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If you made an error on your tax return, don’t worry—there are two easy ways to fix it:
- A superseding return
- A qualified amended return
A superseding return is an amended or corrected tax return filed on or before the original or extended due date. The I.R.S. considers the changes on a superseding return to be part of your original tax return.
A qualified amended return is an amended return that you file after the due date of the return (including extensions) and before the earliest of several events, but most likely when the I.R.S. contacts you for an examination of the return. If you file a qualified amended return, you avoid the 20 percent accuracy-related penalty on that mistake.
When it comes to the I.R.S., an ounce of prevention is worth a pound of cure. If you made a mistake, fix it as soon as you know about it, which will save you penalties, increased interest accruals, and the headache of an I.R.S. review of your tax return.
Are you interested in learning more about this? Let’s discuss more in a strategy session. Book Your Free Tax Assessment Here.