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10 new tax law changes to know
Don’t look for Schedule L or Schedule M tax forms this year. Neither applies to 2011 taxes.
Schedule L previously was used to figure additions, such as property tax or auto sales tax payments, to a taxpayer’s standard deduction. These tax claims weren’t allowed in 2011, so Schedule L is no longer in use.
Similarly, the Making Work Pay tax credit expired in 2010 and was replaced by the 2 percentage point cut in the employee payroll withholding tax. Just like the Schedule L, Schedule M is gone when it comes to 2011 tax returns.