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Did you discover errors on your tax return? I know how frightening it can be, but fortunately, it’s not as hard to fix as you think.
If you catch the error before the IRS tax due date or the IRS extended due date (October 15), you can file what’s called a superseding return. This is just a corrected return that you file before the final deadline to file taxes for the year.
The IRS will use the corrected filing along with your original filing to complete your taxes for the year.
If you discover the error after the IRS tax due date including the extended due date, you can file what’s called a qualified amended return. This is a return you file with corrections after the due date but before the IRS contacts you about the issue. If you catch the errors early enough, you may sidestep the hefty 20% penalty the IRS charges for accuracy issues.
The key is to catch your mistakes early. There’s no penalty for making mistakes if you catch them in time. If you don’t catch it, you’re looking at interest accrual and penalties, each of which adds up to a much larger liability.
If you need help with fixing an already filed return, call us at 714-383-2307 and we’ll help you figure out the best way to amend your return.