A Brief Overview of Depreciation. Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property.
How far back can you submit returns or amended returns and still get a refund? You can go back three years from the original deadline of the tax return to get a full refund. After three years, you will not be able to obtain a refund. It is important if changes are needed on an already filed return that these changes are made within the three year time frame.
Moreover, with the advent of technological advances, the turnaround time on tax refunds is as efficient as ever. In 2011, you can get your refund in as little as eight business days after filing. So when will you get your tax refund? Letâs look at the two best options for tracking your refund and getting an approximate idea of when it will arrive. And then weâll delve into five areas that can help ensure you will get your refund as quickly as possible.