Many people often make mistakes when filing taxes and submit a file of amendment afterward with the correct information. American expats living in other countries can also amend their past tax returns. Rather, it is recommended to do so to prevent future issues with the IRS. The easiest way is to hire a federal income tax assistance company in Federal Way to correctly amend your tax file.
Let’s find out how expats can amend past tax returns with the help of a CPA.
Recognize Errors in Expat Status
The first step to amend the tax return is to recognize where you entered the wrong information or forgot to provide input. The most common errors are as follows:
- Not mentioning all dependents
- Not mentioning all income sources
- Forgetting to change marital status
- Change of address
- Forgetting to claim a benefit
- Not mentioning an exclusion, etc.
These errors happen more often than you think. IRS is used to people submitting amendments for these and doesn’t penalize them. However, if you notice an error in your income tax filing and don’t correct it, you may attract civil and criminal penalties for misleading the IRS.
Consult a reliable company for federal tax help in Orting immediately after finding out that your tax return has errors.
File an Amended Tax Return
Expats living in other countries don’t have to fret about filing the amendment. You can contact a federal income tax assistance company in Orting to help you with the process.
Form 1040X is the primary form to file amendments for past tax returns as an expat. You should mention the mistakes you are correcting. Also, we recommend writing the word amendment on the top of the form to minimize the risk of clerical error.
Correct Expat Status Information
It’s vital to provide the correct information when you amend the tax return. Making another mistake could lead to more complications. That’s why most expats request federal tax help in Maple Valley from licensed companies.
The CPA from the company will collect the necessary information from you and help you at every stage. We will also cross-check the details with you before submitting the amendment. Correctly mentioning the expat status is a must.
Calculate Changes in Tax Liability
Even if you submit the amendment for a minor mistake, it’s a good practice to calculate your tax liabilities again. That way, you may find an opportunity to reduce the amount of claim refunds from the IRS.
The federal tax prep in Maple Valley will go through the information you provide to ensure there are no errors in calculations. The IRS provides special benefits for American expats to save money on taxes. Your CPA will help check if you are eligible for these and do the needful.
Check Filing Deadlines for Amended Returns
US expats have three years from the date of initial filing or two years from the date of original tax payment to submit an amendment (whichever is later). The Internal Revenue Service (IRS) has provided a lengthy deadline to allow expats enough time to recognize the errors and rectify them.
You may attract late fees or other charges but will not be penalized for submitting an amendment. This happens only if you owe the IRS a tax amount. If you file the amendment to receive money, there will be no charges.
However, consult federal tax prep in Federal Way after receiving the tax return from the original filing. It’s prudent to submit the amendment for the remaining amount after you receive the return. That way, you will already have at least a portion of the amount and can wait for the rest for a few more weeks/months.
IRS will review the changes to either approve or deny it. Based on their decision, you will receive a refund or a bill for the additional amount you need to pay them as tax.
Seek Professional Assistance
While the Internal Revenue Service provides enough time to file the amendment, delaying it can be risky. Don’t worry about what and how to do it. Get professional help from a federal income tax company in Orting working with US expats and share your information.
Waiting for too long will make the IRS suspicious of your intentions. IRS doesn’t consider amendment an offense but will review your records if you don’t correct the erroneous information you initially submitted.
It’s easy to amend your expat tax return with some assistance. Capital Tax Service is a reputed company offering federal tax help in Federal Way, Maple Valley, Bonney Lake, Auburn, Kent, Orting, Puyallup, Renton, and Tacoma. We specialize in working with US expats worldwide to file tax returns and amendments. Contact us today to learn more.