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Introducing a new tax form: Meet Schedule M – Tax Tip of the Week February 10, 2010

Posted by bradstreetblogger in : Tax Tip , trackback

As you may or may not remember, your pay checks were a little larger last year as a result of the “Making Work Pay Credit.”  The larger pay checks were due to reduced tax withholdings.

If you received Social Security or received a government pension that does not participate in Social Security, you received a $250 check.  This was part of the “Government Retiree Credit.”

Confused by the new tax form?Schedule M is designed to reconcile these two credits.  Wage earners will receive $400 per individual ($800 if married) if your income is below $75,000 ($150,000 for joint returns.)

Confused? Download Schedule M and Schedule M Instructions to really get your head spinning.

We anticipate most tax preparation software will handle these calculations properly.  If you are doing it by hand….good luck!

As always, give us a call if you have any questions. In Dayton, call 937-436-3133 and in Xenia, call 937-372-3504. Or visit http://www.bradstreetcpas.com.

Rick Prewitt – the guy behind TTW

…until next week.

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