A Second Chance at Tax Savings

You've got about three years to amend your return, so go back and make sure you got everything you deserve.

Did you claim every tax break that you were entitled to when you filed your 2009 federal tax return this year? Now that the pressure is off and the April 15 deadline for filing your return has passed, it may be worth your time to give your return a thorough review. There were so many new tax breaks for 2009 that it would have been easy to miss a few. If you did, you may have received a smaller refund -- or paid a bigger tax bill -- than you should have. But you can set things right by filing an amended tax return now, which could put more money in your pocket in a matter of months.

Don’t worry if you discover a simple math error, though. You don’t need to file an amended return. The IRS can correct computation errors and will send you a notice if you owe more money or are entitled to a bigger refund.

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Mary Beth Franklin
Former Senior Editor, Kiplinger's Personal Finance