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Tuesday, June 3, 2008

About Taxes: Correcting Your Tax Returns

About.com   Taxes
In the Spotlight | More Topics |
  from William Perez
Tax problems can arise at different times in different guises. Often tax problems can be alleviated by filing a return, even if late, or correcting a previously filed return. So if you overlooked a deduction or tax credit, you may be able to get some extra refund money by going back and reviewing your tax returns.

 
In the Spotlight
Forgot to Claim the Standard Deduction
One person recently emailed to ask what to do if she forgot to claim her standard deduction? "I put "0" on line 40 form 1040," the reader wrote, "Will the IRS fix this mistake or should I file 1040X?" Fortunately, fixing this oversight is pretty easy, and takes just a little bit of paperwork...read more

 
         More Topics
Filing Back Taxes for Working Abroad
Another About.com reader wanted to know how to correct a different type of oversight. He didn't realize that he needs to file a return, since he's been living overseas. The reader explained, "I just found out that I should have filed taxes for those years." Filing a return, even though it's late, will help solve this problem...read more

 
New Tax Email Scam
My client received an email on Memorial Day, a federal holiday, and yet the email claimed to be sent by the IRS and asked him to pay his taxes by using a wire service. I hadn't heard about this particular scheme before, so I'm posting the email so you won't be fooled if a similar email reaches your inbox...read more

 
 
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