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tax lawyers in Los Angeles - What You Need To Know About Filing an Amended Tax Return

Tuesday, November 3, 2015
We are the Strategic Tax Lawyers and as tax lawyers in Los Angeles and we specialize in federal tax code.  We want to inform you about mistakes on your tax return. This happens to many taxpayers, so don’t panic. The worst case scenario is that you file an amended tax return to fix an error.  Ayou
You should know when and why you should amend your tax return. For example, you are able to amend your tax return to correct your filing status, change the number of dependents or the amount of your income. You can also amend your tax return if you forgot to claim a tax credit or deduction. Another important reason to amend your return for 2014 is to claim the new Health Coverage Tax Credit. If you need to amend your refund to claim an additional refund then it is best to file your amendment after you receive the refund. If you are filing an amended tax return to pay more taxes to the IRS, then you should do so as soon as you can to avoid additional interest and penalties. You may also file an amended return if you incorrectly claimed a premium tax credit.
Now, let’s discuss some reasons when amending your tax return is not necessary.  Let’s say you’ve made mathematical errors on the original return or if you forgot a required form, then the IRS will correct the mistake or mail you a notice about any missing forms.
Follow the instructions on the 1040X Form if you plan to amend a previous year’s tax return.  This form is used to amend a tax return that you have previously filed.  Just check the correct box to indicate the year you are amending. An amended return cannot be e-filed, so you will need to mail it to the IRS.  In case you need to file an amended tax return for multiple years, you will need to use a separate form for each year that you have changes.  You will also need to mail them in separate envelopes to the correct IRS address.  In case you have an amendment that requires other tax forms or schedules, you will need to include them with your submission so there are no delays in your processing. It can take up to 16 weeks to process an amended tax return.

If you are looking to hire an experienced business tax attorney in Los Angeles, then the Strategic Tax Lawyers, LLP are the tax attorneys for you.  The experienced business tax attorneys in Los Angeles with years of documented successes dealing with the IRS and tax-related issues.  Contact the Strategic Tax Lawyers for a free case consultation at (800) 669-4775.