Sunday, February 7, 2010

Deductions you may overlook

If you take the standard deduction, you can't deduct your real estate taxes or your sales tax, right?
WRONG. Sometimes you can. If you pay real estate tax or buy a new car and pay sales tax you could get an increased standard deduction. To get this increase to your standard deduction, you will need to include a Schedule L with your return.

There are a couple of new tax forms that sound like an advertisement for L&M cigarettes--the Schedule L and the Schedule M. I've posted a previous blog about Schedule M.

You can see these forms at

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