There are many reasons to amend a tax return. Before you begin the process, speak to a professional about making changes to your prior filing. With complexities such as statutes of limitation, tax benefit rules and others, changing a return is not a simple decision.
If you make a mistake on your tax return, speak to your tax preparer to determine whether an amended return should be filed. You may be entitled to a refund or you may owe money. Being proactive could eliminate future notices from the IRS for unreported income and may help to avoid penalties for not including such income.