The US tax law is probably the most complicated set of rules any government ever promulgated. It discusses rules of taxation, credits and deductions for individuals, tax-free income classes and other topics in mind-boggling detail. To make sure it covers all possibilities and avoid possible injustice in the system, lawmakers change it almost every year. Individuals and organizations have to keep up with all the changes in the law to ensure compliance and avoid penalties.
From an individual’s point of view almost anything in your life can affect your tax liability: marriage, divorce, having/adopting a child, starting a home-based business, a death in the family or renting a portion of your house moving abroad and more. Every time a life event occurs, taxpayers have to consider its effects on the tax return they’re going to file that particular year and beyond.
With such a huge body of knowledge required, your best bet is to involve a tax pro that earned proper credentials and is trained in all tax areas. Tax professionals have to obtain continued education credits each year to keep abreast of the ever-changing tax laws. A tax pro credentialed by the federal or state government can find many credits and deductions possibly missed on your return. He or she can also save you time and money that might cost you as a result of an IRS audit.
At Global Tax Consulting, our team of Enrolled Agents and Certified Public Accountants will carefully review your unique tax positions, life events and all other factors to prepare your tax return with 100 % accuracy. To get a feel of the excellent service you will receive click on the button below to contact us.
AMENDMENTS
The IRS allows taxpayers to amend their tax returns after the filing deadline or the extension date properly applied for has already passed. One might amend as many returns as he or she wishes to fix errors and/or omissions on past returns. Among the common reasons to amend a tax return are: reporting omitted income, report loss caused by natural disasters, claim a dependent, file information returns omitted, correct material errors on the return and claim credits.
Taxpayer files 1040X amended US individual tax return with an explanation of the changes. If there is an increase in tax liability the taxpayer might have to pay penalties and interest. He or she might also receive a refund not previously claimed. There is usually a three-year statute of limitation for claiming a refund. The three-year period starts on the date the tax was paid. Once that time has elapsed, the refund goes to the US treasury.
For more information on how to file and amended tax return and assessment of your filing requirements please contact us.
