If you are not using a full-service tax and accounting firm that specializes in New York State personal income taxes, a mistake on your return can easily happen. Here at 212 Tax & Accounting Services, we have specialists in place who can help find mistakes that taxpayers frequently make on their personal income taxes. We often file amendments for our clients so they can receive the money they rightfully deserve. The amendment process can be tricky and, in certain circumstances, may not be necessary. Here is more information on the NYS tax return amendment process and when it is needed.

You need to file a tax amendment with the IRS.

If there is a mistake on your previous tax return an amendment must be sent to the IRS. Some mistakes that require you to file an amendment include wrong filing status, incorrect number of dependents, discrepancies in total income, unused tax credits, and/or claimed tax deductions.

After filing an amendment using the Form 1040X, it usually takes eight to twelve weeks to be processed. The form itself lists all the possible reasons you may need to file for an amendment and what to expect in the process. If you are filing amendments for multiple years, you will need to fill out Form 1040X for each tax return. Keep in mind, multiple amendments take much longer to process and the IRS may contact you to answer questions regarding your amendments. Generally, an amended return must be filed within three years of filing your original return or within two years of paying your taxes, whichever is later.

You do not need to file a tax amendment with the IRS.

If you notice a mathematical error on your taxes, there is no need to file a tax amendment. The IRS always takes the time to review the calculations on your return, so once reviewed it will be corrected. If you owe more taxes than originally calculated or are owed a larger refund than stated on your return, this can be requested by you or will be sent to you once the IRS completes their review.

If you notice that you forgot to include a schedule or form with your original return, an amendment is not required. If the IRS is missing proof, forms, or information, you will receive a letter requesting the additional information. Once you receive this communication, you can send the information directly to the IRS with no amendment needed.

Filing a New York State amended tax return can be complicated, without the proper knowledge of tax codes, but worthwhile. Whether you receive an additional tax refund or owe more taxes, filing your return properly and without errors is the best way to dodge an audit or hefty interest payments with the IRS. An NYC professional tax and accounting firm, such as 212 Tax, can help you avoid mistakes and ensure that your taxes are filed properly. If you think you may need to file a tax amendment or simply want to gain peace of mind regarding your taxes, give 212 Tax & Accounting Services a call today!