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Are you an ‘average’ taxpayer?

by on
in Small Business Tax,Small Business Tax Deduction Strategies

The IRS recently provided data about itemized tax deductions claimed on 2008 returns in the Winter 2010 Statistics of Income (SOI) Bulletin. The SOI Bulletin may be used to compute “average deductions” for taxpayers.

If you’re “above average,” you could face greater exposure to audit risk.

Here are the average deductions for several categories based on adjusted gross income (AGI):
      

AGI

Charitable donations

Taxes

Interest

Medical expenses

$50,000-$100,000

$2,693

$6,050

$10,659

$7,102

$100,000-$200,000

$3,757

$10,798

$13,734

$9,269

$200,000-$250,000

$5,895

$18,164

$18,570

$21,554

$250,000 and over

$20,930

$50,267

$27,865

$37,143

 Tip: Find the Winter 2010 SOI Bulletin at www.irs.gov/taxstats/article/0,,id=219330,00.html.

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