If you discover an error after you file your tax return, you can correct the error by amending your return. Amended returns, filed on Form 1040X, are used to make corrections to a previously submitted and accepted tax return. An amended return can be done for any tax year. However if a refund is being claimed, the return must be filed within three years after the date the original return was filed. While most filing statuses can be changed with an amended return, changing from Married Filing Joint to Married Filing Separate cannot be done after the original due date. The IRS released tips to amending your federal tax return, below we have summarized the major points:  When To Amend A Return Generally, you should file an amended return if your filing status, number of dependents, total income, tax deductions or tax credits were reported incorrectly or omitted. The service center may correct errors in math on a return and may accept returns with certain forms or schedules left out. In these instances, do not amend your return. When To File An Amended Return Mostly if a change to a taxpayer’s return requires the IRS to give them a refund, the changes must be made within 3 years of the original return’s due date, or 2 years from the date the return was paid, whichever occurs later. If the taxpayer owes money to the IRS, the tax return can be amended for any year. ·         If you are amending your tax return to get an additional refund, make sure to wait until you have received your original refund before filing the amended return. ·         If you owe additional taxes, it is important to file your amended return as soon as possible to limit any interest or penalty charges that may incur.  Form To Use To File Amended Return  Form 1040X, Amended U.S. Individual Income Tax Return, is used to amend a previously filed Form 1040, 1040A, 1040EZ, 1040NR or 1040NR-EZ. Check the box for the year of the return you are amending on the Form 1040X. An amended tax return cannot be filed electronically and must be mailed to your local Internal Revenue Service Center. ·         Form 1040X has 3 columns. Column A shows original figures from the original return. Column B shows the changes you are making. Column C shows the corrected figures. There is an area on the back of the form to explain the specific changes and the reasons for the changes. ·         If the changes to the amended return required other forms or schedules, attach them to the Form 1040x. Failure to attach these forms can cause a delay in the progressing of your return.  Multiple Amended Returns If you are amending more than one year’s tax return, prepare a separate 1040X for each return and mail them in separate envelopes. TaxSlayer.com allows users to amend returns with a step by step deduction guide, audit assistance, and customer support.

We are extremely proud of the men and women of the United States Military. Service members and their families sacrifice a lot and face unique obstacles thrown at them daily. Understanding all of this, TaxSlayer.com wants to ensure they understand special tax benefits that are available to them. We want them to be aware of 9 commonly missed tax benefits: 1. Moving Expenses You may be able to deduct some of your unreimbursed moving expenses, if you are a member of the Armed Forces on active duty and you move because of a permanent change of station. You can also deduct moving expenses if you are out of the military and your move is closely related to the start of a new job location, and you meet certain tests. 2. Combat Pay Most enlisted military personnel or warrant officers know that if they serve in a combat zone for any part of a month, that all their pay received for military service during that month is not taxable. Military officers are eligible to receive tax free pay as well but it could be capped at the highest enlisted pay, plus hostile fire or imminent danger pay received. One little known fact is you can elect to include your nontaxable combat pay in your ‘earned income’ for purposes of claiming the Earned Income Tax Credit. 3. Extension of Deadlines Qualifying members of the military can get an automatic extension for filing tax returns, paying taxes, filing claims for refund, and taking other actions with the IRS. 4. Military Uniform Cost and Upkeep You can deduct the cost and upkeep of uniforms that military regulations prohibit you from wearing when off duty. If you receive any allowance or reimbursement for the services you receive you will need to reduce your expenses by those amounts. 5. Joint Returns A power of attorney may be used on joint income tax returns if one spouse is unavailable due to military duty. 6. Travel to Reserve Duty If you are a member of the US Armed Forces Reserves, you can deduct unreimbursed travel expenses for traveling more than 100 miles away from home to perform your reserve duties. 7. ROTC Students Subsistence allowances paid to ROTC students participating in advanced training are not taxable. However, active duty pay – such as pay received during summer advanced camp – is taxable. 8. Job hunting expenses You may be able to deduct some costs you incur while looking for a new job after separating from the military. Expenses may include travel, resume preparation fees, and outplacement agency fees. 9. Forgiveness of Decedent’s Tax Liability Tax liability can be forgiven, or if already paid, refunded, if a member of the U.S. Armed forces dies while in active service in a combat zone; from wounds, disease, or other injury received in a combat zone; or from wounds or injury incurred in a terrorist or military action. If filing a joint return only the decedents part of the joint income tax liability is eligible for the refund or tax forgiveness.

Now that tax season is over, you’re left with your tax records and hopefully a little of your refund as well! Many taxpayers often wonder how long should I keep my tax records. Is it 1 year, 2 years or until the end of the world? The IRS suggests holding onto most tax records for three years; however, some records such as a home purchase or sale, stock transactions, IRA and business or rental property should be kept longer. In addition to keeping tax records, the IRS states taxpayers should keep all documents that may have an impact on your federal return. This includes: • Bills • Credit card and other receipts • Invoices • Mileage logs • Canceled, Imaged or substitute checks • Proof of payment • Other records to support deductions or credits you claim on your return Speaking of deductions, did you know TaxSlayer.com has a feature that allows you to efficiently manage and track your deductions? “My Deductions” allows you to input all of your monetary, stock, mileage and noncash item deductions, as well as your employment and medical expenses. The beauty of this feature is that you can import these deductions directly into your tax return AND it will save you time when completing your tax return! To access the My Deductions tracker, login to your TaxSlayer.com account, then click on the My Deductions link. Once inside the My Deductions menu, you can add your deductions as they occur throughout the year.

With the tax deadline looming, it is essential to make sure that you prevent any errors on your tax return that could delay the filing and processing of your returns. The IRS recently released a list of their most commonly seen errors. Take a close look and make sure that you pay close attention and take advantage of all of the error checks on TaxSlayer.com. The most common errors are: Incorrect or missing Social Security numbers Always make sure that when you enter a SSN (for yourself or a dependent) that you enter it exactly as it is shown on the Social Security card. Failure to do so can cause the IRS to reject your return resulting in a delay. Incorrect spelling of the dependent’s last name When you enter a name for yourself or a dependent make sure that this also matches the information exactly as it is shown on the Social Security card. This information must match in order for the return to be accepted. Filing status mistakes The IRS lists five possible filing statuses for your return. These possibilities are: Single, Married Filing Joint, Married Filing Separate, Head of Household, and Qualifying Widow(er) with dependent Child. Failure to select the applicable status for your unique filing status can cause undue delays. Make sure to review IRS publication 501 if you have questions. You can also consult TaxSlayer.com support. Math errors Many people face the possibility of errors when filing a paper return. The great thing about TaxSlayer.com is we handle all of the calculations for you so there is no need to worry. Computation errors Much like math errors, many people flub the calculations for important designators such as AGI and EIC. Once again, you are in luck, TaxSlayer.com handles all of these calculations for you and they are guaranteed to be correct. Misstated direct deposit information Make sure that you double check your direct deposit information on the bottom of a check or with your financial institution. Errors in this regard can cause delays in refund processing and can even cause your refund to go into someone else’s account. Forgetting to sign and date the return Once again, by electronic filing with TaxSlayer.com you avoid the possibility of this error. By e-signing your return you ensure no delays because of failure to sign and date your return. Incorrect adjusted gross income In order to e-sign your return you must provide the AGI from your prior year return. For returning customers, we pull this information automatically but new customers need to make sure that they verify the AGI from the ORIGINAL return filed with the IRS the previous year. Paying close attention to these errors as well as using TaxSlayer.com can ensure that you get your return accepted the FIRST time and ON time.