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Article Excerpt
April 15th may be gone but, but certainly not forgotten--especially if, like millions of businesses, you unknowingly overpaid your businesses' federal taxes and can recover money by filing an amended return.
According to the IRS tax code, you have three years from the filing date for the tax year in question to file an amended return. For example, if returns for the 2003 tax year were filed on March 1, 2004, the taxpayer has until March 1, 2007 to file an amended return. This same role also applies if the taxpayer feels they have made errors resulting in a balance.
Reasons Businesses Overpay
Most businesses either prepare their business taxes themselves or have a tax preparer or accountant do them. With either method, the tax liability can be calculated as higher than it actually is because...
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