Oct
11

OOPS! My tax return has a mistake!

It may not be too late if you’ve made a mistake
Have you filed your tax return and suddenly realized you made a mistake?

Or, maybe you realized that you were eligible for a credit that you didn’t take on last year’s tax return. Well, you may be able to amend your tax return which could result in a refund. If you are within three years from the date you filed your original return, you can amend your taxes by filing Form 1040X.
Here are some facts about amending your federal tax return:
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When to amend a return: You should file an amended return if your filing status, your dependents, your total income or your deductions or credits were reported incorrectly.
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When NOT to amend a return: The IRS usually corrects math errors or requests missing forms — such as Forms W-2 or schedules — when processing an original return. In these instances, do not amend your return.
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Form to use: Use Form 1040X, Amended U.S. Individual Income Tax Return, to amend a previously filed Form 1040, 1040A or 1040EZ. Make sure you check the box for the year of the return you are amending on the Form 1040X. Amended tax returns cannot be filed electronically.
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Multiple amended returns: If you are amending more than one year’s tax return, prepare a Form 1040X for each return and mail them in separate envelopes to the appropriate IRS processing center.
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Other forms or schedules: If the changes involve other schedules or forms, attach them to the Form 1040X.
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Additional refund: 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.

Additional tax: If you owe additional tax, you should file Form 1040X and pay the tax as soon as possible to limit interest and penalty charges.
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When to file: Generally, to claim a refund, 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.
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Processing time: Normal processing time for amended returns is 8 to 12 weeks.

Contact us if you need to file an amended return! We can help!

Aug
24

IRS Notices to Taxpayers

Every year the Internal Revenue Service sends millions of letters and notices to taxpayers, but that doesn’t mean you need to worry. Here are eight things every taxpayer should know about IRS notices – just in case one shows up in your mailbox. Read the rest of this entry »

Aug
17

Tax Deductions for Moving Expenses

Moving can be expensive, but the IRS offers 10 tax tips on deducting some of those expenses if your move is related to starting a new job or a new job location.

  1. Move must be closely related to start of work Generally, you can consider moving expenses incurred within one year from the date you first reported to a new location, as closely related in time to the start of work.
  2. Distance Test Your move meets the distance test if your new main job location is at least 50 miles farther from your former home than your previous job location was. Read the rest of this entry »

Aug
17

Education Expenses

Whether you’re a recent graduate going to college for the first time or a returning student, it will soon be time to get to campus – and payment deadlines for tuition and other fees are not far behind. The Internal Revenue Service reminds students or parents paying such expenses to keep receipts and to be aware of some tax benefits that can help offset college costs. Read the rest of this entry »

Aug
10

New Business Packages

For those new entrepreneurs, setting up your accounting at the beginning of your new business venture is critical to the success of your business.  In order for financial data to be useful it must be two things; timely and accurate.  We can help you with both and work beside you to bring you the best information you need to make sound financial decisions. The initial accounting records, general ledger, and financial statements establish the basis for decision making throughout the year and if not correct, important decisions regarding your financial future may be misleading or incorrect. Read the rest of this entry »

Aug
10

Payroll Processing Packages

If you are tired of processing payroll, making deposits, preparing quarterly and annual payroll reports for all the government agencies, let us do all the work for you. Your time, and that of your staff, is important and valuable. Let us do what we do best so your staff can concentrate on your product or service. Read the rest of this entry »