Tax Day, April 15, has come and gone this year. Did you remember to deduct your vehicle wraps and graphics on your tax return this year? Don't overlook the important tax advantages of vehicle wraps and graphics for your business. It's not too late.
Three Years to File an Amended Return
According to the IRS, if you have made an error on your tax return that you already filed, you can still file an amended tax return to make the correction for up to three years. The IRS understands that sometimes people make mistakes or discover a deduction they could have taken after they have filed. For a Schedule C business (proprietorship, S Corp, or LLC) Simply file Form 1040X, Amended Tax Return, along with the corrected or additional documents you did not originally file with your return.
Taking You Vehicle Wraps Tax Deduction for Prior Years In Three Easy Steps
1: Gather Your Documents
Gather your original return and your vehicle graphics receipts. You will need your original tax return and any documentation that relates to your amendment such as proof of a new deduction you are claiming.
At Riveting Wraps, we keep accounting records for many years. Any of our clients who could not locate their receipt at the time they completed their original return, can just give us a call or shoot us an email and we will send them a copy of their original receipt.
2: Get the right IRS forms together
Download the necessary forms for the tax year you are amending. The IRS maintains a database on its website where you can access all tax forms for previous years.
According to Turbotax, you don't need to submit new forms for your entire tax return, just the areas that are affected. For example, if your vehicle graphics deduction should have been reported on your Schedule C, you only need to return an updated Schedule C.
If you file your business deductions on Schedule C, you can download a current IRS Form 1040X, Amended U.S. Individual Income Tax Return on the IRS website.
"The form includes easy-to-follow instructions and only requires you to include new or updated information. It is unnecessary to copy information from your original return. You will also find a space where you can write an explanation as to why you are amending your return." - Turbotax
4: Submit your amended return
Send the IRS your amended return. It's that simple. It takes the IRS eight to twelve weeks to process your amendment.
Follow the Law and Maximize Your Allowable Deductions with Vehicle Graphics
The economics of vehicle graphics advertising is compelling, even before taking tax deductions. So consider the deductions you can take as icing on the cake! Learn more about deducting your vehicle graphics here. If you are ready to add vehicle graphics to your service or fleet vehicles, give us a call, we'll be happy to help you out. If you are looking to learn more, visit our Do More Than Drive Blog for helpful articles to help you make an assessment for your business.
Get the straight facts on vehicle wrapping, contact Riveting Wraps at (425) 368-5007 or email us at firstname.lastname@example.org.