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To amend or not to amend taxes?

April 27, 2013

So you filed your income-tax return by the April 15 deadline but now realize you missed something. Should you prepare and submit an amended return, especially if the change goes against you? It's something of a gray area. You're supposed to file an amended return, using Internal Revenue Service form 1040X,to cover any mistake, oversight or updated information you receive. But is it practical to do so, especially if the discrepancy is of a small dollar nature, if you must pay a tax preparer for the effort and if the amendment focuses extra IRS scrutiny on your original return, which it likely will?

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