In this episode, Dr. Friday delves into a common tax dilemma: what should you do if you’re unsure about the accuracy of your tax return? Whether you’ve made an error or omitted income, Dr. Friday sheds light on the pros and cons of waiting for the IRS to correct it versus taking matters into your own hands. Discover the importance of the 1040x form and learn why acting promptly can save you from hefty penalties and interest.
G’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
So, what do you do if you don’t know if you’ve done your taxes correctly? Maybe you made a mistake, maybe you forgot to add income. Do you just wait and see if the IRS corrects it for you or should you correct it yourself? And the answer isn’t as black and white as you might think. In some cases it might just be as easy to allow the government to make the adjustments but 90% of the time sooner you correct it especially if there’s an outstanding balance the sooner you pay it lower the penalties and interest will be. So the first thing you want to do is if you figure out you’ve made a mistake on your tax return you need to correct it on a 1040x. You need help? Call me 615-367-0819.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.