Your return is wrong??? Yikes!

Your return is wrong??? Yikes!

Well…as long as the error is within the last 3 years it can still be amended1 moon.

Returns for tax years 2013, 2014, and 2015 are still open years.  So if you forgot to take a deduction or maybe even forgot to claim someone on your tax return that you were entitled to claim, there is still time.

Some of the most common items people forget to put on their tax returns include:

  • College costs paid with loans (they are still deductible)
  • Student loan interest
  • Long term care insurance
  • Daycare or summer camp expenses (no overnight camps) and before/after school care
  • Union Dues
  • Mileage for medical and for charitable endeavors
  • The fair market value of noncash charitable contributions such as clothing and household goods

 

Some of these are only deductible if you are within certain income limits and some are only deductible if you are itemizing deductions.

Linda Reinhardt

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