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