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Tax question
#2895843
09/03/19 02:01 PM
09/03/19 02:01 PM
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Joined: Dec 2004
Posts: 18,841 .
ford150man
OP
Old Mossy Horns
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OP
Old Mossy Horns
Joined: Dec 2004
Posts: 18,841
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I’ve got a call in to an accountant but I’m too impatient to wait. I just found out today that I’ve been missing out on a pretty big deduction, every year for the last several years, to the tune of about $5k per year. Yeah, that low charging accountant I’ve been paying for the last several years? Well, I got what I paid for. Anyway, can I go back and file a correction for my past tax returns that I’ve been missing out on this? Next question, may be stupid, if I can, and have received a refund every year, will that mean I will get paid the amount of the deduction I’ve been missing out on? Is there a statute of limitations on how far back I can go?
If voting made any difference, they wouldn’t let us do it.-Mark Twain
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Re: Tax question
[Re: ford150man]
#2895847
09/03/19 02:12 PM
09/03/19 02:12 PM
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Joined: Nov 2011
Posts: 10,515
abolt300
Booner
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Booner
Joined: Nov 2011
Posts: 10,515
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You can file a Form 1040X within three years from the date you filed your original tax return or within two years of the date you paid the tax, whichever is later. You'd be currently able to file amended returns for 2016, 2017, and 2018.
One note of caution, if you've got anything at all that is questionable in those previous returns or anything you no longer have back-up documentation for, keep in mind that the IRS does not like to grant refunds, especially retroactively. If you've already been receiving refunds in those tax years, and now youre filing for an additional $5K for each of those years, you might very well trigger an audit. We filed an amended corporate return based on an error we found our accountant had made 2 years earlier and got a $185k refund check. Three weeks after the check was issued, we received notification that we were being audited for that same period, as well as the year before and year after. Coincidence? I dont think so. Then I had to spend 4 weeks dealing with a bunch of DA's from the IRS that didnt know squat about the tax code they were trying to enforce.
Last edited by abolt300; 09/03/19 02:13 PM.
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Re: Tax question
[Re: dave260rem!]
#2895897
09/03/19 03:31 PM
09/03/19 03:31 PM
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Joined: Dec 2004
Posts: 18,841 .
ford150man
OP
Old Mossy Horns
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OP
Old Mossy Horns
Joined: Dec 2004
Posts: 18,841
.
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Before you file I'd get a second opinion from another accountant. That’s the phone call I’m waiting on now. Trying to set up an appointment with another guy for a second opinion.
If voting made any difference, they wouldn’t let us do it.-Mark Twain
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Re: Tax question
[Re: ford150man]
#2895905
09/03/19 03:48 PM
09/03/19 03:48 PM
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Joined: Dec 2009
Posts: 9,375 Jasper, AL
joshm28
14 point
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14 point
Joined: Dec 2009
Posts: 9,375
Jasper, AL
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You are setting yourself up for an audit if you do that. Only you know if it worthwhile or not.
Quit paying an accountant to do your taxes. Just about anyone can do their own taxes with TurboTax and it will walk you through EVERY deduction and tell you what throws up red flags. I'm 41 years old and have never paid an accountant. I do have a finance degree and was a commercial lending analyst for a very short period of time back around 2000 so I am very comfortable doing it myself but it is pretty simple and a whole lot cheaper.
Last edited by joshm28; 09/03/19 03:48 PM.
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Re: Tax question
[Re: ford150man]
#2895908
09/03/19 03:56 PM
09/03/19 03:56 PM
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Joined: May 2015
Posts: 6,363 On the X
TickaTicka
12 point
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12 point
Joined: May 2015
Posts: 6,363
On the X
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Pay an accountant. If you run a business and are running in multiple states, paying employees, etc. you need to open that wallet and pay someone who knows the tax code.
I wouldn't take tax advice here. (nor would I take advice on what mountain bike to buy :D).
YMMV
Public Land Owner
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Re: Tax question
[Re: ford150man]
#2895921
09/03/19 04:35 PM
09/03/19 04:35 PM
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Joined: Mar 2012
Posts: 2,462 Mississippi
riflenut
10 point
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10 point
Joined: Mar 2012
Posts: 2,462
Mississippi
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I’d damn sure make sure it was worth the headaches. I’m currently battling the IRS over my 2016 return and certainly wouldn’t open up this can of crap again unless the money was substantial.
"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not." Thomas Jefferson
"I ask, who are the militia? They consist of now of the whole people, except a few public officers." George Mason
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Re: Tax question
[Re: TickaTicka]
#2895981
09/03/19 06:35 PM
09/03/19 06:35 PM
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Joined: Dec 2009
Posts: 9,375 Jasper, AL
joshm28
14 point
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14 point
Joined: Dec 2009
Posts: 9,375
Jasper, AL
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Pay an accountant. If you run a business and are running in multiple states, paying employees, etc. you need to open that wallet and pay someone who knows the tax code.
I wouldn't take tax advice here. (nor would I take advice on what mountain bike to buy :D).
YMMV
I was referencing personal taxes. Business taxes are different
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