatively simple to amend, as are business taxes that are filed incorrectly. Depending on the type of business you have, you'll file a very similar type of form to the 1040X. Ask your accountant, or check online with IRS.gov to see which form your business needs to file for making an amendment.
Especially in the case of business returns, things can get rather complicated when mistakes are made. It's always a good idea to speak with a competent tax professional in situations like these, preferably with a tax expert who has experience filing amended returns.
Even if you make a major mistake on this year's tax filing, or have just discovered a mistake from a previous year, ALJ Business Services can make things right by filing an amended return for you. In fact, no matter what your tax situation, the professional team at ALJ has the experience to deal with the challenge. Call them at 973-476-6381 or email them directly at ALJBusiness@optimum.net. The ALJ website is located at http://alj-business-services.com/ for your convenience. Don't let tax problems get you down. Turn to the experts at ALJ.
ALJ Business Services,LLC