It’s hard to think of everything at once and essentially that’s the big reason why you need tax amendments. Once you’ve finally finished your return, the last thing you want to think about this what you need to do to tweak it.
Not only can we help you with that part of the process, we’ve even supplied a few reasons why you’d want to amend your taxes.
Unfortunately, the more ambitious you are, the more likely it is that you’re going to have to file an amendment on your taxes. The reason is a lot simpler than you might have imagined.
Let’s say you do several jobs a year and some of them are as a sole proprietor. You’ll get a variety of different forms you need to file . Sometimes the deadline for the financial institutions to send them to you can change.
If you don’t file an amendment after getting one of these corrected forms, your tax return won’t match what’s on file at the IRS.
It’s hard to find all of your deductions. Especially if you’re scrambling near the tax deadline to pull everything together. You might find while you’re putting away your records that you missed a sizable deduction to a charity. Amending your tax return to include something like that is an excellent idea.
However, it’s always a good idea to have a system in place to make sure that you don’t miss your deductions. If you’re tired of keeping all of those receipts in a shoebox under your desk, maybe it’s time to look at some online tools.
Even a simple Microsoft Excel spreadsheet is a good way to keep those records straight.
IRS Rule Changes
If you’re paying attention to our list of reasons why you’d file tax amendments, you’ll know right away why this one is so far down the list. It’s not often that the IRS changes their tax rules to work in your favor, but it can happen.
It’s important to remember that amending your tax return doesn’t necessarily mean you stand a higher chance of being audited. However, it is possible that you could be entitled to a larger refund.
Any mistakes that you make on your return will be more than likely caught by the IRS anyway. If you come in and see us, we can give you some other great reasons why you’d want to file tax amendments.