We often hear about people who don’t pay their taxes, but what about the people who pay too much? According to statistics, 2.2 million taxpayers over-payed their taxes by $1 billion! Could that be you? If you’ve ever opted to take standard deductions rather than itemized deductions it could be. Or perhaps you learned about deductions you’re eligible for that you didn’t know about in years past. Lots of homeowners miss eligible deductions and charitable contributions account for 27% of missed deductions. Either way– it may not be too late. Here are the steps to take to get the money back that you deserve:
1. Consider the time. You have three years to amend a tax return. That means if you want to adjust your 2006 return you have until April 15, 2010.
2. Talk to a pro. If you’re going to the trouble of amending your tax return, you may want to hire a professional. They’ll be able to help you through the process and make sure there aren’t more deductions you missed.
2. File your change. If you want to make a change to a past tax return, you need to fill out form 1040x and submit it to the IRS. You’ll have to explain your reason for making the change.