Categories
Finance

A Quick Guide To Different Types Of Construction Loans

Early on in the coronavirus pandemic, construction activity went way down. However, it has soared back to high numbers. In fact, the annual rate of new home construction in the United States is now more than 1.6 million!

With so many new homes being built, there are a lot of new construction loans being sought after. There are many different kinds of construction loans, so it can take some time to figure out which one is the best for each situation.

So how can you make sure that you are getting the best construction loan possible? Read on to learn all about the different kinds of construction loans!

Construction to Permanent

This type of loan combines your mortgage with your construction loan. That simplicity can save you a lot of time. If you don’t get a loan like this, there is a good chance that you will have to figure out what kind of mortgage loan to get down the road.

Instead, you can combine both of these loans into one. With a construction to permanent loan, once construction is complete, your loan will turn into a normal mortgage.

Most loans like this come with one-off closing costs. Generally, they will lock in a specific mortgage interest rate that will last for the duration of your mortgage.

Construction Only

Of course, sometimes the company that offers the best construction loan is not also offering the best mortgage loan. In that case, it can make more sense for you to pursue these two loans separately.

That leaves you with a construction-only loan. In loans like this, there are actually two times when you will pay closing costs.

The first time, you will pay closing costs when your property construction is complete. Then, when you get a mortgage, you will pay closing costs a second time.

Renovation

In some cases, a pre-existing property just needs some renovation. In that case, you don’t need a loan for a full construction job. Instead, you need a simple renovation loan.

One of the advantages of the renovation loan is that you can use the future home as collateral. Since the home will be more valuable once it is renovated, that gives you a lot of collateral to work with.

Not everyone uses loans when they do renovations. Some people use home equity lines of credit or other funding methods.

When you are learning about different types of construction loans, it can help to talk to the experts in home construction loans. Finding someone to explain the details of renovation construction loans and construction mortgage loans can help you figure out which option is the right choice for you.

To learn more about construction loan rates and different construction loans, check out constructionspecloans.com/.

Know All About Construction Loans

We hope that you were able to take away something helpful from this brief article on just a few of the main differences between different kinds of construction loans. It can be intimidating to jump into the world of construction loans. At the end of the day, you will be able to find the best deal for you when you know as much about the different kinds of loans available as possible.

To keep up-to-date on the latest information in business, homeownership, and more, have a look through our other articles!

Categories
Marketing

The Brief And Only Healthcare Marketing Guide You’ll Ever Need

The healthcare industry is enormous and competitive. In fact, healthcare spending is expected to surpass $10 trillion by 2022.

Medical practices are trying to gain new patients in an uber-competitive environment. The medical industry is growing more like corporate America. Large, efficient medical companies are spreading their reach and taking new patients with their brand recognition.

The only way to remain competitive is by optimizing your marketing strategy. This is the best way to gain new patients and retain existing ones.

Read on for a comprehensive guide to healthcare marketing. Explore how the best medical practices use marketing to increase revenue.

Digital Marketing

In the past, patients went to their primary care physician. In many cases, they were seeking a referral to a specialist. The process was structured and family doctors were the gatekeepers for drumming up new business.

The internet changed how patients find their doctor. Medical practices need to start by accepting the role that Google plays in the healthcare industry. Before going to the doctor, nearly 90% of people search their symptoms on Google.

It is only natural that they also find their doctors on the internet. They search for cardiologists or podiatrists near their home.

With many Americans on PPO health insurance plans, they do not need a referral. Patients want to skip this step and get direct assistance for their medical issue.

The key for medical practices is to get their website ranked highly for specific Google searches. This is accomplished by a marketing technique called Search Engine Optimization (SEO). It involves publishing killer content that uses specific keywords and links back to other areas of your website.

Automation

There are modern tools designed to help you reach prospective patients easier and faster. These tools include artificial intelligence (AI) bots that do the hard work for you.

They communicate with clients so that you do not have to. They respond to questions and send automated follow-up e-mails after an appointment. Read more here to learn how an AI bot can generate leads without adding to your office’s headcount.

Social Media

Social media carries as much weight as Google when it comes to a medical marketing strategy. Americans spend countless hours on Facebook and other social media platforms each day.

They turn to these platforms when looking for medical recommendations. Your medical office can tailor marketing campaigns to certain demographics.

Consider you are an OB/GYN in Dallas, Texas. You can send tailored advertisements to females in the greater Dallas area.

Social media also allows you to drive traffic to your website. You can share killer content to your social media page. When users click on the blog post, they will be directed to your website.

A Healthcare Marketing Guide to Acquire New Patients

You are now ready to start gaining new patients. Implementing SEO techniques for your website and advertising on social media will go a long way.

It is also wise to employ automated tools to allow for mass communication with your clientele. If you enjoyed this article about healthcare marketing, check out our blog for more great content.

Categories
Business

5 Benefits Of A Going Out Of Business Sale For Shoppers And Companies

With the booming of online businesses, many brick-and-mortar retailers are filing for bankruptcy. It’s heartbreaking to see these well-known businesses going under. However, it’s not all gloomy as there are many things shoppers and companies can gain from a going out of business sale.

So, if you’re a brick-and-mortar retailer, you should look for how to capitalize on this sale. You want to see how you can recoup your investment. Shoppers should also be on the lookout for amazing deals.

Keep reading to learn the five benefits of a going out of business sale for shoppers and companies.

1. It Offers Shoppers Amazing Deals

Going out of business sale offers shoppers a great opportunity to enjoy amazing merchandise deals. To enjoy a high discount, wait for the sweet spot as the discount percentage increases every day. Also, carefully inspect the merchandise before buying as you don’t have the option to return it if it’s damaged.

2. Going Out of Business Sale Helps Companies Raise Cash Fast

As a brick-and-mortar retailer, you may be looking to sell your business to raise cash fast. So, to achieve this goal, you should consider a going out of business sale. The idea is to sell off your merchandise to third-party liquidators.

So, utilize the web to find these third-party liquidators and learn how they operate. You want to see a website like frontlinemediasolutions.com, where you get information on how a liquidation sale works.

3. Businesses Owners Raises Money for Other Projects

Maybe you feel that the retail industry is declining, and you want to cash out your investment. The idea is to raise money for other projects. So, to achieve this goal, find the top company that handles a going out of business sale.

4. Give an Easy Way Out from the Business Financial Difficulties

Your retail business may be facing serious financial hurdles, and you’re looking for an easy way out. The idea is to raise money quickly to pay off the business debts. So, to ease bankruptcy filing, consider a going out of business sale.

5. Opportunity to Get Gift Cards for Free

Many consumers assume that you cannot use gift cards for a going out of business sale. Although this is true most of the time, there are exemptions. So, you should take advantage of these exemptions to get gift cards from people throwing them away.

Doing this means that you have an opportunity to get merchandise for free. So, seek resources that guide you on when you can use gifts cards to buy goods from a going out of business sale.

Simplify Going Out of Business Sale by Involving the Top Experts

A going out of business sale offers shoppers an amazing opportunity to enjoy amazing deals. On the other hand, companies can raise money fast for other projects or pay off debts. So, look for the top professionals who’ll guide you to know more about how a going out of business sale works.

For more Business and Finance tips, please see our other articles.

Categories
Business

Can Cake Businesses Really Work At Home?

Your brownies are the talk of the town at the local bake sale and neighbors rave about your cakes—with so much talent in the kitchen, have you ever thought about starting your own bakery?

You don’t need to have a shopfront, since at home cake businesses are more popular than ever. Many home cooks operate from home, but it’s not as simple as rolling up your sleeves and getting to work.

Want to find out more about opening up a cake business or bakery from your own kitchen? If so, keep reading to find out everything you need to know about baking from home—and earning money from it.

Obtain the Necessary Operating Permits

An at-home bakery is definitely possible, but you first need to meet all government requirements. Even if you’re running a business from your own kitchen, you’re still subject to FDA regulations.

This is to protect the health and wellbeing of your customers, ensuring they’re purchasing foods that aren’t going to make them sick. This is also important for customers with allergies, as you’ll need to protect them from contamination from allergens.

Home businesses are subject to random health and safety inspections, so don’t risk operating outside of the law—otherwise, you might receive large fines.

This means your business needs to be run safely and you might need to take a food safety certification class before you can open. Talk to your local health department to find out more, since each state has slightly different requirements.

Keep Your Work Space Sterile

If you don’t have a separate kitchen to work from, it’s essential to keep your personal kitchen sterile and clean. This means it needs to be free from pets and kids need to know not to touch or eat anything while you’re working.

Most states will require at home cake businesses to have separate equipment for the business, different from your personal cookware. Don’t worry though, as business expenses like cake pans and fondant are tax-deductible!

A commercial fridge is also a good idea, as it will keep your baked goods and ingredients at the correct temperature. If you’re in need of a baking fridge, shop now & save.

At the end of each workday, clean and sterilize your kitchen to reduce any chance of bacteria or germs getting into your workspace.

Write a Marketing Plan

Once your business meets all of the legal requirements, it’s time to think about marketing. An at-home business should have a thorough marketing plan, just as any business would.

This is a document that outlines what you’ll sell and how you’ll market it—essentially, this will be a blueprint for your success. You’ll want to include all of your advertising strategies, your unique selling points, and your profit margins.

Jump on Social Media

When it comes to marketing, one of your best tools is going to be social media. So, once you have a name for your bakery, create social media accounts under that name.

Bakeries and cake businesses tend to do well on Facebook and Instagram since everyone loves delicious cake photos! Use social media to help market your company, connect with customers, and offer special weekly promotions or deals to your followers.

You can also use social media advertising to run ad campaigns, ideal for helping to generate leads.

Decide How to Package Your Treats

How will your baked goods look once they’re ready for delivery? Think about your bakery packaging—it needs to protect your cakes from damage, look stylish, and also meet any local food packages regulations.

If you’re going to deliver your cakes, think about how you’ll transport them safely in your car—a smashed cake in the backseat of a car is every baker’s nightmare!

Start Baking

As your first few orders start coming in, it’s time to start baking! In the early days, it helps to only take a small number of orders, so you don’t overwhelm yourself.

Once you get better at managing your time and can increase production speed, then you can take on more orders.

As you bake, wear a hairnet and gloves to prevent any contamination in your baked goods.

Hire an Accountant

You might be working from home, but you’re still earning a profit—which means you’ll need to pay tax. All small business owners are required to pay tax on their income, so you might want to hire a local accountant who specializes in small businesses.

They can help you balance your books and can let you know about any tax deductions you qualify for, helping you save money on your taxes.

At Home Cake Businesses Are Possible–Are You Ready to Get Started?

This guide should help you learn how to get going with at home cake businesses and bakeries. If you’re ready to follow your dream and open your bakery, give some thought to what you’ll bake—from wedding cakes to gluten-free muesli bars, there are plenty of options!

Then, prepare your kitchen and get to work. While it might take some time to build up clientele, in a few months, you’ll soon have plenty of happy customers, eager to come back for more!

No one can resist a sweet treat, so with a bit of hard work and baking finesse, your business is sure to be a success.

Was this article helpful? If so, please keep reading to find out more.

Categories
Business

How Do I Choose And Hire The Best Bookkeeper In My Local Area?

Did you know that there are around 1.5 million accounting and auditing jobs in America?

That’s a lot of opportunities for you to find the perfect bookkeeper for your business. Since accounting is a crucial part of any business, it’s worth knowing the strategies for finding someone reliable.

Are you wondering what you need to do? Keep reading to learn all about choosing and hiring the best bookkeeper in your local area.

Make Sure They Know Your Business

Small business ownership is a huge responsibility, so you shouldn’t cut any corners when hunting for a bookkeeper. The person you find should be familiar with the way your business runs.

Simply put, not all businesses are alike. The bookkeeping for a cryptocurrency ATM provider will look a lot different from the bookkeeping for a lawn care service provider.

If you’re located in Charlotte, North Carolina, then don’t forget to read about bookkeeping.

Consider a Full Team

Depending on the size of your company, you may need to seek out a full bookkeeping service team. The great thing about this is that they’ll do perfect bookkeeping, as well as other services associated with that task.

You can expect them to guide you through the wisest accounting methods, receive calls from your vendors, and even equip your business with cutting-edge bookkeeping software.

Compare and Contrast Prices

As you choose between professionals in the financial industry, you should take note of their fees and total costs. Don’t be afraid to pick up the phone and find out if there are hidden fees associated with their services.

While it feels good to save money, picking the lowest-priced bookkeeper could end up working against you. Bookkeeping is one of the most important and sensitive tasks of running a legitimate business. One wrong mistake could cost your company a lot of money.

Get Multiple References

When it comes to smart business tactics, you should never hire someone sight unseen. In fact, it’s best to go beyond the usual interview and follow up with a couple of references.

The most legitimate bookkeeper will have no problem providing you with two or more recent references. Once you have their contact information, you’ll be able to ask them any pressing questions you have. It’s the smartest way to find out what it would be like to work with a specific bookkeeper.

While speaking with the references, you should start deciding how trustworthy the potential hire is. When such sensitive data is involved, trust is crucial.

Are You Ready to Hire the Best Bookkeeper?

Now that you’ve learned all about choosing and hiring the best bookkeeper in your local area, you can make sure that your businesses’ sensitive data is in order. The last thing you’d want is for someone to make a costly mistake. With a reliable bookkeeper, you’ll have peace of mind.

Whether you’re interested in legal tips or business product reviews, we’re here to help. You can find many more helpful articles by browsing our site or bookmarking us for future reference.

Categories
Business

11 Most Popular Businesses In The United States

Today, small businesses hire about 59 million people around the United States. If you think that number is impressive, you should see the most popular businesses out there.

Do you have an idea of the most popular businesses in the United States? Read on to explore all about these popular businesses and see if your guesses made the list today!

1. Walmart

This multinational retail corporation is headquartered in Bentonville, Arkansas. It was started by Sam Walton in Arkansas, similar to the top profitable franchises.

While many businesses are finding it hard to compete with Amazon, Walmart is doing just this. They’re actually one of the most popular businesses in America right now. Walmart has Sam’s Club, Neighborhood Markets, and Supercenters.

2. Starbucks

Starbucks got its start in Seattle before venturing out around the world. Over the years, the number of Starbucks around the world has exploded.

3. Google

Google specializes in internet-related products and services. This can include cloud computing, advertising technologies, software, search engines, hardware, and software.

Google dates back to the ’90s by Sergey Brin and Larry Page. Google is also one of the most visited websites since it acts as a search engine.

4. Amazon

Amazon focuses on digital streaming, cloud computing, e-commerce, and artificial intelligence. It’s one of the largest companies in the information technology industry right now.

It was started by Jeff Bezos in his garage in Washington State. It first began as a marketplace for books. It then was a place for apparel, toys, furniture, video games, electronics, jewelry, and more.

Today, Amazon also owns Whole Foods Market. It also has 2-day delivery for its subscribers which has grown over the years.

5. McDonald’s

One of the most visited restaurants in the United States is McDonald’s. Mcdonald’s can be found around the world and keeps experiencing sales growth year after year. In order to increase its reach, it now focuses on coffee and donut sticks.

6. Subway

Subway is one of the most profitable businesses in the United States due to it having numerous locations. It’s also one of the most popular places for quick sandwiches on the go. Due to an increase in smaller players, its market share has decreased over the years.

7. CVS

CVS is one of the most popular pharmacies in the United States. It first began in Rhode Island as a retailer and pharmacy chain. It hurt a bit due to a Health Insurer Fee that was from the Affordable Care Act.

8. Walt Disney World

This entertainment resort dates back to Lake Buena Vista, Florida in the ’70s. Only half of their entire property has been used.

There’s also Disney Land which is located in Anaheim, California, and opened first. It was meant to have its own set of attractions.

While the planning was happening, Walt Disney died. After he died, his brother stepped forward to make sure that his dream became a reality. Today, it’s one of the most visited parks in the entire world.

9. Netflix

This company offers various movies, shows, documentaries, anime, and more on internet-connected devices. You don’t have to worry about watching commercials, and you can watch as much as you want.

They allow you to pay one flat rate per month depending on the plan that you choose. They even have a children’s plan available that comes for free with your plan.

10. Dunkin’

Dunkin’ is one of the top coffee and baked goods chains in the United States. They serve millions of customers each day. They also offer a range of donuts for you to enjoy.

Along with donuts, you can enjoy breakfast sandwiches, beverages including coffee, bagels, and baked goods. It dates back to the 50s in Massachusetts. Today, you can find that Dunkin’ is enjoyed around the world.

11. Burger King

Burger King dates back to the ’50s and prides itself on serving millions of people each day. Today, you can find it around the world. They’re about providing great-tasting, high-quality, and affordable food. What’s important to them is offering a family-friendly dining experience.

The Most Popular Small Businesses

You’ll find that most of the popular small businesses fall under food services. This can include weddings, fast food, and other restaurants.

If you’re interested in going this route, you’ll need to be comfortable with smelling like food and smelling food all day. Hours can be rough as well.

Personal Training

Another booming industry is personal training. While you can easily become a personal trainer, many at least have state certificates.

The hardest part is getting known since it’s a competitive field. You might need to go to your clients whether that’s at their home or gym.

As you continue to put your name out there, you’re more likely to be successful. Niching down is also an option where you choose to only work with senior citizens, high school basketball players, etc.

Web Design

Most businesses have a website and will hire a web designer to make sure that it looks great. If you’re knowledgeable on design you might be able to get others to hire you to design their website.

Exploring the Most Popular Businesses in the United States

After exploring this guide, you should have a better idea of the most popular businesses in the United States. Take your time deciding which business to open up or frequent!

Would you like to read more business or pop culture content? Check out our other articles on our site today!

Categories
Business

What Are Limited Liability Companies (LLCs)?

If you’re thinking of becoming an entrepreneur, you need to give thought to how your business will run.

How will it be organized? Who will manage the day-to-day operations? How will you legally protect yourself?

For many business owners, the answers to these questions lead them to form an LLC or limited liability company.

If you’re wondering, “What are limited liability companies?” don’t worry, we’ve got you covered.
 
 Keep reading to find out more about LLCs and if one might be right for your business.

What Are Limited Liability Companies?

An LLC is a limited liability company. An LLC is a legal business entity that operates a business.

An LLC can operate most types of businesses and are inexpensive and easy to establish.

Their benefits make LLCs popular with small businesses. As a matter of fact, 35% of small businesses are LLCs.

What Are the Benefits of an LLC?

The biggest benefit of an LLC is its legal protection. LLC owners are protected from the business’s debts and claims. That means that if a business can’t pay a creditor, the creditor cannot legally seize an LLC owner’s assets, such as their home.

An LLC is easier to administer than a corporation. With an LLC, you do not need a board of directors or shareholders.

LLCs are flexible in their membership. An LLC can have one member, a couple of members, or dozens. There are no minimum or maximum number of members required for an LLC.
 
 Multiple members can manage an LLC, or one or two members can take sole responsibility of running the business.

Finally, establishing an LLC gives your business a certain amount of legitimacy. It indicates you have taken the proper steps to formally establish a company with the government.

How Do You Form an LLC?

Starting an LLC is easy. First, you need to choose your business name.

Second, you need articles of incorporation to formally establish your LLC.

What are articles of incorporation? It varies from state to state, but they are the documents that establish the existence of a company within its home state. They are also known as a charter or certification of formation.

Articles of incorporation are usually filed with the secretary of state’s office. They detail information such as the company’s name, its address, purpose, the registered agent who will receive correspondence on behalf of the business, and more.

Some states may require an operating agreement that dictates the structure of the company, such as what responsibilities members of the company have, and the percentage of ownership. Depending on your state and industry, it’s possible you may have to acquire additional permits and licenses in order to operate.

Finally, establish a bank account for your LLC. Talk to your local bank to see what documents they require for opening up your company’s account.

Consider Forming an LLC for Your Business Venture

What are limited liability companies? In short, they’re a flexible, legitimate way of operating a business. If you are considering starting your own business, you need to look into forming an LLC. For more business tips and tricks, be sure to check out other articles in our business section.

Categories
Business

How To Store And Retrieve Your Digital Currency Keys And Signatures

In recent years, many more people have become interested in cryptocurrency trading. Since Bitcoin’s historic highs in 2017, several people have seen cryptocurrency as a new and profitable investment strategy. However, as a new medium, people often have questions about how it works.

One primary question people often have revolved around currency keys and signatures. While you may have come across these terms online, do you know how to access and store this information? The answer is simple: find a secure digital wallet.

If this is all new to you, that’s okay! In this article, we’ll explore what a digital wallet is and how it helps your trading.

Distinguishing Public Keys, Private Keys, and Signatures

If you’ve spent much time investigating cryptocurrency, you’ve likely seen these three terms. Crypto exchanges rely on this information to keep their transactions anonymous and secure.

Bitcoin and the other leading cryptocurrencies utilize public-key cryptography. This system uses two sets of keys: public and private.

These platforms use public keys to identify yourself on the exchange. Private keys, on the other hand, remain secret and play a role in authentication and encryption.

Lastly, there are signatures. Digital signatures prove that you own a private key without having to reveal sensitive information. It also prevents anyone else from modifying transactions once you’ve signed them.

How to Store and Receive this Information

To keep this information secure, you need a place to store it. That’s where a Cryptocurrency Wallet comes in. A cryptocurrency wallet is essentially software that you can use to view your balances and make transactions.

You’ll use your digital wallet to store your public keys and addresses. Each cryptocurrency requires a public address specific to that currency. For example, if you want to purchase Ethereum, you’ll need an Ethereum address.

Each of those public addresses circles back to transactions associated with the address on a blockchain, which your wallet accesses. Different wallets use varying means of proving you own an address.

Non-custodial digital wallets use your private key to verify this ownership. Custodial wallets, on the other hand, hold your keys for you. To access your addresses with these wallets, you input a password in their app.

Advice for Usage

When you consider entering into crypto exchanges, there are some tips that we recommend you follow. First, never reveal or share your private keys. Follow every protocol you need to ensure this data remains private and secure.

Second, understand that digital wallets don’t store crypto directly. A digital wallet stores the addresses that allow you to access your tokens. It lets people trade and move addresses and view their available balances.

Find Your Digital Wallet Today!

Starting your crypto trading begins with finding a reliable digital wallet. With this software, you gain access to various blockchains. You also discover a place to store your signatures and keys.

So, don’t hesitate. Find your best wallet today!

We hope you enjoyed this article! If so, check out our other content today.

Categories
Finance

How To Help Elderly Parents With Loan Payments

Today, no matter the age, the average American has about $90,460 in debt. Unfortunately, the silent generation (75 and above), have about $40,925 in debt.

If you’re wanting to help your elderly parents out with loan payments, you might feel unsure how to proceed. While it might seem overwhelming getting their payments under control, there’s hope. Read on to explore this guide on how to help elderly parents with loan payments today!

How To Help Your Parents From a Distance

If you live far away from your loved one, you can still help your aging parents through technology. There’s even a company out there Who offers family opportunity mortgage.

Speak with your loved one about how bills will be paid if anything happens to them. Consider setting them up for autopay where it’ll get deducted from their monthly pay. Encourage them to have online banking where you can help them pay their bills.

If the bank isn’t open yet, you can do a virtual conference between the bank and your elderly parents. Whether you have power of attorney or have access to their accounts is vital. This will allow you to have access to your account if anything goes wrong.

Offer Them Finance Management

Consider meeting with an elder-law attorney regarding mortgage documents and other bills. If your parents are under the threat of tax consequences, you can consider offering them direct gifts. This can include helping them pay for insurance or bills.

An attorney can ensure that you don’t wind up disqualifying your parents from different benefits. Loaning money instead might be a better option.

Explore Government Savings

If your loved one is on a fixed income, there are different state and federal programs to help them out. If they were in the military, they might be able to receive disability benefits, home loans, etc. They might be able to qualify for Medicare or Medicaid as well.

Help With Long-Term Financial Decisions

Speak with your elderly parents about where they want to live as they age. The options might be a retirement community, closer to family, etc. It’s important to determine where they’ll go if they need long-term care.

Take a look at any long-term care insurance that they have. This insurance can help pay for some home-care, assisted-living, or nursing homes.

Keep in mind that some policies might have a waiting period before you can use the benefits. Many of these policies will offer assistance if your loved one needs help with eating, dressing, bathing, etc.

Helping Your Elderly Parents With Their Loan Payments

After exploring this guide, you should have a better idea of what to expect when it comes to loan payments. Take your time exploring different options and keep the wants of your loved ones in mind as you make decisions.

Would you like to read more money and budgeting content? Check out our other articles on our site today.

Categories
Finance

How To Make A Tax Return Correction After You Filed

Filing taxes is not something most folks look forward to doing every year. Modern e-file options have made filing taxes easier, but there is still room for error.

If you’ve made a mistake on your tax returns, all is not lost. Even the IRS allows for tax return errors. Here is some basic information on how to make a tax return correction.

Why Amend Your Tax Return

You will need to correct your tax return if you need to correct your filing status, add dependents, or change your total income for the year you need to correct. You can also make a correction to your return if you need to add deductions or tax credits that you forgot to include on the original return.

You do NOT need to make a correction for simple math errors. The IRS thoroughly checks each return for simple errors and fixes them.

How to Make a Tax Return Correction

To make corrections on your tax return, you will need to fill out the IRS form 1040-X. You cannot e-file a corrected tax return, so you will need to fill out the form and mail it to the IRS. In some cases the tax software you used will have the ability to file a correction, so check with them to make that’s an option before you proceed.

There are detailed instructions on the form. The form has columns for the original return amounts, the new amounts, and the difference. There is also space on the back for you to explain the reason for the changes.

If you need to file a correction for multiple years, you will need to use a separate form for each year.

When to Revise a Tax Return

You can make an amendment to your tax return up to three years after the original return has been filed. If you’re expecting a refund from the original return, don’t file until you have received the funds. Generally, it takes 16 weeks to process a tax return correction.

If you’re expecting an additional refund from your corrected return, you can track the status by visiting the IRS website.

Services for 1099 Errors

A 1099 form is used for rents, prizes, or supplemental income. It’s not uncommon to make mistakes on 1099 tax returns creating a need to refile your 1099 return.

Common issues include entering an incorrect amount or putting information in the wrong box. Or you may find you have placed the tax identification number in the wrong place.

If you need help with 1099 corrections filing, there are companies who can help you out.

Updating Your Return

If you’ve made a mistake on your return or forgot to include deductions and corrections, there’s no need to panic. You can always file a tax return correction to fix the issue. If you need help, there are services available to assist you.

Be sure to check out the rest of our website for more helpful and informative articles on business, education, travel, and more!