To Amend or not to Amend your Just-filed Taxes

Photo of author

( — April 13, 2015) Millbury, MA — 

You’re a small business owner and you just filed your taxes. Whether you had to pay or are receiving a refund, there’s a tremendous sense of relief. But what if you made a mistake on your taxes after you file? Can you correct the mistake or do you have to file an amendment?

“It’s not unusual for a taxpayer to realize they forgot to include something in their return after it’s been filed. For example, a charitable deduction was not included or the taxpayer received an updated 1099 form or K1 after they filed. If you catch it in time and you can submit a corrected return to supersede the previous return,” said Paul Dion, owner of Millbury, MA-based Paul Dion CPA. “The danger in filing a corrected return is twofold. First, you have to be able to submit it before April 15. Second, the possibility exists that the IRS may get the two returns confused. An amended return filed after April 15 leaves no doubt.”

Surprisingly, the IRS does not require taxpayers to file an amended return, even if you receive information after your filing that makes it pretty clear the original return has mistakes.

“If you submitted your return with the most accurate and complete information you had available at that time, an amendment is not required by law,” said Dion. “Also, math errors are not a reason to file an amended return. The IRS will correct math errors on your return. Nor should you file an amended return if you discover you omitted a Form W-2, forgot to attach schedules, or have other glitches of that sort. The IRS may process your return without them, or will request them if needed.”

Still, Dion says there are many reasons to file an amendment and that business owners should seek counsel from a professional to make that decision.

“A tax return becomes like the historical record of your life or company and can be used as a reference for numerous other things—loans, mortgages, etc.,” said Dion. “Leaving errors in your return may have an impact on such things down the road and an amendment might be worth it in the grand scheme of things.”

For a free consultation, please call Paul Dion CPA at (508) 853-3292. For more information, you can also visit

About Paul Dion CPA

ABOUT PAUL DION, CPA Beyond simple “bean counting”, Paul Dion, CPA and associates work side by side and speak in common English to help clients fully understand their tax situation and take proactive steps to pay the least amount of tax legally allowed while minimizing the risk of an audit. Clients save money and sleep well as night. Business services include small business accounting, payroll, cash flow management, strategic business planning, new business formation, internet controls, QuickBooks, part-time CFO, bank financing, succession planning and non-profit organization direction. For a free book, more information or a complimentary consultation, please visit or contact Paul Dion CPA, via or (508) 853-3292. Offices are conveniently located at 22 West Street, #6, (Felter’s Mill), Millbury, MA 01527.

Paul Dion CPA

22 West Street, #6, (Felter’s Mill)
Millbury, MA United States 01527

(508) 853-3292