Amended Tax Returns

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 expert such as Paramount Tax & Accounting can help you best understand. Our amended tax return specialists 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 accountant 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.

Amended Tax Return

Request Appointment Now!

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, Paramount Tax & Accounting can assist you from start to finish.

Contact Us Today!

Utah tax preparation

Paramount Tax & Accounting tax accountant

Call 801-890-4777 today!

I’m extremely thankful to have met Ron. The service and knowledge he provides is top notch. It’s a win/win for both sides working with him. Thank you!
— Matt McShine, Posted May 27th 2023 on google
Very understanding, helpful and courteous, thank you so much
— Siosaia Pupua, Posted May 24th 2023 on google
We had to have some tax related questions answered and we got the answers we needed from the staff of Paramount. We are very pleased with the service we get from Jeff and the staff and would still recommend them.
— Mike Smith, Posted March 21st 2022 on google
Good name is better than riches. and I have confirmed that with MR. Killian Bayer who prove to be the most honest and trustworthy Expert trader. I invested just $500 into my trading account with their company, and he used it to trade $9,300 for me in just 7 days, looking for the most trustworthy Expert trader to invest...
, Posted May 16th 2023 on facebook
Thank you Mrs. Taisha Carson for the fantastic job you have been doing for me lately. Your hard work and dedication has really helped me out during difficult times . I just wanted to make sure you know how much you are valued and appreciated. We know that the recent round of lay-offs has been very bad for company mora...
, Posted May 10th 2023 on facebook
They know what they're doing here. I trust them with my taxes completely. They are totally willing and happy to go over ideas and how to best protect yourself and add value to a business/project you're working on
— Jason Pearson, Posted November 30th 2021 on google
Big thank you to Mrs. Rochelle Nelson who made my life change. forex/bitcoin trade is really a complex one but with the help of Mrs. Rochelle Nelson strategy, I have been able to recover my lost in such a short while with just an investment and i was sure to withdraw within the week of my investment and it was wonderfu...
, Posted May 1st 2023 on facebook
Dave and the rest of the team at Paramount are of the highest caliber. From thinking outside the box, to ensuring the highest level of attention to detail, Paramount is a top tier accounting firm!
— Brett Haymond, Posted April 18th 2023 on google
My experience with Paramount was great! They educated me on legal ways to save on my taxes that I wasn’t aware of previously. They exhibited great patience with my questions and took care of everything in a timely manner
— Michele Schroeder, Posted April 14th 2023 on google
We love you guys! They are quick and super helpful and efficient!!
— Lisa Cozzens, Posted April 12th 2023 on google
Highly recommended. David truly cares and gives his full attention which I greatly appreciate. Knowledgeable, helpful, friendly, what more could you ask for?
— Morgan, Posted April 10th 2023 on google
Great experience right from the beginning. Email and text reminders of my appointment. They also send links of forms that you will need and a document that you can load your forms. It was so easy and painless! Alexis was knowledgeable and so pleasant to work with.
— Jenny Miller, Posted April 10th 2023 on google
Paramount agents are knowledgeable, good at what they do, and we are grateful for their help. That being said, while our initial experience with Paramount was great things have definitely gone downhill. Twice now when we have gone in for scheduled appointments we have had significant waits… once because the account...
— Curtis Blanchard, Posted November 3rd 2021 on google
Would highly recommend, great service!
— Ceilidh Sells, Posted April 4th 2023 on google
David is the best for your tax service. Up to date professional knowledgeable and caring. Paramount is the go to company for all your tax service. Don't go anywhere else.
— Jim Leonard, Posted April 4th 2023 on google
The best team ever! Jeff and Kacey take care of my taxes with excellence as well a personal touch that is very important to me. Their expertise is appreciated every year! It's great to have the confidence I have with this team! Thanks!
— T n, Posted April 3rd 2023 on google
I have personally worked with Mr's Caroline jones Fx Trader and she's top notch! Highly recommend doing business with Her! making over $9,000-$10,000 on a weekly basis with little start up capital of $1000. She is really great, best in the trading field and unique among others. Invest with Mrs Caroline and thank me l...
, Posted April 3rd 2023 on facebook
Emilie and Kasey, they are friendly, sharp (answered all our questions) and extremely efficient, great team, my wife and I had our return done in 30 min. Outstanding!!! We'll be back! Thank you!
— Jim Luis, Posted March 30th 2023 on google
Amazing experience!
— Alex Podmazka, Posted March 29th 2023 on google
These guys were super awesome along with unmatched hospitality towards my family. I had a very unique tax situation with two variations in my filing status. In less than an hour we were able to resolve the issues. I can't thank Paramount agents and the owner enough for taking special interest in my familys situation. I...
— Ty B, Posted March 24th 2023 on google
Amended Tax Return awards

Winner! 2017 Angie's List Super Service Award.

Testimonials Awards

Paramount Experience

Many people do not know how a professional tax and accounting firm differs from a bookkeeper or tax preparer. The main difference when working with a professional tax and accounting firm, such as Paramount Tax & Accounting, 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 America. So when you ask yourself, "Where can I find Amended Tax Return services near me?"... think no further than Paramount Tax & Accounting!

Free Consultation 801-890-4777

Upgrade to Tax & Accounting Firm

Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accounting firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accounting firm utilizes licensed professionals such as Certified Public Accountants (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 a call or visit our tax and accounting firm for a free consultation.

Individual Tax Preparation Business Tax Preparation

Why Choose Paramount Tax & Accounting?

HELLO

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

Find a location near you...

Arizona
California
Florida
Idaho
Maryland
NC
Nevada
Texas
Utah
Virginia
cpa franchise


Paramount Tax is now offering financial and tax franchises across the US!


cpa accounting franchise

Let us make our success into your success!

Franchise Information 801-890-4777

Franchise Inquiry