Tax returns Archives - JT Tax Services

What Is an Amended Tax Return?

May 27, 2021

If you filed your taxes by the May 17 deadline but just realized that your return has errors or is missing information, then you may need to file an amended return. Keep reading to learn everything about amended returns, from what they are to how to file one.

What Is an Amended Tax Return?

An amended tax return is a return you file to correct an error or omission included in the return you filed previously.

While the basic principle is simple, not all errors and omissions merit filing an amended return, as we’ll see in the next section.

When Should I File an Amended Return?

The IRS recommends filing an amended return only in certain situations. For example, you are NOT usually required to file an amended return to correct math errors or if you forgot to include a schedule or a form with your original return.

In the scenarios described above, the IRS usually corrects math errors and then notifies you by mail. When it comes to schedules and forms, the agency will send you a letter requesting any missing documents.

On the other hand, there are some cases where you are expected to file an amended tax return. This includes all the errors related to your filing status, income, deductions, and credits.

If you are still not sure whether you should file an amended tax return, you can use the free online tool Should I File an Amended Tax Return? provided by the IRS.

How to File an Amended Return?

If you need to file an amended tax return, you can submit Form 1040-X electronically. It’s worth keeping in mind that if you are expecting a refund, you should not file an amended return before the original return has been processed.

If you need assistance with this or any other tax topic, don’t hesitate to seek the assistance of a professional who can offer guidance and advice. This way you’ll save time and money!

Contact the Experts at JT Tax Services

Do you need help filing your 2020 tax return? Do you want to learn more about Economic Impact Payments? At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.

Need to Recover Tax Returns From Previous Years? Here’s What to Do

By: UNIKO Media Group

October 21, 2020

In theory, you are supposed to keep copies of your tax returns and all supporting documents for at least three years. If you lost your tax returns, or you couldn’t keep them for any other reason, don’t worry. These are your options if you need tax returns from previous years.

Ask Your Tax Preparer or Software Provider

If you work with a software provider or a tax preparer, the first step is asking them. They may be able to provide you with copies of past tax returns.

Request a Transcript

If you don’t work with a software provider or tax preparer, or if they don’t have copies of your returns, you can request a tax transcript from the Internal Revenue Service (IRS). This document is free but conceals some personal information to protect the identity of taxpayers. Other than that, all financial entries are fully visible. There are three ways to request a transcript:

Online: Use the tool Get Transcript to view, print, or download all types of transcripts. If you prefer so, you can also decide to get your transcript by traditional mail (in that case, consider that it may take five to 10 days for it to arrive).
By phone: Call the IRS at 800-908-9946.
By mail: Complete and send forms 4506-T (to request a transcript of your tax return) or 4506-T-EZ (to request other tax records such as W-2 information or 1099 information, among others).

Request a Copy of Your Tax Return

To get a copy of your tax return, complete Form 4506 and mail it to the IRS that appears on the form. Keep in mind that a fee of $50 for each copy applies and that it may take the IRS up to 75 days to process your request. Copies are available for the current tax year and up to six years prior.

More Tax Tips

Learning more about taxes is well worth the effort: It can save you time, money, and frustration! Check out these previous posts to learn more about deductions, deadlines, tax credits, and everything in between:

Get Advice From the Experts at JT Tax Services

Our experts at JT Tax Services stand ready to meet all your tax needs. We help you file your taxes with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.

We are located in Oxnard, California. Contact us by email, telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to learn more about our services.