Amended returns

Amended returns: to file or not to file?

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in Small Business Tax,Small Business Tax Deduction Strategies

If you're like most people, you finally put your 2004 tax return to bed a few short weeks ago. But then comes a sinking realization that you missed a tax deduction or credit opportunity on your return. Or maybe you accidentally failed to report income, miscalculated a capital gain or forgot a business deduction. Should you file an amended return or not? That is the question. Here is the answer:

If you owe the IRS more ...

When deciding whether to file an amended return, it makes a big difference if you've committed an error in your favor, or the IRS owes you money as a result.
 

The decision is easy if you paid less tax than you should have. In such cases, you should file an amended return right away.
 

It's best to come clean with the IRS as soon as possible. In fact, if you file an amended return within a few weeks of submitting the original return, the IRS probably won't tack on any penalties. Of cour...(register to read more)

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