Millions of American’s file amended or original tax returns after the tax deadline every year. Both are subject to different limitations and scenarios. Hopefully I can help explain both of them to you in order to make the process a little bit easier for you. Keep in mind that we have all of the tools to make filing your amended tax return, or a tax return following an extension, as easy as possible.
Amended Tax Return
Amended tax returns can be filed for a variety of reason. In short, you should file an amended tax return if any of the return information was incorrectly entered or omitted on the original tax return. For example, say you overlooked a small W2 for an odd job that you worked during the year. You have already filed your tax return but realized after the fact that you forgot to include that W2. You can go back and amend the return, by adding the W2 that was previously left off, and correct the situation. One key item to remember is that almost all forms provided to you have also been provided to the IRS. This means that your tax filing may not match the tax FILE that the IRS has for you. While this discrepancy may not have been caught at first, the IRS will eventually notice the difference. A lot of people may neglect filing an amendment because they are afraid they will have to pay additional tax. While this is not always true, it is best to correct the mistake as early as possible to avoid paying increased penalties and interest down the line. Also, many times an amendment can result if a BIGGER refund. This is money that is owed to you by the IRS that you would not receive should you not file an amendment. You can also file an amendment for things such as changes in deductions or missing credits to name a few. If your amendment does result in additional refund, make sure you wait until you have received the original refund before you file the amendment. All amendments must be filed within 3 years of the original return filing or within 2 years of the date on which you paid the taxes due, whichever is later.
While taxes may be due on April 15th (or April 17th this past tax season) many people file extensions to allow them to file their tax return no later than October 15th of the same year. One common mistake that people make is in thinking that by filing an extension they are also extending the amount of time that they have to pay any tax that they may owe. This is NOT the case. All taxes owed are still due by the original filing deadline. You can request a tax extension in one of three ways. You can either file for the extension online (using TaxSlayer.com), you can pay all or some of the estimated tax that you owe, or you can mail in an application. All of these must be done by the filing deadline. Our personal service makes filing an extension very easy. Once you have filed for the extension in one of the methods mentioned above you can file your return like normal.