August 26, 2019
If you feel that you paid too much in taxes in the past, there are ways to correct tax errors. Whether you discover a mistake or a missed deduction, you have a remedy.
File a paper IRS Form 1040X within 3 years of the original filing date, or within 2 years from the date you paid the taxes, whichever comes later.
If you find an error that gives you a bigger refund, or a mistake that means you owe more tax, you must redo everything on the form. If other schedules or forms were involved in the error, you have to resubmit all of them. It could be worth the work if it gives you a refund.
While it may seem like a hassle, filing an amended return could put more money in your pocket from several years of returns.
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The new budget bill passed by Congress on December 20, 2019 impacted both retirement and college savings plans. While many are still waiting for further guidance from the IRS on several details of the bill, we compiled a short list of the major changes that may affect you.
You’ve heard us talk about offsetting your capital gains taxes before — but we’re going to keep talking about it, because it’s a huge tax savings strategy.
It’s that time of year when everyone can agree on one thing: Paying taxes is a drag. As we progress into a new tax season, follow these tips to help avoid a heavy tax burden this year: