Amended Tax Return Preparation
Amending previously filed tax returns is necessary if you either failed to report taxable income on the original return or if you neglected to claim deductions, credits or perhaps are eligible to use a more beneficial tax filing status. In either case, you should amend the tax return as soon as possible for the following reasons:
- If you failed to report taxable income, for whatever reason, you will owe additional taxes plus interest which will continue to accrue until you file an amended return and pay the balance due. It is usually advisable to pay the balance due with the amended return and wait for the IRS to bill you for the interest charges.
- If you neglected to claim tax deductions, credits or a more favorable filing status, you can go back only 3 years to claim a refund from IRS. After 3 years, you still must file, but your refund is lost.
We can prepare your amended tax returns for a modest fee; and if you have a refund due, you will end up with extra cash, possibly a substantial amount, which would help in operating your business. If you owe money and are unable to pay the balance due in full with your amended return(s), we can help you arrange a payment plan with the IRS or other tax authority.
Learn About Our Other Services:
- Offer-In-Compromise
- IRS Audit Representation
- IRS Levy and Seizure Prevention
- Income Tax Installment Agreement
- Guaranteed Installment Agreement
- Payroll Tax Settlement
- Sales Tax Liabilty Assistance
- IRS Lien Release
- IRS Penalty Abatement
- Back Tax Return Preparation
- Wage Garnishment
Give us a call today at (804) 204-1040 or send us an email.