Tax Return Amendments for Small Businesses
Correct Past Mistakes. Claim Missed Deductions. Keep More of Your Money.
Most small business owners don’t realize that their original tax return often leaves money on the table. Forbes states that 95% of business owners overpaid on their taxes, and many don't find out until it's too late. Maybe that surprises you, but did you know we can amend your tax return and get you money back?
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Tax Return Amendments for Small Businesses
Running a business is complicated, and filing small business tax returns only adds to the pressure. Mistakes happen. Maybe you filed in a rush. Maybe you didn’t track all of your expenses. Or maybe you just didn’t know which deductions applied to you.
Here are a few common reasons business owners need to file an amended tax return:
Incorrect or missing income information (like 1099s or K-1 partnership income).
Missed deductions for legitimate expenses (home office, equipment, mileage, payroll, etc.).
Changes in filing status or dependents.
Reporting errors that result in owing additional tax or penalties.
If you're a business owner or have 1099 income, the IRS already has your 1099 income, but they do not have your expenses. An amended return ensures that your books match reality—and that you’re paying only what you legally owe.
This means that until you file the return, even if it is a loss, that is not what the IRS thinks. Amending tax returns means that we are finding money for you that you did not know you were entitled to. If you want OTB Tax to take a look at last year's books, or even the year before, book a time below that we can discuss your situation from years gone by, and help you have a more relaxing and less taxing life.
Book Your ConsultationWhat Is an Amended Tax Return?
In simple terms, an amended tax return is your chance to fix errors and submit correct information to the IRS. Unlike your original filing, which is considered final, an amended return lets you adjust numbers to reflect the correct information. This may include:
- Adjustments to income, deductions, or credits.
- Reporting previously unfilled expenses.
- Claiming overlooked tax credits.
- Fixing incorrect information that could trigger penalties.
By law, you must file your returns—but you don’t have to leave money behind. An amendment allows you to claim what’s rightfully yours.
How the Tax Return Amendment Process Works
Filing an amended tax return is slightly more involved than filing your original return. It requires IRS Form 1040-X (or the appropriate business form), along with corrected schedules, supporting documentation, and clear explanations for changes.
Calculate Correct Amounts
We’ll determine the corrected income, expenses, credits, and deductions so your numbers match what you should have reported.
Prepare the Amended Return
Using IRS-approved methods, we’ll prepare and submit Form 1040-X and any applicable schedules for your amended return.
Track Your Amendment
We’ll help you check your amended return status through the IRS website so you always know where things stand.
Review Your Past Returns
We’ll analyze up to three years of small business tax returns (the IRS limit for claiming most refunds) to identify mistakes, missed deductions, and opportunities.
Secure Refunds or Reduce Penalties
Depending on your situation, you may receive a refund, reduce what you owe, or avoid future issues with compliance.
How Far Back Can You Do an Amended Tax Return for Small Businesses?
Most taxpayers can file an amended tax return for up to three years from the original filing deadline or two years from the date the tax was paid, whichever is later. For business owners who have gone several years without filing, it’s critical to take action. Failing to file at all can lead to an additional tax payment of up to 25% of your unpaid balance.
Even if you filed years ago and thought everything was correct, amending can still make a big difference. Many small business owners recover $8,000 to $12,000 per year on average when we review their past returns.
Can an Amended Return Trigger an Audit?
It’s a common question: “If I amend my tax return, will the IRS flag me?” The truth is, filing an amendment doesn’t automatically mean an audit. In fact, correcting errors often lowers your audit risk because your numbers are accurate. As long as your amended return is prepared properly and backed with documentation, it shows the IRS you’re proactive about compliance.
Work With OTB Tax For Your Small Business Tax Return Services
Our team has nearly two decades of experience handling small business tax return services, including complex tax return amendments for small businesses across multiple industries.
We help entrepreneurs, contractors, network marketers, and small business owners:
Correct past small business tax returns.
Deduct expenses that were previously missed.
Avoid or reduce penalties for incorrect information.
If you’ve been wondering how to amend a tax return or whether it’s worth the effort, the answer is simple: if you’ve ever filed in a hurry, relied on generic software, or tried to do it yourself without guidance, there’s a strong chance you left money behind.
Let us review your past tax years to see if an amended return could save you thousands. Book your consultation today.
