Tax Deduction Usa
June 1st, 2008
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Question: AS i file my taxes (USA) can i deduct expenses from 2003/4/5?
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: 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.
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