Advanced English Dialogue for Business – Amended tax return

Listen to a Business English Dialogue about Amended tax return

Samuel: Hey Leah, do you know what an amended tax return is?

Leah: Hi Samuel, yes, it’s a form you fill out to correct errors or make changes to a previously filed tax return.

Samuel: Right. It’s important to file an amended return if you realize you made mistakes or missed claiming certain deductions or credits.

Leah: Are there any specific situations where you might need to file an amended return?

Samuel: Absolutely. For example, if you receive additional income after filing your original return or if you discover you didn’t report all your income accurately.

Leah: I see. So, it’s crucial to review your tax return carefully to ensure accuracy before filing it.

Samuel: Exactly. Filing an amended return ensures that you pay the correct amount of tax owed and avoid any penalties for underpayment.

Leah: Is there a deadline for filing an amended return?

Samuel: Typically, you have three years from the original due date of the return or within two years of paying the tax owed, whichever is later.

Leah: Thanks for clarifying, Samuel. It’s essential to stay on top of these deadlines to avoid any issues with the IRS.

Samuel: No problem, Leah. If you ever have questions about taxes or financial matters, feel free to ask.

Leah: I appreciate that, Samuel. Thanks for the helpful information.

Samuel: Anytime, Leah. Take care!