AS i file my taxes (USA) can i deduct expenses from 2003/4/5?

Question

I run a business from home on part time basis. am wondering if i can include expenses i did not deduct for 2003 2004 and 2005?

alternatively how else would i be able to make those deductions form those years now? surely the IRS must have a provision for this.

P/S
BTW i just happened to come across the receipts from those years.

Answer 1

You have to deduct the expenses in the year that you paid them. If you feel the expenses are enough to bother with, you can file 1040X's for those years, but for the tax year 2003 you only have till 4/15 to file an amended return (the 1040X). There is no provision to deduct expenses in any year other than when you paid them.

Answer 2

No, you can't deduct expenses paid in earlier years on your 2006 return. You can file an amended return for the earlier years, though, claiming each expense in the year it was paid. For 2003, you only have until 4/15/07 to amend your return and get a refund if one is due.

Answer 3

As others have written, you can submit ammended returns for the years in which you had eligible deductions that you did not include on your return.

Before you actually file, just ask yourself whether it is worth it. I.e., are you talking about a sizable amount of money. Filing amended returns is a red flag to the IRS especially if you are filing multiple amended returns.

If everything is on the up and up and it is worth it, then definitely do it. But be prepared to answer questions if they come knocking.

Answer 4

As long as you have the receipts (As they will want to see) you can file for an amendment to your taxes, but you will have to do each one seperately, for 2003, 2004, 2005. You can't add it on to your 2006 return.

Answer 5

you could desire to itemize to get a scientific tax deduction. The out of pocket scientific expenditures would desire to be over 7.5% of your income you could basically deduct what you paid in 2011. i'm guessing you're staggering with reference to the value schedule, yet you ought to examine the documentation or call the IRS for affirmation.

Answer 6

no