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Paying taxes is what some Missouri residents may consider a necessary evil. You may be among the many individuals who dread having to file your tax returns and pay any outstanding taxes that you may owe. Of course, in lucky situations, you could get a refund, which many people also look forward to.
You could also face another situation in which the Internal Revenue Service owes you money, and that situation is when you overpay on your taxes. You may think that an overpayment will simply result in the IRS offering you a refund as usual, but that may not be how it works out in some cases.
How can you get your money back?
If you believe that you have overpaid on your taxes, you are not alone. In fact, nearly 2 million taxpayers overpay an average of $440 each on a yearly basis. As you undoubtedly already know, that much money could go a long way toward certain expenses, so you certainly want to make sure that you are not missing out on your funds.
Fortunately, if you believe that you have overpaid your taxes, even after you have filed your current year’s tax return, you are not out of luck. You could file an amended tax return. This return makes corrections to any errors that may have resulted in your overpayment. For instance, if you missed out on a deduction that could have reduced the amount you owed, you could include that deduction on your amended return.
Claiming deductions is helpful
Though many individuals may think that simply taking the standard deduction is the best way to go, you may want to give a second thought to itemized deductions. It may take a bit more time and effort to find deductions, but you may end up pleasantly surprised to learn that you could have more to deduct that the standard deduction allows.
When can you file?
If you believe that you overpaid your taxes, you can file an amended return within the next three years of the initial filing date. Additionally, you cannot e-file an amended return, which means that you will need to fill out hard copies of the appropriate forms and mail them to the IRS. Though this may seem more intimidating that the electronic filing options, you can get help with filing an amended return.
Working with a tax law attorney could help you better understand your options for handling an overpayment. Your legal counsel could also help you fill out the necessary forms and ensure that the information is correct and mailed to the appropriate office.