As a part of the tax stimulus effort of our generous Uncle Sam, those taxpayers who do not itemize their deductions can take limited additional deductions on Schedule L while still benefiting from their full standard deduction.

Here are the three instances:

• If you’ve paid real estate taxes of up to $1,000 in 2009, $500 of that amount ($1,000 if married filing jointly) can be included on your Schedule L.
• If you purchased a new motor vehicle in 2009, the state and local sales tax on the purchase price of up to $49,500 can be included on the Schedule L.
• If you had a federally declared disaster loss in 2009, as computed on Form 4684, that amount is available as a deduction on Schedule L.

 All of this and you still get your full standard deduction. Isn’t it great to have a rich Uncle? For further information, give us a call at (904) 396-5400.

Filed under: Tax by Mark Patrick