Make a Mistake on Your Business Tax Return? How to File an Amended Return
If you made a significant mistake on your business tax return beyond a simple calculation error, you will need to file an amended return. You may also file an amended tax return if you find information that changes your taxes for a previous year; for example, you may find a deduction that wasn't taken that can lower your previous year's tax bill. This article provides information about when and how to file an amended return, including the statute of limitations on amended returns, and which form to use to amend a tax return for your business type.
You will need to file an amended business tax return if your return has significant errors that relate to your identification or your tax computation. Errors in income, expenses, and owner distributions can affect your taxes and must be corrected on an amended tax return. This article includes a list of the most common tax return errors.More »
The form you use for your amended return depends on the type of business. Sole proprietors file business taxes with personal returns, so they file an amended return on Form 1040x.
In general, the IRS says you must file the form within three years from the date you filed your original return or with two years from the date you paid the tax, whichever is later. But you should file as soon as you discover the error.More »
1. Why Do I Need to File an Amended Business Tax Return?
You will need to file an amended business tax return if your return has significant errors that relate to your identification or your tax computation. Errors in income, expenses, and owner distributions can affect your taxes and must be corrected on an amended tax return. This article includes a list of the most common tax return errors.More »
2. What Form Do I Use to File an Amended Business Tax Return?
The form you use for your amended return depends on the type of business. Sole proprietors file business taxes with personal returns, so they file an amended return on Form 1040x.
- For sole proprietors and single-member LLCs on Form 1040x, along with the personal tax return
- For partnerships, corporations, and S corporations, the article explains how to designate that the return being filed is an amended return.
3. When Should I File an Amended Return? How Long Do I Have to File?
In general, the IRS says you must file the form within three years from the date you filed your original return or with two years from the date you paid the tax, whichever is later. But you should file as soon as you discover the error.More »
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