Jul 20, 2021
Everyone makes
mistakes. And sometimes you don't even realize the errors until
well after they're made. But what if you suddenly realize there's a
mistake on a tax return that was filed months (or even years) ago?
Or what if there's a new development that affects the amount of tax
you should have paid on a previous return?
We see it often with ER Docs due to the complexity of their finances – 1099 income, changing job/contracts, multiple sources of income… What do you do now? Whether the mistake or development is in your favor or the government's, filing an amended tax return is often the next step. But amending a return can be tricky. So, in this episode, we break down this process: when it’s appropriate, how long you have to do it, and the potential upsides and downsides.