Wednesday, March 11, 2009

Take More than Standard

When a taxpayer files their taxes they have the option to take either the standard deduction or itemized deductions that go on Schedule A. For those taxpayers that do not qualify for the itemized deduction, the IRS has a small bit of relief. For tax years 2008 and 2009 standard deduction taxpayers will be able to take an additional standard deduction for real estate taxes that are paid in those years.

There are a few things a taxpayer will need to ensure that they qualify to take the additional standard deduction for real estate taxes. Be sure to review the IRS Form 1040 instructions or speak to your professional tax advisor for details so you can take more than the standard deduction.

Keep Your Taxes N Synergy
Post a Comment