Amended Returns: You filed your IRS taxes by the April 15th deadline, and you should be able to just relax. But you think you have overlooked something important, or maybe it didn't come to mind to make use of specific deductions. Don't worry; you can still fix your errors with amended IRS returns.

Reasons to Submit an Amended Tax Return

You can use IRS Form 1040X, Amended U.S. Individual Income Tax Return, to fix any mistakes on your taxes. Amended returns will assist you with federal tax return mistakes when submitting taxes. The IRS has provided five reasons for you to submit amended returns. An amended return is only necessary for some income tax return mistakes:

• Did You Fail to Account for All Income Earned? You must report every cent you earn to the Internal Revenue Service. This includes profits from selling a business, working as a freelancer, or working a side job.

• You Falsely Claimed Credits or Deductions If you've started to worry about your bold tax deductions or credits, now is the time to set things right. Remember, substantial deductions and a lot of credits are a warning sign, putting you at a higher risk for being selected for an audit.

Small Business Owners, Be Careful: Small business and self-employed people are purported to be the biggest contributors to the massive tax gap. The Internal Revenue Service is coming down hard on small business owners, as they try to bridge the gap. They've promised to bump up the number of audits, so if you've made any IRS Tax Return errors, be certain to make use of Amended Returns.

• Did You Forget to Make Use of Deductions or Credits That You Had Qualified for? There are many new deductions and tax credits to take advantage of. If you missed out on any of these new opportunities, make certain you submit an amended tax return. Be sure to double check with a tax professional to verify you are eligible.

• Do You Have to File with a Different Filing Status? Amending with a different filing status is relatively simple, such as if you filled out your taxes as Head of Household, but after submitting your return, you discovered that you aren't exactly eligible for this status.

However: Did you file Married Filing Jointly, but wish to alter it to Married Filing Separately? If you've already filed your taxes by the due date, it's too late to fix that. However, an executor could change this for a deceased spouse.

• If You Can Make Use of the First-Time Homebuyers Credit: If you bought your first house in 2008, 2009, or 2010, you might qualify for the First-Time Homebuyers Credit.

In some instances, the IRS Service Center will fix tax return mistakes on your behalf. Don't submit an amended return if you made one of the mistakes listed below, as it may create avoidable delays.

• Basic Calculation Errors: Per their official website, the Internal Revenue Service is able to correct math mistakes made on your return.

• Omitted Forms or Schedules:The IRS may take returns with schedules or forms missing. As opposed to mailing an Amended Tax Return, look for correspondence from the Internal Revenue Service requesting info.

Making Use of IRS Amended Returns to Correct Federal Tax Return Mistakes

• You'll need Form 1040x to file an amended IRS return

• Expect to furnish a quick, coherent justification of the corrections

• The Service Center addresses are provided in Form 1040X