How To Amend A Tax Return

If you’ve filed a tax return this year and suddenly received any additional tax forms or noticed that something wasn’t quite right with it, you’ve probably wondered if it’s possible to amend it and save on the fees associated with having it be incorrect.

The form you need to know about when looking into amending your tax return is IRS form 1040X. You can use this form to correct your income in the event you input it wrong, change deductions or credits you may have accidentally taken or forgotten to claim, change the number of exemptions you’re allowed, amend your filing status (married, single, head of household, etc), or update your healthcare status (you can be fined if you didn’t have healthcare coverage during the year). You also can claim what’s called a “retroactive refundable credit” – making you able to change issues from up to three years prior.

However, you cannot use IRS form 1040x on your tax return to make changes to accidental math errors or to submit missing forms. Reach out to the IRS directly for the appropriate forms for those situation. It also doesn’t apply to requesting refunds from penalties or interest or to add taxes that you have already paid. If you have questions, it’s best to contact the IRS directly to make sure you’re submitting the best form.

The form itself is very simple and easy to understand. It consists of an original amount column, an amended amount column, boxes to check off to verify your status and an open section for you to explain why you’re needing to make any changes to your tax return.

And don’t worry! According to the statistics from the IRS, filing an amended tax return does not increase your risk of being audited! They actually use an incredibly complex system to decide who gets audited, called the Discriminate Inventory Function. This system compares your tax return to that of other tax payers, looking for any major deviation from the norm. Even if your tax return sets any alarms off in this system, a real life IRS agent will review it before making the decision to audit.

Here are few tips for a successful tax return amendment :

– Only file after you have filed the original tax return.

– You must file a 1040x on paper, there is no option for electronic filing.

– Make sure you note on the form what year you are filing the amendment for.

– Check your state taxes as well to verify you don’t need to file an amendment there as well.

It normally takes 8 – 12 weeks for the IRS to process your amendment. You can track your progress on the IRS website! Amending a tax return can seem like scary business but we hope you learned a few things about how to best do it in the unlikely event that you need to. Don’t be intimidated. Please visit www.taxreturn247.com.au for additional hints and information on amending your tax return!

Should You Get Professional Help When Dealing With Your Tax Return? How to Make Your Refunds Quicker

No-one likes when tax time rolls around however, for most they want to find a simpler way to receive their tax refunds. Now, for most they look at professional services to help speed up the process. However, does that really make a big difference? Should you contact a professional tax accountant or should you do this on your own? Read on and find out about the ways in which you can speed up your refunds.

Will A Professional Make Tax Refunds Get To You Quicker?

Heading to a professional accountant or tax professional may appear to be the ideal solution but this might not help speed up the refunds process. Once you file a tax return, whether it’s by your own hand or via a professional, there is still the usual processing time. Most people seem to think hiring a professional will make the process go quicker but not always. The refunds process takes real time and you have to remember that there are millions of returns to process so it’s not a fast turnaround thing. However, there are simple ways to help speed up the process.

Ensure Every Detail Is Accurate

If you wanted to speed up the returns process and potentially help speed up the refund step also then it is vital to ensure your details are fully updated and correct. You not only need to ensure your contact info is kept updated but that the information you prove on your returns are also accurate. Mistakes can cause a delay and make things far more troublesome so it may be best to double check all information. If you want to know more, check out www.taxreturn247.com.au.

File Promptly

If you want to get a quicker refund then you have to ensure everything is filed on time and preferably extremely quickly. Getting a quick refund is important for most so it may be necessary to ensure you file on time. Leaving the tax return until the very last minute is really risky and troublesome too as it can cause a few issues. You really need to ensure you file quickly so that the refund process time can be processed far quicker.

Be Patient

When it comes to tax refunds, they will get to you eventuality. Yes, there might be a few delays for one reason or another but if you’re entitled to something, you will get it! The important thing to remember is that you have to be patient. You might wait a little while however it won’t be such a lengthy waiting time. Don’t panic if you don’t hear something within days of submitting your returns.

Taxes Can Be Simple If You Don’t Panic

It’s necessary to take the necessary steps and ensure your taxes are dealt with. If you have the resources to pay for a professional then you could use them. However, if you feel happy to deal with this by yourself then that is an option too. Take your time to choose the right option and hopefully you’ll receive tax refunds very quickly.

Unclaimed Tax Refunds – Does the IRS Owe You Some Money?

You are entitled to restitution (or, in other words tax refund) if you have any source of income and paid income tax for the most part of the last year (the tax is deducted from the payroll of employees, for example). At the time of filing for a tax refund, the program works everything out for you so you will know whether or not the government owes you, or, worse, you have to pay extra tax to the government.

Those who has many deductions as kids and medical expenses, for example, enjoys tax breaks (which means they may get cash back or not have to pay any extra tax to the government). In the end, you should, in most cases, benefit from a tax breaks and be entitled to a rebate.

How to know if you are eligible to get cash refund

If you are eligible to receive an income tax refund, be aware of the payment and look for regularly the release of the cash. The government program usually releases cash at different times, so make sure you do not miss the opportunity to get your money as soon as possible. The refund shall be adjusted by the country´s interest rates. From completing and sending the form to the time it is made available to the taxpayer, additional costs will not be incurred.

If there are any errors made when in filling out the bank details, or the bank account has been closed during this batch release period, the money will go back to the bank and you must look for the government to get the issue solved. The deadline for contacting the institution, and informing them of a new bank account in your name, is one year. After this period, the request can only be made by completing the formalized Restitution Payment Request, which is available on the government´s website.

The details are important every time

Lots of tax refund batches, which will be paid from the first month of release, prioritize the elderly and those with certain disabilities or serious illnesses. After the release of these payments, the government uses as a criterion of priority the delivery date of the statement.

If you delivered a rectifying statement to correct any errors in your form, remember: The revenue will consider setting priorities with repayments, and the date of rectification of your income tax.

Unclaimed Tax Refunds

Track your tax refund

To verify that the refund was released, visit the Revenue. You can also track your refund by calling specific offices (depending where you are), or using the mobile app, available for smartphones and tablets that use the Android operating system or iOS (Apple iPhone).visit the original source at http://abc7ny.com/finance/unclaimed-funds-$950m-unclaimed-federal-tax-refunds-from-2012/1240765/

You will know when your refund has been released by registering your phone for free incoming text message (SMS or torpedo). Just ask the register once to activate it.

We hope our tips on tax refund were useful and we hope that you get your cash as soon as possible. Good luck!