In the United States, all taxpayers are entitled to tax refunds and, in some cases, interest earned on overpaid taxes. But what happens if you don’t file your tax forms on time or discover you owe money? Well, then you might have to pay penalties and interest and face other complications. Luckily, there are steps you can take to restore your credit score and get back on track with Uncle Sam, including deleting amended tax forms. Read on to learn more about how to delete amended tax forms so you can get your refund faster and get back to focusing on your family and your business.
What Are The Benefits Of Deleting Amended Tax Returns?
Many filers are surprised to learn that they can delete an amended tax return. The IRS allows you to eliminate your amended tax return by following a few basic steps, and many financial advisors recommend it as part of their credit restoration services. There are three main benefits of deleting an amended tax return:
1) Your credit score will improve. Having a balance due on your 1040X form is viewed negatively by creditors because it indicates that you didn’t pay what you owed during previous years—and if you don’t pay what you owe now, how can creditors trust that you’ll pay them in future years?
2) You can avoid liens or levies. If you have a balance due on your amended tax return, it may indicate that you haven’t paid taxes previously—and if you fail to pay what you owe now, there’s always a chance that creditors could levy or place a lien against your property.
3) You won’t have to deal with constant calls from debt collectors. By filing an amended tax return, you’re essentially acknowledging that you owe money. This opens up your file to more scrutiny from collection agencies who often call at all hours of day and night trying to get people to pay what they owe. If you want peace, filing an amended tax return is not for you!
Why Should You Be Concerned About Deleted Tax Forms?
Fortunately, many states (not all, though) allow you to file an amended return if you realize you’ve made a mistake on your initial filing. However, any amendments must follow specific IRS procedures or your tax credits might be compromised. For example, taking too long to amend your forms can trigger unnecessary IRS penalties and affect your ability to take advantage of valuable tax credits. To ensure that any amendments are done properly and within IRS timeframes, you must partner with a CPA firm that specializes in credit restoration. These professionals can guide you through each step of the process so that no mistakes are made and neither you nor they get penalized.
Deleting Amended Tax Forms Is Easier Than You Think
You can easily delete amended tax forms from your previous tax return with a few steps. Simply follow these easy steps and you’ll be well on your way to completely filing those amended returns before next year’s deadline. In addition, you’ll have an even better idea of what documents are needed when applying for credit restoration and if you should fill out any other forms beyond a simple 1040X application to successfully restore your credit score. Below is a step-by-step guide that can help guide you in filling out amended tax forms effectively so they are accepted and processed without a problem by both TurboTax and IRS personnel.
Do You Have To Report Missing Tax Documents?
Yes, even if you are simply amending your tax return because of missing documents, you must still report those changes on your tax return. Failure to do so could result in stiff penalties and fees from both the IRS and state government. You can amend a prior year’s tax return by filing Form 1040X or Form 1045 with all of your original calculations included. Although there is no set timeframe in which you have to file an amended tax return, it’s usually best to file as soon as possible after realizing that you made a mistake on your original return. This gives you more time to prepare yourself financially if there are any additional taxes due.
List Of Amendments That Require Prior Approval From IRS.
The IRS can also accept amended returns and addenda that you submit after filing your original return if they include all of these items. Make sure you request a copy of each form you send us; we use them to update our records. Note that your return will be considered filed on its postmark date or receipt date, not on our received data. Please note also that an amended return may result in a change in tax due and may increase penalties and interest charges, so any amended return must be carefully prepared with professional assistance.
Deleting An Amendment On The H&R Block Online Software FAQ Page
One of my customers filed a form and they accidentally clicked Amend instead of Submit. How do I delete it from their account? You will need to contact our customer care team and one of our agents will be able to help you remove it.