Tax Refund. How much is my refund? Average IRS Payment is $3,120; what did you get? 1040X…
Imagine This: You’re at work talking to your colleague. She states she got $3,000 in a tax refund check from the IRS. You talk to other colleagues, they each got about $3,000 tax refunds. You’re now saying to yourself, I got less… Why? You look online and find out the average tax refund in 2015 was $3,120. Perhaps you missed something in the tax return or you didn’t include a deduction you were entitled to. You look at your return and you spot an error…what to do… 1040X… HELP
The purpose of Form 1040x is to amend your income tax return. Use it increase your tax refund. You may later find out that you didn’t claim a deduction or credit that you were eligible for. Some common mistakes that people make on their tax returns are the wrong filing status, total income is off, not claiming dependents, and not claiming deductions or credits. HELP
Some common issues for international taxpayers include filing a 1040 instead of a 1040NR, figuring foreign tax credit and foreign earned income exclusion, incorrectly, failing to include forms applicable to foreign dealings, such as 926 Return by a U.S. Transferor of Property to a Foreign Corporation, 3520 and 3520-A Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, 5471 Information Return of U.S. Persons With Respect To Certain Foreign Corporations, 8621 Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund, 8858 Information Return of U.S. Persons With Respect to Foreign Disregarded Entities, 8865 Return of U.S. Persons With Respect to Certain Foreign Partnerships, 8938 Statement of Foreign Financial Assets, and FinCen Form 114 Report of Foreign Bank and Financial Accounts (FBAR). HELP
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