Do you need to AMEND your tax return?
You may need to amend your tax return if:
1. You discovered a tax document that you did not include in your original return.
2. You forgot to include a deduction or credit that you were entitled to.
3. You made a mistake on a prior return that you need to correct.
We will work with you to file an AMENDED return. Our Fee is $85.
Here is what to do:
You will need:
A copy of a photo ID and/or social security card
A copy of the original tax return
Documents that you forgot to include (w-2, 1099, mortgage statements).
The IRS now has the ability to receive Amended returns electronically.
E-Mail Lexington Tax Preparation or call Jeoffrey Jenkins at (309) 261-3310
Amended Returns - Timing
Generally, to claim a refund, you must file Form 1040X within three years from the date when the original return was filed or within two years from the date the tax was paid, whichever is later.
IRS processing time for amended returns has historically been 8 to 12 weeks. However, now that the IRS is accepting amended returns electronically it should not take quite as long to process.
Prior, unfiled returns
If you are behind in filing one or more years of tax returns:
You may be overwhelmed by circumstances in your life or you owe the IRS or think you will owe. Perhaps you do not know where to start. A big step is deciding to move forward. We can help.
More than likely the IRS has filed a return for you based on tax documents that they have received from an employer or other entities (W-2s and 1099s). If the IRS files a return for you is called a “substitute for return” or SRF. This does not mean that you do not need to file, because these SRFs are usually inaccurate, and do not give you all of the tax benefits that you may be entitled to. They will likely show that you owe more money than you really do owe.
Until you file your tax return, the IRS may place a judgment against you or arrange to take money from your paycheck.
You may still have the necessary tax documents (1099s, W-2s etc.). Even if you do, we can help you order a copy of your transcripts from the IRS. A transcript should be ordered for each tax year that you have not filed.
Gathering and organizing this information will help you or your Tax Professional prepare accurate tax returns. E-mail Lexington Tax Preparation.