Last week we talked about the new Schedule M. This week we’ll look at the new Schedule L.This form is designed for those who typically take the standard deduction on their tax return (those who cannot itemize.) Specifically, it's where you deduct real estate taxes, motor vehicle sales taxes, and disaster losses.

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.” Schedule M is designed to reconcile these two credits.

If you are donating to charities providing earthquake relief in Haiti, you may be able to claim those donations on your 2009 tax return. Here is what the IRS wants you to know

The IRS recently published some updates that you will need to know to qualify for first-time home buyer and long-time resident credits

When a tax return is not filed, the IRS assesses a tax liability based upon a Substitute For Return (SFR). These SFRs are based simply on the reported income on W-2s, 1009s, etc. without any regard to possible deductions or cost basis issues.

When the U.S. Senate adjourned for 2009, they left in limbo the future of more than 50 individual and business tax breaks which expired at the end of 2009. Most notably, the expiration of the estate tax laws was not addressed.