Question about filing an amendment to my previous year’s tax return

We have a small business and while preparing my 2025 tax return I noticed that I made some mistakes on my 2024 tax return. Specifically that the contractor expenses were underreported and we managed to leave out of monthly rent costs, which are significant to us. We already received a refund and this would increase the refund amount by several more thousands of dollars. My question is if you all think it would be worth it to file an amendment to receive more in a refund? Would that cause scrutiny among the reviewer and cause for an audit? We have records of everything of course, but years ago a company I worked for was audited and I recall that it was stressful and costly to go through, and the auditor was not particularly helpful or friendly. I think we have better records than that company though.

I’m also asking about this because if I report our expenses correctly this year, you can see the difference when comparing it to last year’s return. Although we did make more this year we also had more in expenses. So I don’t know if that would cause some concern or not. Should we just move forward and let last year go? Or maybe wait until this year’s return is accepted and done, then file an amendment for 2024 later?

Posted Apr 8, 2026, 1:12 PM UTC

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