Tax time is easy for some and more stressful for others. Some individuals are required to file business taxes, individual income taxes, and even other types that can make the matter overwhelming to get through. While most people elect to hire a tax preparer, sometimes, mistakes arise which can lead to issues for you. The IRS has certain red flags they keep an eye out for and if your mistake catches their attention, they are going to come after you.
No matter what type of situation you are dealing with, if it involves the IRS or your state’s Department of Revenue, you need to speak with one of our knowledgeable tax lawyers in South Carolina who can provide some insight as to what could come about from this.
Looking to Amend Your Tax Return?
Although it is expected that all the information and income you submit to the IRS during tax season is accurate and correct, sometimes mistakes do happen. For this reason, the IRS allows you to amend your return which gives you the opportunity to make any necessary corrections you need.
If you have been notified by the IRS that they have recognized a mistake in your income reporting’s or your deductions, you are going to want to rectify this situation immediately. The IRS may give you some time to do this but should they attempt to penalize you for something you were already attempting to correct, it may be in your best interest to have one of our tax attorneys in South Carolina represent you and speak with an IRS agent as soon as possible. They may be able to work something out that will allow you to file your correction and not face the penalty the IRS is trying to impose on you.
Here are Some Tips to Help You Properly Amend Your Return
Amending a return could mean you are either entitled to more money or you may be owing the government. If you are entitled to a refund, you can file Form 1040X within three years after the date you filed your original return or two years after you paid the tax. Sometimes, taxpayers find a mistake in their return where the IRS may owe them money. If this is your case, you are going to want to take the necessary steps to get your money back as soon as possible.
Now, if you have found an error and it has resulted in you having to pay back some of the money you earned for the filed year, you can avoid penalties and interest if the tax filing deadline hasn’t passed. The IRS states that this can be done using the Form 1040X as well.
To learn more about amending a return and how you should go about doing it should you find you may owe the government more money than expected, give us a call and allow an agent to find you a tax attorney in South Carolina practicing in your city who can assist you.
And to gain the best legal representative to help you with your tax issue, give us a call and we will gladly help you get connected to the right professional free of charge.