Tax Tips: Correcting Your Mistakes After You’ve Filed

Don’t panic if you make a mistake with your income taxes.

FOX’s Adam Shapiro with the FOX Business Network, has your “Tax Tips”:

No matter how careful you are when filing your taxes, everybody can make a mistake. So what do you do if you realize something’s wrong after you file?

I’m Adam Shapiro with your FOX News Radio Tax Tip.

If you’ve made a mistake or get additional documentation you weren’t expecting, make sure to file an amendment to make corrections to your tax return as soon as possible. You have up to three years to make those corrections.

That’s one of the reasons H&R Block’s Executive Director of the Tax Institute Kathy Pickering says to hold on to your tax files, another is the chance of getting audited:

(Pickering) “The IRS is able to audit you for up to seven years, so that’s a good rule of thumb for holding on to your files and documentation. However, if there was a criminal matter to the case, they can go after you for longer. But in general the rule of thumb is seven years.”

I’m Adam Shapiro from the FOX Business Network.

Follow Adam Shapiro on Twitter: @Ajshaps
Follow H&R Block on Twitter: @HRBlock