How to Refile Taxes

Imagine a situation when you discover that you have made certain errors while filing your income tax returns. The first question that comes to your mind is can you refile taxes? Yes, there is a provision which allows you to refile your taxes. Refiling taxes can be demanding, but a complete know-how about refiling taxes might make the task less daunting. One important point to remember is that the tax returns can be amended only up to the first three years of the initial filing and after that changes cannot be made. So, if you made some errors while filing your returns, do not panic, check the following steps mentioned below to know how to refile income tax.

Refiling Taxes

• The first thing that you need to do is to check the errors that you have made while filing your tax returns are not repeated. So, carefully check all the tax deductions, tax credits etc., before you start refiling your taxes.
• To refile your taxes, you need to put the information on Form 1040X. You can download this form from the Internal Revenue Service website or you can call the IRS helpline to get a copy sent across to you.
• You will have to explain all the errors that you have made on the Form 1040X. This form has three columns, column A, column B and column C. In column A you have to mention the information from your previous form, in column B you list down the differences and in column C, you have to put the new information.
• Make sure that you have documented proofs of all the changes you are making while refiling the taxes, as these returns are audited by IRS officials.
• Finally, you can submit your new income tax returns to the IRS. You can do this either by mail or you can visit your local IRS office to deposit it personally.

Well, we would always advise that you try to carefully file your income tax returns so that you do not have to go through the hassle of refiling your taxes.

Income Tax Returns - Some Common Errors

• The most common mistakes are made while entering the digits. Stay patient and ensure that you are entering all the digits correctly. If possible take the help of a family member who can double-check the figures for you.
• While submitting your returns, make sure that you have signed the document, mentioned your social security number and tax ID number correctly. If any of these is incorrect or not filled, chances are that your refunds would be delayed.
• Attaching relevant forms along with your tax returns ensures that your return is processes by the IRS. Some of the important forms that you need to attach with the tax returns are Form W-2, Form 1040, Form 07, etc.
• Maintaining all the bills, receipts etc., over a course of a whole year is a bit difficult. While filing your returns, try to check the list of all the important tax-deductible expenses by taking a look at your bank statements, credit card statements.
• We understand that a lot of people reluctantly pay up, but sending an unsigned check won't make things better! This is one of the most common mistakes taxpayers make while filing their income tax returns.
• Recession has made people value every penny, but the IRS thinks otherwise. If you forget to round off cents to the nearest dollar, chances are that your returns would not be processed.

These were some of the common mistakes people make while filing their taxes. Avoiding these mistakes will ensure speedy refunds and will save the time that you will have to spend on refiling your taxes. Nevertheless as they say, To err is human, even if you made some errors, you can start again.