Northeast Philadelphia Tax Preparation Services Newsletters - Summer 2011
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The IRS allows you to file an amended tax return to correct your filing status, your income or to add deductions or credits you may have missed. Amended returns must be filed within three years of the original return. Read over the important facts below about filing amended tax returns and let me know if you think you may be a candidate for filing an amended return.
● Amended returns are filed using Form 1040X, Amended U.S. Individual Income Tax Return. This form can be filed to correct previously filed Forms 1040, 1040A, or 1040EZ.
● An amended return cannot be filed electronically. It must be filed by a paper form.
● Generally, you do not need to file an amended return due to math errors. The IRS will automatically make that correction. Also, you do not have to file an amended return because you forgot to attach tax forms, such as W-2s or schedules. The IRS normally will send a request asking for those.
● You must file Form 1040X within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later.
● If you need to amend more than one tax return, you will have to file a separate form for each one and mail them in separate envelopes.
● If you are filing to claim an additional refund, we will need to wait until you have received your original refund before filing Form 1040X. You may cash that check while waiting for any additional refund.
● If you owe additional tax, it is best to file the amended return and pay the tax before the due date of the original return to limit interest and penalty charges that could accrue on your account. Interest is charged on any tax not paid by the due date of the original return.
● Your state tax liability may be affected by a change made on your federal return. Therefore, we may need to correct the state return as well.
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In preparing
your small business tax return for your Northeast Philadelphia Small Business,
please do not hesitate in contacting your Northeast Philadelphia Tax
Accountants at 215-667-8839. We proudly
provide accounting and tax preparation to small businesses in Northeast
Philadelphia.
Source:
National Society of Tax Professionals
About Us:
Excellence
Accounting and Tax Services are your Northeast Philadelphia Tax Accountants
with 24 years of combined Accounting, Tax, and Auditing Experience. We provide Accounting and Tax Preparation Services
to Small Businesses in Northeast Philadelphia.
We also have other tax locations in Northern Liberties in Philadelphia.
If you have any question on what is deductible for
your Northeast Philadelphia Business, please do not hesitate in contacting your
Northeast Philadelphia Tax Accountants.
We proudly provide tax preparation and accounting to Northeast
Philadelphia. Please do not hesitate in
contacting us at 215-667-8839 or visit our website at www.excellencetaxservices.com
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