Schedules L & M are now available at the IRS web site, and post offices and libraries near you.  You’ve never filed these forms before.

You: How do you know?

Schedules L and M didn’t exist before this filing season.

You: Correct.

Thanks.

You: What are these schedules?

You don’t know?

You: Of course I don’t know! I don’t get paid to memorize tax schedules.

Right.  Schedule L allows you to increase the size of your standard deduction.

You: I thought my standard deduction was based solely on my filing status.

At one point, that was true. To get your standard deduction today, you start with your filing status but then make certain adjustments.  Homeowners and people who purchased new cars during 2009 are potentially eligible for increased standard deductions.  Make sure you take yours.

Similarly, millions of workers (and retirees) will qualify for the “Making Work Pay” credit, potentially worth $800 per couple. Make sure you complete Schedule M or you could be leaving some money on the table.

You: More forms – yahoo!

Yes. But these are just the easy ones.

You: I know, I know.  So much fun.

It doesn’t have to be that way.

You: I know, I know.  I’ll be in touch.

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2 Comments to “Schedules L & M Will Help Millions of Taxpayers This Year – Will They Help You?”

  1. ParisGirl111 says:

    So, I am assuming the schedule L provides the $8000 tax credit for home buyers and the $4500 credit for new car buyers? Is that the reason for the new form? Does this mean that tax filers don’t actually get that in the form of a refund, but in the form of additional income in their paycheck?

  2. Michael says:

    @ParisGirl111: Careful what you assume as you’ve got a bunch of bad information in your comment. The $8,000 credit for first time home buyers is claimed on Form 5405, not Schedule L. The cash for clunkers payment was taken care of by the dealership, not by the purchaser. Schedule L covers things like real estate taxes for those who don’t itemize and sales taxes on certain new car purchases.

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