Quantcast Local Taxes Tax Forms Explained by the Income Tax Crew

Local Taxes Tax Forms explained in normal english by the Income Tax Crew!

Tax Form NameITC ExplanationDownload PDF (on IRS.gov)

Form 1040 (Schedule L)

IRS Says: Standard Deduction for Certain Filers

The only people needing this form fall into the following two (2) categories: 1) Have you suffered a "loss" (property loss - like a house, car, etc.) that was declared a Federal Disaster; OR, 2) Did you purchase any new motor vehicle or vehicles and subsequently pay State or Local Sales or Excise taxes (or other relevant taxes or fees on the vehicle purchase) on that vehicle, in a State without Sales tax. If you answered YES to one or both of these questions then you may be qualified to increase the amount of your Standard Deduction!! (Remember though, if you are filing a 1040, it may serve you better to itemize your deductions instead of increasing your Standard Deduction)

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