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What You Need to Know About Amending Your Tax Returns

Common errors include neglecting to report all taxable income or valuable deductions and credits

As Oscar Wilde once put it, experience is the name we give our mistakes. By that standard, millions of taxpayers are highly experienced.

Even with the increasingly widespread use of sophisticated tax-preparation software, it’s easy to make costly errors, omissions or both. Last year, the Internal Revenue Service received nearly 3.5 million “amended” income-tax returns, says Eric Smith, an IRS spokesman.