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Many people make mistakes on their tax returns each year. Some forget to include income, while others don’t claim credits they’re entitled to. Don’t worry: you can correct your tax return after filing—and we’ll show you how.
If you make a mistake on your tax return, it’s important to correct it as soon as possible. Several things can happen, depending on who finds the error—you or the IRS—and how you handle it. Let’s look at three common scenarios.
Let’s imagine you notice your mistake right away. Your first instinct might be to file a brand-new return—but don’t do that. Instead, follow the instructions we give later to complete an amended return.
The IRS might notice your mistake and send you a notice to correct your return. If this happens to you, don’t worry. Just complete the appropriate tax form by the deadline written on your notice. It’s that simple.
If nobody finds your error, your tax return might get processed with the mistake intact. Unfortunately, your oversight might turn up during an IRS audit, and if that happens, you could end up with an unexpected and large tax bill—plus interest.
Tax amendments aren’t a one-size-fits-all thing. If the IRS sends you a notice, follow its instructions to resolve your mistake. If you notice an error independently, here’s what you need to do.
Tax returns are complex—some more so than others—and they’re easy to get wrong. Even pros miscalculate from time to time. Here are a few of the most common tax blunders.
The IRS does sometimes correct returns automatically. If the IRS notices an arithmetic error, for example, it’ll usually fix the oversight and notify the taxpayer.
Most tax filing errors are innocent mistakes. Still, there are things you can do to reduce careless errors and improve accuracy. Here are three tips to help you stay on top of your tax return.
Create a filing system for receipts, payments, business miles, and invoices so you don’t have to scramble to retrieve information at tax time. Organized people miss deductions and credits less often.
Triple-check that you have all the information you need before filing your taxes. If you need extra time to do your taxes, file a six-month extension by April 18, 2022. Make sure you pay the taxes you’ll owe by April 18, though, or they’ll accrue interest—and a tax estimate is much better than nothing.
To get the most out of tax season, make sure you use a high-quality tax filing software. Professional services help eliminate errors and ensure you are getting the tax return you deserve.
You’re only human. And taxes can be complicated. If you make a mistake on your taxes, don’t panic. Just do your best to fix it. But if you can, try to avoid making mistakes on your taxes by being as careful as possible.
Don’t rush your taxes this season. Instead, wait until you have all the information you need and file with a highly rated DIY solution. Create a filing system for tax-related documents to keep them straight, and double-check your forms before hitting the submit button.