Tax Tip of the Week
900 N. Kings Highway, Cherry Hill, New Jersey 08034
856.667.4100 ·
215.563.0276 ·
Fax: 856.667.3652
For the week of
April 10, 2000
You can file an amended return without fear
Your old tax return may need amending. If you forgot to report
income or if you failed to take a deduction which would have reduced your taxes, you can file an amended tax return.
There is no need to fear the IRS because you file a corrected tax return. It is a very routine matter. The more
complicated the tax law becomes and the more involved one's investments become, the greater the chance that a previously
filed tax return may need correcting.
Oversights and missing information are quite common. You are not in this boat alone.
Amended returns are also called for if tax law changes allow for retroactive adjustments, which has been the case
in the past few tax bills.
An amended tax return may result in either a refund or a balance due. In either case, Form 1040X is usually required
to be filed within three years from the due date of the original tax return.
The decision about whether or not to file an amended return often swings on the amount of money involved. Unless
your amended return is requesting a rather sizable refund, it should not make you a bigger audit target than your
original tax return.
If you think you may need to amend a prior return,
call us. We are here to see that you pay no more than the law requires.
Click here to view previous tax tips.
"Tax Tips" are published weekly to
provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders,
and current tax information.
The information contained in this site is of a general nature and should not be acted upon in your specific situation
without further details and/or professional assistance.
If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list
to receive other tax-cutting information from time to time, please contact our office. We're here to help.
