12/19/2023 0 Comments Download 1040xThis being said, taxes (and the accounting behind them) are complicated-and if you file your Form 1040 individual income tax return and later realize there’s an error, you might worry about the repercussions you could face from the IRS. Plus, with all of the possible tax liability from your business, you have more to grapple with when it comes to your personal return, especially if you’re self-employed. Not only do you have taxes to pay and file specifically for your business, but you also have to file your own personal tax return as well. When it comes to taxes, any business owner knows that the responsibility is two-fold. IRS Form 1040X is not, however, used to correct simple mathematical errors, but rather to make changes for additional income, filing status updates, and dependent or exemption amendments. The 1040X is an IRS tax form used to make adjustments to a personal tax return that’s already been filed with the IRS for the year, most typically Form 1040.
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