Amended Tax Returns, AccountantBookkeeper in Desert Ridge / Cave Creek, AZ

Should you file an amended tax return?

Whether you already filed your yearly tax returns on time or perhaps after the tax deadline-- there is still a chance that you might receive information that was not included or you discover something that was missed such as a signifigant deduction. In this case, you may consider filing an amended tax return.

Do I have to file an amended return if I discover an error or receive new information?

There is no actual requirement to file an amended return and no penalty if you don't, even if you discover an error or deductions were not counted properly (such as state taxes, mortgage interest, or a sizable charity contributions). Filing is not required even if new information comes to light (such as receiving a revised 1099 or K-1)-- although in the latter case, the IRS recommends you do amend. Worthless securities and bad debts also may merit an amendment -- and taxpayers have up to seven years to go back and claim those losses.

Is it worth the time and costs to amend my return?

Determining if amending your return(s) is actually worth your time and money vs the reward it can potentially return is something a tax professional such as Paramount Tax & Accounting - Desert Ridge can help you best understand. Our amended tax return specialists in Desert Ridge / Cave Creek can investigate returns as far back as 3 years to find any errors or missed deductions. We can then calculate if you can expect just a meager increase in your refund or if the increase in your refund is potentially larger. By estimating how much your increase will be ahead of filing the amended return, you can decide if the investment in time and money is worth the increase!

What to consider if you amend your return(s)

Consider that if you decide to amend, you can't just correct the items that will give you a refund and neglect those that increase your tax liability. An amended return is more likely to be audited than an original return in general, and every tax return is filed under penalty of perjury, so amending just partial pieces and parts of a tax return could get you into serious trouble. This is why you should always trust a tax advisor to prepare and file your amendments.

If your amended return results in asking for considerable money back, the IRS may review it even more carefully, although you can always choose to apply all or part of the expected refund to your current year's tax instead of asking for cash back.

It's worth noting that amended returns are only filed on paper via Form 1040X even if you filed your original return electronically and whether you previously filed Form 1040, 1040A, or 1040EZ. If you are amending more than one tax return (i.e. for different years), you will need to prepare a separate 1040X for each return.

Timing an Amended Tax Return

Timing counts when it comes to amending a tax return, and there is a select timeframe available. It's commonly stated that you must amend within three years of your original return filing. However, the cutoff is actually three years from the date you filed your original return or two years from the date you paid the tax for the return you wish to amend, whichever is later.

The IRS typically has three years to audit a tax return. Even if you file an amended return, the three-year statute of limitations does not get extended. The amount of time left on the three-year window when you amend can be used to your advantage to assuage the worry of an audit. However, if it shows that you owe more, you will owe additional interest calculated from the due date of the original return (without regard to extensions) and probably penalties as well.

Possible Reasons NOT to Amend

  • It's important to first ask yourself whether the tax return you filed was accurate to the best of your knowledge when you filed it. If so, it's an okay bet to decide not to file an amended return.
  • If you simply discover a math error in your calculations, the IRS says there is no need to file an amended return. Their computers or paper-file reviewers will catch the error and correct any amount owed or due to you.
  • If you forgot to attach certain paperwork to your return, such as a W-2, 1099, or schedules to show your work for different areas of the return, the IRS will likely be able to process your return without it or will send you a letter requesting the missing information.

Contact our accountingbookkeeping firm in Desert Ridge / Cave Creek for a free Amended Tax Return consultation!


Amended Tax Return Desert Ridge / Cave Creek

Free amended return review


Timing, accuracy, and necessity are key factors when it comes to amending a tax return. If you need assistance deciding whether or not to file an amended return, or if you would like help filling out Form 1040X to ensure that it is complete and error free, a Paramount tax advisor in Desert Ridge / Cave Creek can assist you from start to finish.

Contact Us Today!

Request Appointment Now!

Desert Ridge / Cave Creek tax preparation

Paramount Tax & Accounting - Desert Ridge tax accountant

Desert Ridge / Cave Creek tax preparation

BECAUSE WE'RE CPAS, AND THEY'RE NOT™

Paramount Tax & Accounting - Desert Ridge tax accountant

Call 602-315-3679 today!

HABLAMOS ESPAÑOL

Dave provides a great service and his advise in invaluable. Using his services has been a great asset to my business
— Erne ENDRNC, Posted August 7th 2023 on google
Dave with Paramount Tax & Accounting has made my bookkeeping/accounting process so much more efficient, timely and informative. Dave thoroughly has explained options available for my business tax opportunities as well as its growth. Dave has communicated effectively to allow me to understand this part of my business. I...
— Royal Aesthetics & Injectables, Posted August 7th 2023 on google
Dave is a pleasure to work with. Very professional and thorough.
— Marty Wolfson, Posted August 3rd 2023 on google
Very knowledgable and great service. Would definitely recommend for tax returns or general tax advice.
— Samuel Tyler, Posted August 2nd 2023 on google
Dave and Amy are professional, courteous and knowledgeable about tax law.
— elayne pace, Posted August 1st 2023 on google
Dave is amazing- took his time and explained everything he was doing to me
— Taylor Palmer, Posted August 1st 2023 on google
Dave and his team have been a huge asset to my growing business. He was very helpful and not only handling the day-to-day accounting but also in providing me tips and insights into ways that I can better structure and conduct my business in order to make the most of my income. He has always been very helpful, responsiv...
— Mark Conway, Posted January 18th 2022 on google
We highly recommend Dave and Paramount Tax & Accounting! They have been instrumental in helping to grow our business and plan for each year. We refer everyone we know here. Thank you Paramount Tax & Accounting!
— North Scottsdale Fit Body Boot Camp, Posted July 27th 2023 on google
The best experience ever, I had been behind 7 years on my taxes, due to an illness. Dave was amazing to get me all caught up. Now I don't owe any taxes. I'm extremely grateful for Paramount services.
— Antoine Dumas, Posted July 27th 2023 on google
I am switching over to Paramount Tax & Accounting
— Philip Murray, Posted July 27th 2023 on google
As a small business owner trying to find the right team to help support your dreams can be a daunting task. So blessed we have Dave to guide us through our accounting structure. He keeps our business expenses in line, highlights missed opportunities and ways to save. Highly recommend his services
— Tecora Jordan, Posted July 26th 2023 on google
Dave made my tax process quick and easy!
— Katie Brecheisen, Posted July 24th 2023 on google
Dave is a fantastic taxtician! Amazing to work with an very knowledgeable about my personal and non-profit needs. Great company!
— Kevin T Merrill, Posted July 24th 2023 on google
I highly recommend Dave Brown with Paramount Tax. Dave displayed an impressive level of expertise and professionalism throughout the process. His attention to detail and thoroughness ensured that I maximized my deductions and saved money. I'm incredibly satisfied with his services and will be returning for all future t...
— James Igbinovia, Posted July 24th 2023 on google
Dave has a level of professionalism and detail to his work that you want in an accountant. He is proactive, rather than reactive, and he always is in contact with his clients. I would recommend Dave to anyone for their taxes.
— Nick Ptak, Posted July 24th 2023 on google
Dave is a invaluable resource to me and my clients. As a wealth manager, we refer him regularly to handle client needs ranging from simple tax needs to complex strategies and accounting. I highly recommend you reach out to Dave for any tax or accounting questions/needs as he is an expert in his field.
— Ted Young, Posted July 24th 2023 on google
Dave is awesome! He's got some great in-depth knowledge of personal and business tax returns and is super helpful with figuring out how to get a good return.
— Ryan Young, Posted July 24th 2023 on google
My fiance and I are trying to buy our first house, Dave helped us get 4 years right with the IRS so we can start moving forward. He accommodated our schedule and the whole process was a lot smoother than I expected, makes me wish we didnt wait so long to do this! So happy with the service he provided and can't say how ...
— Victoria Boutin, Posted June 6th 2023 on google
First time using a professional preparer and had a wonderful experience with Dave Brown! Took the time to answer all my questions, he was very patient with me. He definitely knew what he was doing, and was very organized and efficient. I felt so relieved after leaving his office! I will be returning next year. Worth ev...
— Alicia Barnes, Posted June 4th 2023 on google
Dave did a great job working on my personal return and making sure I got the most money back. Additionally, he was able to fix and correct a previous year issue caused from a mistake by a previous accountant . Would definitely recommend him.
— Jonathan Firouzi, Posted May 15th 2023 on google

Image Description Free 3-Year Tax Review

We review 3 years back to find errors / missed deductions.

Reviews Contact Us

Paramount Experience


Many people do not know how a professional tax firm differs from a tax preparer. The main difference when working with a professional tax and accountingbookkeeping firm, such as Paramount Tax & Accounting - Desert Ridge, is that our firm utilizes the services of CPAs, EAs, and Attorneys who are distinguished from other finance professionals by stringent qualification and licensing requirements.

Paramount has worked hard to create relationships to deliver the value that our clients expect. In fact, our goal is to be the No. 1 Amended Tax Return firm in Desert Ridge / Cave Creek. So when you ask yourself, "Where can I find accountingbookkeeping services near me?"... think no further than Paramount Tax & Accounting - Desert Ridge!

Free Consultation 602-315-3679

Upgrade to Tax & AccountingBookkeeping Firm


Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accountingbookkeeping firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accountingbookkeeping firm utilizes licensed professionals such as CPAs, EAs and Attorneys, who can not only advise individuals on personal financial matters but who are qualified to advise businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial topics. Our strict standards ensure that we understand the complicated tax laws and how to implement strategies that return the most benefits to individuals and businesses. Give Paramount Tax & Accounting - Desert Ridge a call or visit our tax and accountingbookkeeping firm in Desert Ridge / Cave Creek for a free consultation.

Individual Tax Preparation Business Tax Preparation

Why Choose Paramount Tax & Accounting - Desert Ridge?

HELLO

Through dedication to the three underlying principles of professionalism, responsiveness and quality, Paramount is committed to providing outstanding service to our clients.

Bookkeeping Services in Desert Ridge / Cave Creek

Bookkeeping Services in Bountiful Paramount Tax is now offering financial and tax franchises across the US!

Let us make our success into your success!

Franchise Information Call: 801-784-6677