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ANOTHER new tax form - Tax Tip of the Week

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.

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Tax Tip Tax Tip

Introducing a new tax form: Meet Schedule M - Tax Tip of the Week

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.

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