Amending Your Tax Return As people tax plan they often pull out prior tax returns to use as a guide. It’s not uncommon to occasionally discover an error or an overlooked deduction. Taxpayers don’t usually jump at the chance to amend a prior year’s tax return if it means they’ll owe the IRS money. Instead most sit tight, hope the error isn’t noticed and wait for the statute of limitations to expire. However, people’s attitudes rapidly change when they find an error in their favor, have a net operating loss carry back, or a neglected deduction that would give them a refund. You can...Read More
