ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 41: Should You Amend Your Taxes?

Everyone makes mistakes. And sometimes you don't even realize the errors until well after they're made. But what if you suddenly realize there's a mistake on a tax return that was filed months (or even years) ago? Or what if there's a new development that affects the amount of tax you should have paid on a previous return?

We see it often with ER Docs due to the complexity of their finances – 1099 income, changing job/contracts, multiple sources of income… What do you do now?  Whether the mistake or development is in your favor or the government's, filing an amended tax return is often the next step.  But amending a return can be tricky. So, in this episode, we break down this process: when it’s appropriate, how long you have to do it, and the potential upsides and downsides.


Topics Discussed:
  • The significant delays in returns that are currently happening.
  • How to find the status of your refund.
  • How long you have to make an amendment.
  • Common misconceptions around tax returns.
Resources Mentioned:

ERdocadvisor.com  

Tags

planning, financial planning, ER doctor, doctors, finances, advice, investments, taxes

by 
Scott Wisniewski, EA