It’s not too late for an individual to recalculate her taxes if she rechecks last April's Form 1040 and discovers she overlooked some business write-offs or other tax breaks.
There’s still plenty of time, in most instances, to redo her return. Here are some reminders on when she can or can’t change her mind after the due date.
Standard deduction versus itemizing
Let’s say she and her husband filed jointly and decided to skip itemizing on Schedule A. They used the no-questions-asked standard deduction. The couple belatedly realized it would have been more advantageous to itemize.
Can they switch from the standard deduction to itemizing? Yes, as long as they submit their amended returns within the time limit.
Change of Filing Status
Robert and Susan Brown filed separate returns for 2015 because of marital problems. Now the two have reconciled and can lower taxes for that year if they file jointly.
About Julian Block
Attorney and author Julian Block is frequently quoted in the New York Times, Wall Street Journal, and the Washington Post. He has been cited as “a leading tax professional” (New York Times), an “accomplished writer on taxes” (Wall Street Journal), and “an authority on tax planning” (Financial Planning magazine). More information about his books can be found at julianblocktaxexpert.com.