MEDIA ALERT: Forgot a Tax Deduction? Need a Second Chance to Correct Your Taxes?

Need-to-know Steps for Amending Returns from Wolters Kluwer Tax & Accounting US

RIVERWOODS, Ill.--()--Wolters Kluwer Tax & Accounting US is providing details on how tax filers can fix problems with their returns upon realizing something was wrong or missing after signing-off, clicking the “Send” button or sealing and stamping their form-filled envelope. Filing an amended return is an available option if mistakes are made or important information related to tax preparation isn’t known until after returns are filed.

“It’s not unusual to receive an adjusted Form 1099 from brokerage or mutual fund companies that change reported income,” said Mark Luscombe, JD, LLM, CPA and Principal Federal Tax Analyst for Wolters Kluwer Tax & Accounting US. “Taxpayers may also realize after filing a return that they didn’t take a deduction that could have reduced their taxes. Amended returns offer a second chance to set the record straight.”

Other key reasons for filing an Amended Return by completing Form 1040X include:

  • Taking deductions the on original return which the taxpayer didn’t qualify to receive
  • Overlooking an available tax credit
  • Realizing later that choosing a different deduction would be more beneficial
  • Changing a filing status (single, married) following legislation or court decisions that may benefit taxpayers
  • Reporting losses following natural disasters

“Although electronic filing of tax returns is very popular, an amended return is one of the few IRS forms that cannot be e-filed — the paper form must be filled out and mailed in,” added Mr. Luscombe, who is available for phone interviews to provide additional background and deadline information for filing amended returns.

Wolters Kluwer federal and state tax experts also monitor and comment on a variety of tax issues affecting individuals and businesses.

To arrange interviews with Mr. Luscombe on amended returns and other tax experts from Wolters Kluwer Tax & Accounting US, please contact:

Contacts

Wolters Kluwer Tax & Accounting US
Laura Gingiss, 847-267-2213
Laura.Gingiss@wolterskluwer.com
or
Eric Scott, 847-267-2179
Eric.Scott@wolterskluwer.com

Contacts

Wolters Kluwer Tax & Accounting US
Laura Gingiss, 847-267-2213
Laura.Gingiss@wolterskluwer.com
or
Eric Scott, 847-267-2179
Eric.Scott@wolterskluwer.com