You may want to file an amended tax return if you have already filed but need to make changes. One reason is that taxpayers commonly go to their tax preparer to have their taxes filed without having all of the information or documentation that needs to be considered when filing. This type of situation can bring on a host of negative implications, such as increased balance. Or it can cause an audit. Neither of which you want to be dealing with after you have filed.
Why Amend a Tax Return?
To put it simply, a taxpayer or a business should file an amended tax filing if filing the amended tax return will help their bottom line. For example, filing incorrectly by overstating income, or forgetting to subtract deductions that would have lowered the taxable income. Another common reason is if you would like to change your filing status. This is especially important since the Tax Laws Jobs Act came into effect. And finally, to correct error that has resulted in you owing more money. These are just a few, but there are many reasons why one would want to amend a tax return.