Unfortunately , you can’t wait forever to amend a tax return for a prior year. If you wait too long, you’ll forever lose your right to file an amended return for the tax year, even if it means you’ll be forced to give up a deduction for that year to which you were legally entitled.
THREE- YEAR AMENDMENT PERIOD.
The general rule is that you must file an amended return within three years after the date you filed the original return, or two years after the date you paid the tax, whichever is later. The three-year applies in most cases. Even if it filed your return for the year before 04/15, it is deemed to be filed on that date for amendment purposes. For example, you have until 04/15/2011 to file an amended return for your 2007 taxes, which are deemed to have been filed on 04/15/2007.
However, if you obtained an extension of time to file your original return for the year involved, you may add that time to the three year period. You can get an automatic extension of time to file your return until October 15.
Advance Tax Relief LLC is a full service Tax Relief firm in which includes tax professionals, IRS enrolled agents and
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