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Do You Need to Amend Your Business Tax Return?

amended business tax return, business tax return, certified public accountant

Filing your business tax return can be a complicated process, especially when you consider the type of business you own. In fact, this is the main reason why many business owners today will turn that responsibility over to a certified public accountant. 

Regardless of how diligent you or your accountant are, mistakes do sometimes happen and there could be a wide range of reasons why you might need to amend your business tax return. Filing to amend your business tax return can be a frustrating and difficult process, we’ll hopefully clear most of the process up for you. 

What Is an Amended Business Tax Return?

An amended business tax return is one that is filed after the original business tax return due to a mistake or you missed a tax break that your business qualifies for. For the most part, business owners won’t hesitate to file an amended business tax return if it means they will receive a higher refund. 

It is important to note the IRS states that amended returns aren’t necessary for math or clerical errors, as the IRS will fix those mistakes themselves — trust me, they’re that good. In addition to that, missing a form or schedule won’t be the end of the world either. 

Worst case scenario, they’ll reach out to you and request what they need. As long as you hand it over, no issues are made. 

On the other hand, you should consider an amended business tax return if there are mistakes to the deduction, credits, income, or filing status. There might not be a law requiring you to amend the return, but it can help you avoid an extra bill from the IRS. Also, failure to disclose income can be considered tax evasion.

How Do You Know Which Forms to Use?

If you do decide an amended business tax return is in your company’s best interest, you’ll have to go through the process of filing the amendment and sending it to the IRS. The form you have to fill out will depend on how your business is structured. 

Here’s a list of the different forms needed for different businesses:

  • Sole Proprietorship – 1040X
  • Single-Member LLC – 1040X
  • Corporation – 1120X
  • S Corporation – 1120X
  • Partnership – copy of Form 1065, attach a statement
  • Multi-Member LLC – copy of Form 1065, attach a statement

Although most people are afraid to deal with the IRS, they would much rather you catch your mistake before it’s too late. If a mistake was made, it shows that you are diligent enough to go back and check your work even after it’s been sent in — and that’s an excellent business practice. 

Are You Searching for Help?

Do you feel like you might’ve made a mistake with your recent business tax return? Are you worried you’ve missed out on some beneficial tax breaks? You may want to consider having a certified public accountant take a second look to ensure you’ve filed properly and are receiving all of the tax credits you qualify for. 

I understand how tricky the tax process can be and ensuring all your t’s are crossed and i’s are dotted can make it more frustrating. With the assistance of a dedicated certified public accountant, you can finally relieve yourself of that worry and hand that responsibility over to a professional. 

Contact me if you need help throughout the tax process, especially if you need to consider filing an amended business tax return. I’d be glad to help!


Murray, Jean. “How to Complete and File an Amended Business Tax Return.” The Balance Small Business, The Balance Small Business, 28 Dec. 2018, www.thebalancesmb.com/how-do-i-complete-my-amended-business-tax-return-397415.

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