Tax season is starting to wind down. On Thursday, the IRS said it had received almost 93 million tax returns so far this season.
"There's no need to panic," Laurie Kazenoff, a partner and co-chair of the tax department at Moritt Hock & Hamroff, tells CNBC Make It. Most small issues can be resolved fairly easily, she says. "You really should wait until that first return is processed because you want it to go through the system," says Kazenoff, who previously worked as a senior tax attorney with the Office of Chief Counsel at the IRS."Better to wait for it to get processed." The IRS says that most returns are processed within 21 days.
The IRS website offers an interactive tax questionnaire that walks you through the question, "Should I file an Amended Return?" The automated assistant asks various questions and, depending upon your answers, it will tell you whether or not you need to amend. You have three years to file an amended return.
The situation can be different if you own a business, for example, and your issues pertain to more complex deductions or credits. In that case, you may want to seek expert assistance. "The more complicated the return is and the greater the dollars involved, having a tax professional who is well-versed in these areas is recommended," Kazenoff says.Note that the IRS doesn't accept amended returns electronically. You'll need to mail in a paper form to correct any errors.
"You can go back three years to amend your taxes if you think you left something out of previous years' tax returns," Greene-Lewis says. Keep in mind that if you need to correct mistakes going back multiple years, you'll have to use separate amended returns for each year. Each year should be done on a separate form and mailed in a separate envelope.
MakeIt Step one: convert your money to bitcoin and use it to buy a plane ticket to Ecuador
MakeIt That's why I take it to a professional. Lol. Never ever, I would try to do my taxes on my own.
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