{"id":658,"date":"2018-03-08T08:43:15","date_gmt":"2018-03-08T08:43:15","guid":{"rendered":"https:\/\/taxreliefprofessional.com\/?p=533"},"modified":"2023-08-30T13:52:43","modified_gmt":"2023-08-30T13:52:43","slug":"what-to-do-if-the-irs-catches-an-issue-with-your-taxes","status":"publish","type":"post","link":"https:\/\/taxreliefprofessional.com\/irs-tax-audits\/what-to-do-if-the-irs-catches-an-issue-with-your-taxes","title":{"rendered":"What to Do If the IRS Catches an Issue with Your Taxes"},"content":{"rendered":"\n

If you managed to get your taxes in on time, you’re one step ahead of the 7 million Americans<\/a> who fail to file their taxes at all. While you may have made every effort to cross every “t” and dot every “i”, the IRS might catch an issue and reach out. If you have to file an amended tax return, you could easily start to get worried.<\/p>\n\n\n\n

Thankfully, it’s not hard to amend your return. There’s already a form for it that comes with comprehensive instructions that should make the process pretty straightforward. However, if you made mistakes the first time, it’s understandable that you might fear that you may be repeating your errors.<\/p>\n\n\n\n

If you’re stuck having to file an amended tax return and don’t know what to do, make sure you carve out some time in your schedule to focus. Follow these 9 steps and the process should go swimmingly.<\/p>\n\n\n\n

1. You’ll Have To Mail It<\/h2>\n\n\n\n

While you might have loved the ease of e-filing your tax return the first time, you won’t be able to enjoy the same simplicity the next time around. When you file Form 1040X, your amended Individual Income Tax Return, you’ll need to head to the post office. The IRS wants to see the form in pen and ink.<\/p>\n\n\n\n

Every 1040X you can find online or in a tax office should come with instructions attached. Otherwise, you can use the IRS’s own instructions<\/a> to guide you through the form. Those instructions have everything you need to know about each section in the form as well as where to send it when you’re done.<\/p>\n\n\n\n

2. Use 1040X For Corrections<\/h2>\n\n\n\n

If you know that you made a mistake in advance of being contacted by the IRS, you still need to use the 1040X. With the 1040X you can amend any credits or deductions that are missing on your original form. If you forgot to write something off, it’s not too late to make it known to the IRS.<\/p>\n\n\n\n

Many people write off business losses, major donations, or assets handed over. In the span of a year, it can be easy to forget even something big. Hold onto your receipts and all of your paperwork until you’re sure you don’t need it.<\/p>\n\n\n\n

3. Know When You Don’t Need To Amend<\/h2>\n\n\n\n

Don’t freak out if you made a simple math or arithmetic error. They’re pretty common among people who don’t do taxes for a living. When the IRS gets your tax return form, they’ll do the math one more time.<\/p>\n\n\n\n

If they find a mistake, they’ll send you a letter or ask for any additional documentation. If you subtracted a loss and didn’t account for it, they might need to see receipts or bank statements that back up what you’ve done or where you’ve been. Until that time, don’t stress about it.<\/p>\n\n\n

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\n Evaluate your tax situation\n <\/h2>\n

\n By evaluating your tax situation, you can identify areas where you may be able to reduce your tax burden and make informed decisions about your financial future.\n <\/p>\n \n \n\n\n

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