Thursday, April 16, 2009

Do You Want More $$ In Your Pocket On Your Tax Returns?

If you just filed your 2008 1040 Federal Tax Return and six months dowu cnn the road you need yo make some changes, you can amend a return by filing out a form 1040X. If you need to make changes to your filing status, dependants, total income, deduction or credits. Below are some facts you need to know when amending a return:

*Generally, you do not need to file an amended return for math errors as the IRS will be ale to make the correction for you.
*You also do not usually need to file an amended return because you forgot to include forms – such as W-2s or schedules – when you filed; the IRS normally requests those forms from you.
*Be sure to enter the year of the return you are amending at the top of Form 1040X. Generally, you must file Form 1040X within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later.
*If you are amending more than one tax return, prepare a 1040X for each return and mail them in separate envelopes to the IRS processing center for the area in which you live. The 1040X instructions list the addresses for the centers.
*If the changes involve another schedule or form, attach it to the 1040X.
*If you are filing to claim an additional refund, wait until you have received your original refund before filing Form 1040X. You may cash that check while waiting for any additional refund.
*If you owe additional tax for 2008, you should file Form 1040X and pay the tax as soon as possible to limit interest and penalty charges.
Interest is charged on any tax not paid by the due date of the original return, without regard to extensions.

If there are changes that need to be made to your return, don't neglect to make those changes when they could mean more tax deductions or more of a refund !

1 comment:

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