This year, if you are filing your Fed income taxes for 2009 and you had taxes paid for new vehicles, you will see a new form. The form, Schedule L, is used to help people who are taking the standard deduction as well since they will also be able to claim the deduction for their taxes paid on their new vehicle using the form. Be aware that if you are going through another tax preparation service and not doing your tax return yourself that there may be a small charge for the form (I am thinking around five to seven bucks if that knowing how computer services are and the cost for adding programming for the new form, etc). Here are the specifics for the new form from the IRS website:
Who must use Schedule L:
You must use Schedule L to figure your standard deduction if you have any of the following:
A net disaster loss you report on Form 4684, line 18 (Form 1040 filers only).
State or local sales or excise taxes (or certain other taxes or fees in a state without a sales tax) paid after February 16,2009, for the purchase of any new motor vehicle(s).
More information can be obtained from the IRS website or your local tax pro. Make sure that you have the form when you file please. You can bet that the IRS will be looking for it too.
Be safe and hope your New Year is going well.
Jan 05 2010
Kim Isaac Greenblatt
Schedule L – The New Kid or One of them On the Tax Block
Tags: Business, Schedule L, taxes