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Amended tax returns – when and how to file them

 

Last updated 2/7/2013 at Noon

Not every interaction with the Internal Revenue Service (IRS) must necessarily induce flop sweat.

Case in point: A few years ago a friend of mine decided his income taxes had become sufficiently complicated to merit hiring an accountant. After examining previous tax returns, the accountant discovered my friend had claimed the standard deduction for two years when he should have itemized expenses. He filed a couple of amended tax returns and voila – the IRS wrote him checks totaling more than $1,200.

Of course, not all tax-filing mistakes end on such a happy note. Sometimes people fi...



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