Transcript
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Ralph: The question for today is have you ever made a mistake on your tax return?
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And worried about how to fix it.
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Here's a call we received just the other day.
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Listener: Hello, Ralph.
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I was looking over my tax return from last year as I was getting ready to start putting my tax stuff together, and I realized that I completely forgot to tell my tax guy last year about a part time job I had, and it appears I never gave them that W 2 form.
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I made about 6, 000 at that job.
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And now I'm afraid that I'm going to get audited and have to pay huge penalties.
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Please tell me what to do next.
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I have never been in this situation before, and I really have no idea what to do.
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I tried to call the place that did my taxes last year, and they said that they just report what they are told, so they aren't willing to help me at all.
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What do I do, Ralph?
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Ralph: We're going to answer that question today.
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Truth is tax errors happen.
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But you don't have to panic.
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in this episode, we'll explore some common tax return mistakes.
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And even better, I'm going to walk you through how to correct them.
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So you can have peace of mind and avoid penalties.
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Stay tuned.
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Welcome back to the show on this tax talk Thursday.
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Where we bring you all things tax I'm excited to dive into today's topic with you.
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It's a cool morning here on the farm as I record the show and the cows have made a request for some life vests as the rain just seems to continue.
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I guess next they'll be asking me to build an Ark.
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Well, I guess that's enough of my humor for today.
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We better get started.
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Today, we're tackling the topic of correcting tax, filing errors.
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The truth is folks tax season can be stressful enough.
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Trust me.
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I knew this.
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Without having to worry about mistakes on your return.
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But here's the good news.
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Most errors can be corrected if you catch them early.
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And take the right steps.
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So, Ralph, what are those steps?
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Well, we're going to dive into that today On today's show we'll cover some of the most common.
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Tax return errors, filers tend to make.
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I'm also going to walk you through the process of amending a return.
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Requesting abatement of penalties and.
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How to handle.
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IRS correspondence and how to respond effectively.
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My goal today is pretty simple.
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I want to equip you with the knowledge and confidence.
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You need to handle tax mistakes smoothly.
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And minimize any problems you have down the road.
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Don't forget to subscribe to the show and join our email list.
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You can do that at askralphpodcast.com.
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Cause you don't want to miss tomorrow's episode tomorrow.
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We're going to talk about medical expenses.
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What's deductible and what is not one of my clients and avid listeners asked me to cover this in a podcast episode.
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And I said, you know what?
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That's a great idea.
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So that's, we're going to talk about tomorrow.
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Medical expenses, what's deductible and what is not.
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So let's dive into today's episode.
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To start.
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Let's look at a few examples of some common tax return errors.
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This is a big one folks.
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forgetting to report all of your income, just like we talked about.
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This caller said, this includes income from wages, in this particular case.
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This lady forgot to give her tax preparer W2 form.
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So that could be income from wages could be interest, income, dividends, business ventures.
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Side jobs, rental properties, and more.
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Failing to report income usually leads to the IRS notice and potential penalties.
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Like I said, just like the caller today, you did get that notice from the IRS that says, Hey, Ralph, by the way, We see that there was a W2 reported to us that you don't have on your tax return.
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My friend.
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What are we going to do about that?
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We'll talk about that later.
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Another common error is misreporting income.
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For example, reporting a capital gain as ordinary income or vice versa.
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This also happens with investments in stock sales.
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A lot of times the clients try to do their returns on their own.
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They kind of bumbled this up.
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And sometimes it's not to their benefit.
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Another error, taking wrong deductions or credits.
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I've seen this time and time again.
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On tax returns that clients that have self prepared.
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Many filers, unintentionally claimed deductions or credits they don't qualify for.
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They think they do, or their tax software talks them into it.
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This could be anything from charitable contributions to education expenses.
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Another big one that I see sometimes.
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with tax software, this doesn't happen a lot, but we still have some people that are you're handwriting, their returns, and that's making math errors like incorrect calculations.
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To be honest with you.
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Most of our software solves these problems.
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But this might seem simple, but in a complex return, it's easy to slip up on the numbers.
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And maybe it's not that you're making a math error, but hit you're putting numbers in incorrectly.
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I saw a tax return several years ago.
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Where someone put in the wrong cost basis information for some stocks and they actually showed a huge loss.
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When in fact, they actually had a pretty sizable gain.
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Another common mistake is filing status mistakes.
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That's choosing the wrong filing status, such as head of household.
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When you really don't qualify or meet the requirements for that.
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So the question of today is, so what do you do if you realize you made a mistake?
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Like this lady, did she realize she has his W2 that wasn't reported?
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On a return you've already filed.
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So here's the steps first.
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I said this last week, when we recorded our episode about the simpler IRS notices.
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Don't panic.
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As Solomon advise, remember this is a Christian podcast.
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So I try to intermingle some Christian faith into this.
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Solomon advised, a gentle answer.
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Turns away wrath.
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But a harsh word, stirs up anger.
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That's Proverbs chapter 15, verse one.
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So don't panic.
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Pray for wisdom of patience as you work through this process, and it might be a process.
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The next thing you want to do is determine if you need to amend your return by filing a form 10 40 X.
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On the notice that you get from the IRS, if it's a notice issue.
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Or if you figured out the error on your own.
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You typically should amend a return if you under reported that income, like in this particular case, This lady really needs to file an amended return to report that income.
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You're also going to want to file an amended return.
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If you overstated your deductions or credits, if you claimed exemptions, you shouldn't have or need to make any other corrections generally.
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You want to file that 10 40 X now that said.
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If the IRS sends you a notice saying, Hey Ralph, you know, we're going to make these changes.
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Oftentimes, they'll tell you, you do not need to file a 10 40 X.
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So what's the story with the 10 40 X there is a couple things you need to know.
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First of all the 10 40 X must be filed within three years of the original return filing date.
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If you file it past that time and you asked for a refund, they're going to tell you, sorry, my friend you're out of luck.
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You can print out the form, filled out completely with the correct information and mail it to the IRS service center associated with your location.
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You want to make sure you attach supporting documents needed to explain the change.
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And now with that said, This is not a simple process.
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I would highly recommend at this point enlisting the services of a professional tax person.
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Now, this is something we handle for clients routinely.
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It's not necessarily something you want to do on your own.
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And in some cases you may be able to make minor corrections without amending by contacting the IRS directly for simple math errors, the IRS will often fix it for you.
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Like we talked about in those simpler IRS notices a week ago.
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And notify you of any change in the amount owed.
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Now let's discuss penalties because that's something this lady was concerned about.
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And it's something that generally comes along when you have an error on your tax return.
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If you owe additional tax, you'll typically owe interest and you may owe a failure to file or failure to pay penalty.
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However, and this is the key thing.
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By amending promptly and showing it was an honest mistake.
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You can request penalty abatement by calling the IRS that's one option, or you can submit a form 8 43.
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But the thing is you don't want to wait to take responsibility for the error.
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Now in my personal experience, The IRS will generally waive penalties.
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If it was some oversight on your part, they're not usually going to waive interest.
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So that interest is probably something that's going to stick, but the sooner you address it, And as sooner you pay the tax, that's owed.
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The more likely you're going to be able to get rid of those penalties.
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And finally, if you receive an IRS notice about a discrepancy or you return take it seriously.
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don't throw it in the drawer.
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I talked about this a couple of weeks ago.
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I don't pretend like it's going to go away.
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It's not going away.
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You've got to take it seriously and you got to act quickly.
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Well, how do you do that?
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Ralph well compare the information in the notice to your records.
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If you agree.
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Then do what you need to do.
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If you disagree with the IRS.
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Then you need to find somebody to help you with this or call them, ask them for assistance.
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If the IRS notice is correct, respond promptly.
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And pay any additional tax owed.
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If it's incorrect, submit a written explanation along with any supporting documents.
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A lot of times in that notice, they'll tell you.
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Ralph, we see that you forgot to record something.
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You have X number of days to respond.
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Here's a deal.
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Be respectful, but stand your ground.
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If you believe the notice is inaccurate don't delay, you usually have only 30 days to respond before they send you notice.
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Number two, where they get a little more serious.
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So here's some more detail.
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I can provide them correcting tax filing errors when amending a return using form 10 40 X.
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Be sure to fill it out fully.
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You want to make sure you include all of your personal information?
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Unfortunately, I've seen clients say, well, here's a 10 40 X form and here's a copy of my return.
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And I just wrote on there to changes that I need to make, not a good plan.
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You've got to include your personal information, the tax you're being amended and a detailed explanation of what changes are being made in why.
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This is key.
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Give the IRS, the information that they need to act on and tell them what you want them to do.
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In the columns comparing the original and amended return amounts provide the full corrected figures, not just a different, they want to see.
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The tax return and as was originally filed.
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And then they want to see it as corrected.
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And then there's a column that says the adjustment.
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Attach all supporting documents or schedules that relate to the amendments such.
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As a revised schedule C for example, if you find an error on your small business return, that's part of your personal return.
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You also want to include documentation helps justify the reason for your errors.
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For example.
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And this particular case, maybe you want to say, well, I got this W2 form and it completely slipped my mind to give this to the tax preparer.
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I realized that this is income, but I would appreciate if you'd waive the penalties.
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It could be something as simple as maybe you got capital gains and you forgot to include those things.
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So just be honest with the IRS include that documentation.
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Now.
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You're going to mail that 10 40 X to the IRS service center where you send your tax returns based on your state?
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You can find that appropriate address by searching where to file 10 40 X on irs.gov.
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And this is critical.
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Make copies for your records.
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You want to make sure you have a copy of what you sent the IRS?
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Once received the IRS will generally process the amendment in eight to 12 weeks and send notification of any change in tax owed.
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I will tell you from personal experience, Oftentimes, it takes a bit longer than that.
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So don't be surprised if you're waiting.
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Anywhere from three to six months for them to process your amended return and don't panic during that time.
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You might get a notice during that time that says, Hey, taxpayer, we got your notice and we're working on it.
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it's what we call the 60 day notice, we need another 60 days to get that issue resolved.
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Now, if you're going to look for penalty abatement.
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That's the form 8 43.
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And that should clearly state the type of penalty and the tax period involved.
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So in the example that we gave earlier.
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And this particular case, let's say you got a notice from the IRS that said you forgot to report some interest income.
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And they've charged you.
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What's called an underpayment penalty because you owed tax.
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In the abatement request.
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You're going to want to say, okay.
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I'm asking you to waive the penalty for underpayment of tax for tax year 2023.
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And here's the reason.
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You've got to explain in detail.
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Why you believe your situation qualifies for reasonable?
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Cause that could be such things as serious illness.
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It may be.
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You were in the hospital and that prevented you from filing on time.
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If that's the case, you want to make sure you provide any doctor's notes of possible attached documentation of the original tax return shown that was accidental.
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Here's another key.
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When responding to an IRS notice carefully review the proposed changes, they identify and compare them directly to your original return.
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You need to reconcile each disputed item line by line.
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If the IRS is correct, don't hesitate to admit the mistake.
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It's okay to say listen.
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I did make this mistake.
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But if you still believe your original tax return treatment was right.
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then , explain why the citations of the tax code or court cases that support your position.
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Now again, I really don't think this is something for the average taxpayer to handle.
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I highly recommend getting in touch with somebody that's a professional.
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I work with clients every day in this.
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If you want me to assist you, you can go to askralphpodcast.com/store.
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There you'll find an icon where you can schedule an appointment with me.
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And I can review your situation and provide you guidance.
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So, if you're going to do this on your own.
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Make sure you provide copies of original documents like W2 forms, 1099's or receipts to validate the numbers on your return.
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You're gonna need to prove it to them.
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Respond to every concern raised in the notice.
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Sometimes there's multiple things in those notices.
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And you can't just respond to one piece of that.
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You've got to make sure you respond to all of that.
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And you've got to request clarification from the IRS on any proposed adjustments.
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You don't understand if you don't understand it.
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Ask them for guidance.
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You'll give them a call and say, Hey, I got this notice.
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Seems pretty simple.
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So I'm not going to hire somebody.
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But I really want to understand what's going on.
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And nine times out of 10.
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The IRS will assist you with that.
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And this is key.
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Keep a copy of your written response for reference, write down the telephone calls, write down who you spoke to, what their guidance was.
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Ask them for their ID number with the IRS.
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So you have that information.
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So let's recap the key steps
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first.
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Assess, if you need to amend, if you do file form 10 40 X if substantial corrections are required.
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Step two, request abatement of any penalties that apply using form 8 43.
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If the IRS sends a notice compare it to your records and respond quickly in writing.
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Acting promptly and providing documentation is key.
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And that really is the key.
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Act promptly.
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Be thorough.
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And provide them with the documentation they're asking for, and don't be afraid to say, you think they're wrong?
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As long as you can prove it.
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Now, before I wrap up, I want to remind all of our listeners to visit our podcast page.
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That's at askralphpodcast.com
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there you can leave us a review.
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Share your thoughts like this lady did today.
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We'd love to answer listener questions.
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And we also use that for ideas for future episodes.
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Now, while you're out the website, make sure you join our email list.
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Why do you want to do that?
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Well, because we're giving away
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A $25 gift card for those who have joined our email list.
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And as I said, you can also schedule a consultation with me.
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If you have a specific situation that you need assistance with.
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So to wrap things up.
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Making tax mistakes can happen to anyone.
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Trust me.
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I see this every day in my practice.
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They happen.
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The important thing is taking responsibility and correcting errors.
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As soon as they're discovered, that's the key.
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When you figure out that there's a problem, whether you figure it out on your own.
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Or the IRS notifies you.
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The important thing is take responsibility and correct them as soon as possible, follow the amendment.
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And the penalty abatement process closely to get back into compliance.
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If you receive any IRS correspondence about your return investigate it thoroughly and reply by the deadline given.
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Handling tax errors, calmly and swiftly can help minimize stress and financial impact down the road.
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As always, I hope this overview of correcting tax filing mistakes has been helpful.
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I hope it's been profitable for you.
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And don't forget to tune in next time.
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And visit our website at askralphpodcast.com for more resources on personal finance from a Christian perspective.
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So God bless you.
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And remember, Proverbs chapter three, verses five through six.
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Trust in the Lord with all your heart and lean, not on your own understanding.
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in all your ways submit to him and he will make your paths straight.
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Well, thank you for listening folks.
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God bless you.
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And as always stay financially savvy.
