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August 27, 2020 10:32 pm
Filing Amended Returns Electronically
About 3 million Form 1040-X, Amended U.S. Individual Income Tax Return, are filed annually. The IRS announced that Form 1040-X can now be filed electronically using commercial tax-filing software (IR-2020-182, 8/17/20). This filing option should simplify the process of amending returns and speed up IRS responses (e.g., refunds claimed on amended returns).
Initially, only 2019 amended returns for Form 1040 or 1040-SR can be e-filed. But the IRS is planning to improve the system, so stay tuned.
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Tax Glossary
Capital expenses
Costs that are not currently deductible and that are added to the basis of property. A capital expense generally increases the value of property. When added to depreciable property, the cost is deductible over the life of the asset.
