What if i messed up on my taxes

You may also face a late filing penalty. You can file an extension, but keep in mind that doesn't extend the time to pay, Kazenoff says. You'll need to estimate what you owe and send it into the IRS before your filing deadline. And it's important that your estimate be as accurate as possible, she adds. This year, the IRS says you need to pay 80 percent of what you owe for the tax year to avoid a penalty. Once you file an amended return, you can track its progress.

Three weeks after mailing in your return, you can use the "Where's My Amended Return? Processing can take up to 16 weeks. Don't miss: Here's who is more likely to get a lower refund this tax season, according to experts. Like this story? Skip Navigation. Work Top Amazon recruiter reveals the one interview mistake that can cost you the job Morgan Smith.

The more complicated the return is and the greater the dollars involved, having a tax professional who is well versed in these areas is recommended. Once you've followed those steps, here are a couple of other facts to keep in mind.

VIDEO Here's what to do with the money you may save on taxes. Your Money's Worth. Don't miss: Here's who is more likely to get a lower refund this tax season, according to experts Like this story? Sometimes this results from a misunderstanding of the qualification requirements for the credit or deduction, while other times it can be a deliberate attempt to hide money from the government. Many credits and deductions are based on your adjusted gross income AGI , which is different from your total income for the year, so bear this in mind when determining whether or not you qualify for certain tax breaks.

The best way to avoid errors on your return is to go through it slowly and methodically, double-checking everything to look for small, accidental errors. You should also look over your complete tax return one final time before you submit it. Consider doing this at a later time; a fresh set of eyes gives you a better chance of catching errors you may have missed before. If you're unsure whether you qualify for a tax break or how to fill out a certain section of your return, consult a tax professional or someone else who knows more about taxes than you do.

If you're using tax filing software, the provider may have representatives who can answer your tax questions. Never guess on how to fill something out or what answer to choose; being wrong could be costly. The IRS will usually fix small, harmless math errors for you if it finds them. But if you notice that you made a big error, like forgetting to report income, you don't have to wait for the IRS to come asking questions.

You can fix the problem yourself by filing an amended tax return on Form X. Unfortunately, electronically filing an amended tax return is not possible. If you realize you made an error on your state taxes as well, check with your state's revenue department to see what form you have to fill out and then mail this along with your amended return to the appropriate state agency.

You can track the progress of your amended tax return using the Where's My Amended Return? It can take up to three weeks for the amended return to reach the IRS and another 16 weeks for processing, so don't worry if the IRS doesn't appear to have it right away. Check your return carefully before you submit it, but if you still make a mistake on your taxes, it usually isn't too difficult to deal with. Just file an amended return if you notice a serious problem on your first one.

Discounted offers are only available to new members. Stock Advisor will renew at the then current list price. If you e-filed your original return, give it time to be processed before you amend. Also, if you are expecting a tax refund, wait to receive it before you submit your amended return. There is a special form: you will use Form X to correct any previously filed Use the Form X for the year that you need to change.

Keep in mind that Form X cannot be filed electronically; amended returns must be mailed to the IRS. But, if you are amending because you received a notice from the IRS, the amended return should go to the address indicated on the notice, and the notice should be referenced in the amended return. If you realize you need to correct something on your tax return, we can help.

Take our quick assessment and find out if a tax return review is right for you.