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abnaki05
Level 1

Amend taxes to update NAICS Code?

I'm currently in the process of applying for a grant that requires a certain NAICS code. I'm a freelancer with multiple jobs and streams of income. I operate as a small business for my art and handmade goods, but am also a graphic designer. In previous years, I roped my art income with my design income, since I didn't have a formal income form for my art business, and I technically do design everything and it was just easier. My advisor who's helping me on this grant suggested I file amended returns to update my income for my art business and therefore meet the requirements as an arts NAICS code to claim reimbursements through this grant.

 

My taxes have been a major pain point over the years I've been a freelancer and I'm afraid of making them even more confusing by amending my returns, especially without formal income forms. Any advice would be highly appreciated. Thank you.

1 Best answer

Accepted Solutions
tagteam
Level 15

Amend taxes to update NAICS Code?

Have you asked your advisor whether there are any viable alternatives to filing amended returns? 

 

Doing so is not without risk as you are voluntarily extending the statute of limitations for which you can be audited, not to mention the time and expense involved in actually preparing and filing the amended returns (complete with an additional Schedule C).

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3 Replies
tagteam
Level 15

Amend taxes to update NAICS Code?

Have you asked your advisor whether there are any viable alternatives to filing amended returns? 

 

Doing so is not without risk as you are voluntarily extending the statute of limitations for which you can be audited, not to mention the time and expense involved in actually preparing and filing the amended returns (complete with an additional Schedule C).

abnaki05
Level 1

Amend taxes to update NAICS Code?

Unfortunately, the grantors won't accept any other forms of proof. I've decided to count it as a lost cause but know now to double check my NAICS codes when filing in the future. Thank you for your detailed response!

Critter-3
Level 15

Amend taxes to update NAICS Code?

I would make the change on the tax form but NOT actually file the 1040X because it doesn't change anything on the tax return so the IRS will not care.  Print a copy of the updated Sch C and hand it in to these nit wits. 

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