Here’s how to get a refund on a return you already filed: Did you know you have 3 years to file an amended return to report changes to the originally filed return?
Even if you already got a refund, you can get another one. Not too shabby.
Perhaps you overlooked a deduction that you were entitled to. Do not despair, it’s not too late!
Example: You just discovered that you can deduct commuting mileage (which is usually non-deductible, unless you meet certain criteria explained here). You can amend the return, claim the mileage, and the IRS will send you a refund check. If you overlooked this deduction for the past 3 years, you can file an amended return for tax years 2013, 2014 and 2015. WooHoo!
Here’s a great article with 10 more tips on how to file an amended return, including links to what forms to use (you have to file an amended return on paper; it cannot be e-filed).
And don’t forget this tip: if you file a federal amended return, you should also file an amended state return. You may get a refund from your state, too.
That’s all for now. Until next time...
Wayne Davies, EA, has been an individual and business tax return expert for 25 years and has personally prepared over 10,000 tax returns. Wayne specializes in providing tax reduction strategies to small business owners and the self-employed, including home-based business owners, freelancers, consultants and solo entrepreneurs. For a Free Report that reveals his “Top 10 Tax Deductions” (for small business owners & self-employed people only), visit http://selfemployedtaxdeductionstoday.com. For information on Wayne’s books, including the #1 Amazon Best-Seller, Small Business Tax Deductions Revealed, visit http://selfemployedtaxdeductionstoday.com/books. Wayne also provides accounting and payroll services for all business types (sole proprietorships, partnerships, corporations and LLC’s), as well as year-round tax planning. Contact Wayne at (260)480-7545, firstname.lastname@example.org, or on Facebook at https://www.facebook.com/GoodTaxPreparer.© 2016 Wayne M. Davies