Schedule A for itemized deductions, now Schedule L too

Not since the direct deduction for some charitable contributions was removed has the standard deduction changed from its basic amount plus its additional amounts for the aged or blind.

In recent years, however, we've had three law changes that add to the standard deduction.

  • The American Recovery and Reinvestment Act of 2009 added sales taxes paid on the purchase of a new car to the standard deduction.

  • The Housing Act of 2008 added the property tax deduction for non-itemizers to the standard deduction.

  • The Economic Stabilization Act of 2008 added a standard deduction for net disaster losses.

Of course, all these changes mean more forms to fill out and to review.

Just as those who itemize their deductions have always been required to report those deductions on Schedule A, those who itemize their standard deductions will now be required to attach Schedule L, Standard Deduction for Certain Filers. This new Schedule L will be required from anyone who takes one or more of these three new add-ons to the standard deduction.

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I hope you found this information useful. I am excited by the fact that my practice is growing. The key to my firm’s growth — and probably your business too — is referrals from satisfied clients, customers and friends like you. If you know of a friend, colleague or business that would like to grow with us please let me know.

Free, No-Obligation Consultation

I would be honored to chat with you about your accounting, tax and finances whether personal or business. I offer a Free, No-Obligation consultation (at your place or mine). During our meeting we will discuss your concerns and questions and let you know how we can help you and our costs. My consultations are not just sales pitches, I will offer you some solid ideas and solutions to help you right off the bat. To schedule a consultation at a time convenient for you, call me at any of offices or call me toll-free at (888) 758-5966 or click here to email me.

I hope you found this information useful. I am excited by the fact that my practice is growing. The key to my firm’s growth — and probably your business too — is referrals from satisfied clients, customers and friends like you. If you know of a friend, colleague or business that would like to grow with us please let me know.