Good day. I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www. Dr. friday.com. This is a one minute moment.
Dr. Friday 0:12
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, the sooner you correct it especially if there’s an outstanding balance the sooner you pay it, the 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 1040 X. If you need help, call me at 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.