2020 taxes were some of the most difficult to prepare in years. With so many updates and changes to the tax code due to the COVID-19 pandemic, millions of Americans found themselves confused by these last-minute updates. Even some tax preparers had trouble keeping up. All of this has led to what will likely be a record number of discrepancies on tax returns and refunds. If you find yourself with an issue on your tax return, be proactive and discuss it with someone who specializes in resolving issues with the Federal and State taxing authorities. Here at Inside Out Tax, we know the best way to deal with the IRS because we used to work for the IRS. Contact us today about fixing your return. Here are three tips to get you started on dealing with a return related issue.
File A Form 1040-X
If you discover that you may have made a mistake or accidentally omitted taxable income, then you will need to file a Form 1040-X with the IRS. This form will allow you to go back and revise your original information. If you have a return preparer that typically files your information, then they can help walk you through this process. Make sure you always review anything that is prepared for you. At the end of the day, you don’t want to misrepresent your income, credits, or deductions.
Track Your Amended Return
Once you file your Form 1040-X, you can track this information through the “Where’s My Amended Return?” tool on the IRS website. This service allows you to easily track and manage your amended return. If you have multiple years or multiple amendments, you can easily track all that information using this link.
Know Your Rights
As a taxpayer, you have quite a few rights when it comes to your tax information. Besides many others, the most astute one is The Right to Pay No More than the Correct Amount of Tax. Amending your tax return can save you from costly penalties or even help resolve complex issues, so make sure that you are taking full advantage of this when you find any issues or discrepancies. If you would like to learn more about how you can easily deal with the IRS to correct a previously filed tax return or to quickly resolve a tax issue, then contact Inside Out Tax Resolution Services today.