The Internal Revenue Service (IRS) has announced a game-changer: later this summer, taxpayers will be able to file Form 1040-X, Amended U.S Individual Income Tax Return, electronically. Before this year, you could only amend your tax return by paper. At the best of times, that could mean a six-to-eight week wait for processing. And these are not the…
Most folks assume that work for tax professionals tapers off after Tax Day, but for many of us, the pace actually picks up. This is often the time when the tough questions begin. And chief among them: What happens if you discover a mistake on your tax return? My answer is almost always the same:…
It’s my annual “Taxes from A to Z” series! Next up: X Is For 1040X Mistakes happen. And sometimes, no matter how careful you are, those mistakes happen on a federal income tax return. Those mistakes – no matter how innocent or unintentional – can affect your federal income tax liability. While it’s tempting to…
Mistakes happen. And sometimes, no matter how careful you are, those mistakes happen on a federal income tax return. You know what I’m talking about: a transposed number, a missed form, an overlooked schedule… Those are all innocent mistakes that can affect your federal income tax liability. While it’s tempting to fret over it, there’s…
We all like for things to be simple. We gravitate towards words like easy, elementary, and effortless. It all sounds so very… uncomplicated. Taxes, on the other hand, can be complicated. And as taxpayers, we find that frustrating. So it would make sense, then, that we would snatch up the easiest, least complicated tax forms…
Taxpayer asks: Hi Taxgirl, I’m helping a non-profit run its VITA program this year. I just found out today that due to late passage of the AMT patch, taxpayers trying to claim ed credits won’t be able to file until the Service fixes its computers. The target date for that is Feb. 11. Do you…