I made a mistake on my return. What do I do?

Mistakes happen

Once you realize you made a mistake or forgot to include an important piece of information on your tax return, how you handle it depends on the situation. For instance, if you entered an incorrect Social Security Number (SSN) for yourself, your spouse, or a dependent, you need to fix it.

If you missed an income item that affects the amount of tax you owe, you also need to tell the IRS before they discover it. If they find it before you inform them of the mistake you made on your taxes, they may penalize you.

If you found a small item you should have deducted, like a $5 receipt, there’s a good chance you don’t need to do anything. It’s probably not worth the trouble as more than likely it won’t have a huge impact on your return.

Here’s an article for you to learn more about when and how to amend your return.

More to explore:

• Why the Qualified Business Income Deduction Can Impact Your Return
• 5 Things You Didn’t Know Were Taxable
• What Tax Forms Do I Use to File My Business Return?
• Your Complete Guide to Employee Stock Options and Tax Reporting Forms
• Tax Reform Adjustments to Business Meals and Entertainment Deductions