Its’ easy to make mistakes when you’re doing your own tax preparation. The IRS has a special procedure for fixing them.
That sense of accomplishment you feel after you’ve filed your income taxes can turn quickly to dread if you realize later that you made a mistake. What do you do now?
The IRS knows that this will happen to some taxpayers every year. The tax code is so complex, and if you prepare your taxes manually, you’ve probably been shuffling a lot of papers around.
So, first: Don’t panic. You can fix this. The IRS offers what’s called an amended return, the Form 1040X, for just this type of situation. [Read more…] about How Do You File an Amended Tax Return?