How to File an Amended Tax Return
Get income tax refunds from previous years or fix mistakes
by Kimberly Lankford, AARP, April 7, 2021 |
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iStock / Getty Images; IRS.gov
If you file your income tax return and then discover that you missed some important breaks or made mistakes, it s not too late for a second chance. You have up to three years after the tax-filing deadline to file an amended return, which means you still have time to file an amended return for 2017, 2018, 2019 or 2020, if you have already filed. (The window for collecting a 2017 tax refund will close on May 17, 2021).
If you can take advantage of additional tax credits or deductions, you may get back extra money in a refund or you may be able to stop the clock on possible penalties if you re fixing a mistake. Here are some common reasons for filing an amended return and the steps you need to take.
COVID-19 Pandemic Makes Tax Season More Complicated For Americans news9.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from news9.com Daily Mail and Mail on Sunday newspapers.
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Small businesses have been struggling to survive the COVID-19 pandemic, with many closing their doors for good, despite relief funding from the government.
I’m not an expert, but we talked to lots of them, and asked: can small businesses deduct expenses that were paid with PPP money? The answer to this one is actually exciting, and yes, said Misty Erickson, Tax Research Manager at the National Association of Tax Professionals.
If you’re a small business owner, you can write off expenses paid with Paycheck Protection Program money. That also includes businesses that have shut down. Closing a business does have some of its own implications, but it s not going to change what they can deduct as far as business expenses go, said Nathan Rigney, principal tax research analyst at H&R Block.
Can you write off PPE gear this tax season? Experts say it depends what your job is
Scripps
Tax experts say with so many business and employment situations changing during the pandemic it s making for a unique tax season with many questions and unique situations.
By: KOAA Staff
and last updated 2021-03-01 15:31:34-05
COLORADO SPRINGS â Tax season is upon us and this time around there are a few extra things to consider before filing.
Not everyone had the benefit of working remotely during the pandemic. Plenty of workers spent money on personal protective equipment, or PPE, and other gear, just so they could work safely at the office.
NEW 1099 RECIPIENTS
Greene-Lewis said many people moved into the “gig” economy for the first time. They’re seeing a 1099 for the first time. Do. Not. Ignore. these forms.
“When you get that 1099, the IRS also gets the same 1099 for matching,” she said. “So they know how much income you made.”
The same goes for people who dabbled in the stock market – which many people did for the very first time. Expect a 1099-B form from your broker. If you do not understand it, H&R Block’s Nathan Rigney suggests buying tax software or hiring a tax professional.
“You really don’t want to be in a situation where you’re trying to figure this out for the first time when you have a really complicated 1099-B sitting in front of you,” Rigney said. “You don’t want to do that without help.”