New Tax Laws

Although tax season is almost over, check your returns carefully even if you already filed them. There are several tax returns we have reviewed that are missing several forms that could save you money or provide a bigger refund.

Two of the most common omitted forms are:

1. Schedule L-can add up to an extra $1000 to your standard deduction if you pay property taxes. Most tax payers put this information correctly on a Schedule A and then see that they do not go over the standard deduction. However, by adding a Schedule L to the return, you may increase your standard deduction and lower your taxable income.

2. Schedule M-the making work pay credit form is a new form this year that provides a credit up to $400 for single working tax payers and $800 for married working tax payers.