Memon CPA, PLLC

Let’s say you filed your tax return and breathed a sigh of relief. Then you realize that you forgot to include something important. In general, you can file an amended return and claim a refund within three years after your original return is filed, or two years after paying the taxes, whichever is later. So, if you filed your 2024 tax return and paid the taxes owed on April 1, 2025, you have until April 1, 2028 to amend the return. Math errors might not require filing an amended return, as the IRS may catch and correct such mistakes. However, file an amended return if there’s a change in filing status, income, deductions, credits or tax liability. Here’s a list of related FAQs: https://bit.ly/42CTcOk. Contact us at (682) 564-1848 with questions or to amend a past tax return.

Not everyone is legally required to file a tax return, so it may be tempting to skip it. But if you had federal income tax withheld, made estimated payments or qualify for a refundable tax credit, you could be missing out. The Child Tax Credit is for those with qualifying children under age 17. The Credit for Other Dependents is for those who support certain others, including their parents or children 18 and older. Both of these credits begin to phase out at income limits that are fairly generous. If you paid higher education costs for yourself or an eligible student, you may qualify for an education credit. Contact us at (682) 564-1848 or learn more from the IRS: https://bit.ly/3RNQJeB

Determining the correct tax filing status isn’t always straightforward. That’s especially true if the parents of a young child live together and aren’t married. Can both parents claim the more favorable head of household (HOH) status? According to the IRS, the answer is no. Only one parent can claim HOH status for a qualifying child. To be eligible, a parent must furnish more than half the cost of maintaining a home for themselves and a child. If both parents contribute equally, the IRS applies a tiebreaker rule to determine who can file with HOH status. Learn more by visiting the IRS at bit.ly/3T5JUp5, or contact us at (682) 564-1848 with questions.