What Happens if I Make a Mistake on My Tax Returns?

Filing Correctly to Avoid Penalties

Tax season brings an annual wave of stress clouding your thoughts. Navigating the forms and inputting the correct information is made harder by the looming threat of repercussions from the IRS. While Americans know that penalties can arise from misfiled taxes, few recognize what they entail, especially when done unintentionally.

Common Mistakes

Tax returns include a bundle of forms to complete, leaving a wide window of opportunity to make an error. Among the most common mistakes are:

  • Omitting information such as routing numbers
  • Making a typo when writing Social Security numbers or other information
  • Mistakenly thinking that extensions on tax returns means there is an extension on the payment deadline, when in reality payment is still always expected on April 15 and only the paperwork deadline is delayed
  • Selecting the wrong filing status

Correcting Mistakes

If you made a mistake while filing but become aware of it after submitting your return, our lawyers can help you resolve the issue by filing form 1040X. This can address any errors in status or deductions and omitting any income.

Even if you do not realize the issue yourself, the IRS will alert the filer about math mistakes and missing forms to address the issues. Amended returns must be filed within three years of the original date the form was filed.

Potential Penalties

While penalties are likely after an incorrect filing, the specific punishment varies based on the amount the filer underpaid. Penalties must be paid promptly, or an additional 0.5% of their unpaid balance will be charged to their owed amount, as well as additional interest.

Beyond penalties, errors also slow down the tax return process. While these mistakes are easily caught and flagged for immediate attention when done digitally, errors on physical forms sent by mail could delay your returns for six to eight weeks.

Protect Yourself from Penalties and Stress with a Lawyer

Calling on Scaringi Law is the easiest way to minimize stress during tax season. Our lawyers have ample knowledge on state and federal tax law, which we can apply to your case to help with tax preparations. We can also provide advice and resolve any issues to preemptively avoid future filing errors.

Our attorneys remain available to resolve any tax issues you are facing, including back taxes, tax liens, foreclosures, and more. We can act as your advocates before the court, state administrative agencies, and IRS and we will work diligently to resolve any existing tax infringements and avoid any future errors.

Contact one of our attorneys for assistance with tax law today.


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