You Filed an Inaccurate Tax Return. Now What? [Video]

Use caution when selecting your tax preparer. Some aren’t always accurate and, according to the Internal Revenue Service (IRS), you are responsible for what’s on the return. This means you may have to pay additional taxes and interest or face a penalty. Fixing inaccurate returns involves additional paperwork but you can avoid this hassle by picking a good tax preparer and double-checking the return for mistakes. We’ll show you how to get it right the first time around.

If you hire a professional to help with your taxes, don’t assume that your return will be error free. So, what can be done if the IRS finds a mistake? One form can help you fix a return when the filing status, income, deductions, or credits are incorrect. It’s called, the Amended U.S. Individual Tax Return, otherwise known as Form 1040X.

Use the 1040X, to correct the following:

This form is available on the IRS website …