Amended Tax Returns, AccountantBookkeeper in Tustin, CA

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 Tustin can help you best understand. Our amended tax return specialists in Tustin 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 Tustin for a free Amended Tax Return consultation!


Amended Tax Return Tustin

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 Tustin can assist you from start to finish.

Contact Us Today!

Easy Online Booking

Get started with Paramount for your tax services in Tustin, CA, recommended by family and friends every time.

OR

Request Appointment

Contact Paramount Tax & Accounting Tustin

Easy Online Booking

Get started with Paramount for your tax services in Tustin, CA, recommended by family and friends every time.

OR

Request Appointment

Contact Paramount Tax & Accounting Tustin
Request Appointment
Texting Terms and Conditions

By providing a telephone number and submitting this form you are consenting to be contacted by SMS text message. Message & data rates may apply. You can reply STOP to opt-out of further messaging.

Linda Williams is a top professional, highly valued for her knowledge and expertise.
— Maria Urquizu, Posted December 12th 2024 on google
My experience with Linda was Great, I had a very difficult situation and she excepted the challenge and went above and beyond to help me so I’m very thankful for that.
— Carlos Zazueta, Posted December 10th 2024 on google
I've had to pleasure of working with Linda a few times over the years. She goes above and beyond to ensure the job is done exceptionally well. She truly cares about her clients and works tirelesly to deliver perfection. I've recommended her to several friends and colleagues, all who have had a similarly wonderful exper...
— Brittany Alvarez, Posted December 10th 2024 on google
Nobody understands the numbers better than Linda!
— Rob St Onge (RealtyDude), Posted December 9th 2024 on google
I have worked with Linda, for many years and I cannot say enough good things about her. I highly recommend her, she is very knowledgeable.
— Kristina Hudson, Posted December 9th 2024 on google
I cannot recommend Linda Williams Tax Service highly enough! From start to finish, Linda is the epitome of professionalism and organization. She has an incredible ability to simplify what can often feel like an overwhelming process. Every detail is handled with care and precision, and she makes sure to answer all your ...
— Patrice Madderra, Posted December 9th 2024 on google
Linda has been awesome since I started working with her many years ago.
— Raul Barcena, Posted December 7th 2024 on google
Paramount Tax and Account has done amazing work year after year resolving my taxes without any issues. There is no other company I would entrust to take care of my taxes filing other than Paramount Tax and Accounting service. You cannot go wrong utilizing their services and professional expertise I assure you.
— Evon Mcmurry, Posted December 6th 2024 on google
Thank you Linda your awesome in helping me. I couldn't have did anything without her knowledge. , save me money that I didn't see coming .Thanks so much for your tax knowledge and accounting experience.
— Greta Mitchell, Posted December 6th 2024 on google
Tax season has never been one I looked forward to until I came across Linda Williams. She is a gem! I can say that she was with me every step of the way. She was very patient with me and helpful answering all of my questions. It has been a great experience working with Linda and finally being able to trust someone to f...
— Christina Acevedo, Posted December 6th 2024 on google
Would highly recommend this place. Linda is a professional.
— Vicky Iniguez, Posted December 3rd 2024 on google
Wonderful experience very knowledgeable I would highly recommend to any one seeking an honest tax Accountant that will not only help you but is also willing to show you to manage your money to get a better refund
— RALLO 2k4, Posted December 3rd 2024 on google
Linda Williams is the BEST and I am so lucky to find her!!
— Magic Gypsy, Posted December 3rd 2024 on google
Linda is a pleasure to work with - she is knowledgeable and very responsive/attentive. Definitely recommend!
— Lesley Abbey, Posted November 26th 2024 on google
Linda is one of the best in the area! I was so scared to do my taxes after my divorce and she was so helpful that she helped me out right at the last minute! She is very informative and precise with her work! Definitely going back to her again!
— Angeli G., Posted November 26th 2024 on google
I had an outstanding experience with Paramount Tax and Accounting in Tustin! Linda was incredibly helpful, filing my taxes seamlessly in under an hour through a quick phone call and a few emails. The level of customer service was amazing—she went above and beyond to ensure everything was handled perfectly. I can’t ...
— John Mclaren, Posted November 25th 2024 on google
Linda is amazing!
— Dylan Nguyen, Posted November 25th 2024 on google
Linda is my go to for taxes and really anything financial. Not only does she respond, but she is honest and will tell me if she doesn’t know an answer AND THEN ….she will take the time to research and find the answer!! She is thorough and explains things in detail, but in a way that she knows I understand. She...
— Jaylene Dorris, Posted November 24th 2024 on google
I absolutely recommend ParamountTax & Accounting. Linda is professional, efficient , and very knowledgeable . I have trusted Paramount Tax for many years and will remain a loyal customer. I have referred many of my family and friends as I know they will be in good hands. In the onboarding call she gave me an overview ...
— Gabriel Reynosa, Posted November 23rd 2024 on google
The experience you will have working with Linda makes tax season an ease. She makes the process simple and easy. She is very knowledgeable with maximizing the process. Her integrity and selfless care shows with every interaction. I would highly recommend her to handle your booking keeping or taxes 💯.
— John Flores, Posted November 22nd 2024 on google
Tustin, CA Tax Review

Free 3-Year Tax Review

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

About Us 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 Tustin, is that our firm utilizes the services of licensed professionals.

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 firm in Tustin. So when you ask yourself, "Where can I find accountingbookkeeping services near me?"... think no further than Paramount Tax & Accounting Tustin!

Free Consultation 714-922-0480

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, 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 Tustin a call or visit our tax and accountingbookkeeping firm in Tustin for a free consultation.

Individual Tax Preparation Business Tax Preparation

Why Choose Paramount Tax & Accounting Tustin?

Tustin, CA Tax Services

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

tax &accounting franchise


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