Did you Overpay your Taxes?

Think you might have paid too much with your 2012 Federal Income Tax Return? Fear not, Uncle Sam has you covered! The IRS has procedures in place that make it easy for you to correct any errors you may have made on your tax return… even if it wasn’t really an error, but you just changed your mind!

IRS Form 1040X is the primary form used to amend or correct tax returns, though there are other forms that are required for certain changes. Tax refunds can be amended up to 3 years after the year they were filed for. So, right now, you could amend your taxes from 2011, 2010 or 2009.

You can use Form 1040X to correct simple mistakes or omissions, such as a neglected deduction. But, there are also a few other special situations that you might consider amending for, such as:

  • To join separate returns for spouses who filed separately and later found that it would have been beneficial to file jointly.
  • To take a refund for an overpayment that you may have elected to have applied to next year’s estimated tax.
  • To claim a quick tax credit for casualty loss in a federally designated disaster area. This can be done by amending the prior year’s return rather than waiting until the next year!
  • To change your method of deducting auto expenses should you find that your actual operating expenses exceed the standard federal mileage rate. (Note that once this change is made, it is usually not possible to return to the simple standard mileage method)

So, if you rushed through your taxes and think you might have missed something, come see us at Fredrick James. We can review your 2011 tax return, and if errors are found, or additional deductions can be taken, we can file your amended return for you to get your refund!

Visit us at FredrickJames.com. We serve clients throughout the world through our virtual office. Read more about our virtual office. If you have any questions or need assistance with your accounting, payroll or taxes please Contact us Today!

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