Can I Amend my Tax Return Online Electronically

The simple answer is “no”, but there is more to know about the “no”. Let’s walk through the basics of amending a tax return.

If you discover an error after filing your taxes, you may need to amend your tax return. You should file an amended return if there's a change in filing status, income, deductions or credits. This is a reality as receipts are lost, records jumbled or the exclamation of: “I thought you kept that record.”  It is more common than you might think to experience errors on a tax return since humans can easily misinterpret definitions of terms and expectations.

You can and should file an amended return if there is a change in filing status, income, deductions or credits.  

Please note that the IRS may have already corrected mathematical or clerical errors on a return. They also may accept returns without certain required forms or schedules. In these instances, there is no need to file an amended return, but you can contact us, and we can help you amend your return.

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Deducting Vehicle Costs on Your Taxes

Deducting-Vehicle-Costs-on-Your-Taxes

If you use a car or other vehicle for your business, you may be able to deduct the expense of operating that vehicle on your taxes. Businesses generally can use one of the two methods to figure deductible vehicle expenses:

  • Standard mileage rate
  • Actual car expenses

For 2019, here are the standard mileage rates for calculating the deductible costs of operating an automobile for business, charitable, medical or moving purposes:

  • 58 cents per mile driven for business use
  • 20 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

Of course, you always have the option of calculating the actual costs of using their vehicle for your business rather than using the standard mileage rates. Here are some facts to help you understand the differences between the two methods of figuring deductible vehicle expenses:

  • If you want to use the standard mileage rate for a car you own, you must choose to use the standard mileage rate in the first year you use the vehicle. Then, in later years, you can choose to use either the standard mileage rate or actual expenses.
  • If a you want to use the standard mileage rate for a car you lease, you must use this rate for the entire lease period.
  • You must make the choice to use the standard mileage rate by the due date of your return, including extensions. You can’t revoke the choice.
  • If you qualify to use both methods, you may want to figure your deduction both ways to see which gives a larger deduction.
  • Here are some examples of actual car expenses that you can deduct for your business: 

> Licenses
> Gas
> Oil
> Tolls
> Insurance
> Repairs
> Depreciation – limitations and adjustments may apply  

The IRS Publication 463, Travel, Gift and Car Expenses, gives a full list of actual expenses and how to calculate them.

This is only one of the many decisions to be made when doing tax planning. We welcome your call for any tax planning questions you may have. Take a moment to  contact us!

Hunter & Associates
ABOUT THE AUTHOR | Hunter & Associates
At Hunter & Associates, P.A., we are driven by the belief that within each of us is the power to achieve greatness. This belief is not just for us, but for our clients as well. In fact, our client roster includes a great many small businesses with aspirations for greatness. We have even been recognized as an award-winning firm for client diversity.
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