
Missed the tax deadline? Here’s what you should do
If you haven’t filed your taxes yet, don’t panic — but act fast.
Amended return is a concept you need to understand. Bankrate explains.
The phrase amended return refers to changes made to a tax return from prior years. If you made a mistake on your tax return, filing an amended return with the Internal Revenue Service (IRS) corrects the errors.
Taxpayers have three years to amend any mistakes made on a tax return. Meanwhile, the IRS performs random audits of tax returns going back six years. If the IRS believes a taxpayer deliberately submitted a fraudulent return, there is no statute of limitations on reopening a file for auditing. IRS form 1040X is used to file amended returns.
Submitting an amended return will not get you into trouble with the IRS. On the contrary, they encourage taxpayers to file amended returns if errors need to be fixed. Reasons for filing an amended return include needing to correct filing status, incorrect total income or number of dependents, or to claim tax deductions or credits that were not claimed when the original return was filed.
Don’t forget about state taxes. If the need arises to amend a federal tax return, it’s normally necessary to file an amended state return as well. As with the federal return, do it as soon as you realize there’s a problem to minimize interest and penalties.
If a taxpayer misreported how much money she made or forgot to claim a dependent or a tax credit, an amended return can fix the situation. One situation in which you don’t need to file an amended return is if you find you made mathematical errors. The IRS automatically searches for, and corrects, such errors.
If you haven’t filed your taxes yet, don’t panic — but act fast.
Typically, taxpayers have two options: Take the itemized deductions or take the standard deduction.
Regardless of what may cause a person to miss the tax-filing deadline, there are potential consequences.
Applying for more time to file your taxes is easy. Just don’t put off paying your tax bill.
The fast-approaching deadline for filing your 2021 taxes is April 18, 2022.
There are seven tax brackets for most ordinary income: 10%, 12%, 22%, 24%, 32%, 35% and 37%.
The credit was confusing even before Congress revamped it for 2021.
Here’s how to use a Roth IRA to pay for your child’s college tuition.
This popular tax break can be one of the trickiest.