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IRS releases the latest taxpayer stats

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in Small Business Tax,Small Business Tax Deduction Strategies

Where do you stand statistically in comparison to other taxpayers?

Alert: The IRS has released the spring 2012 issue of the Statistics of Income (SOI) Bulletin to the general public. This issue features a wealth of information on a wide variety of tax aspects.

The spring 2012 SOI Bulletin covers:

•    High-income personal returns: For 2009, 3,924,489 individual income tax returns reported adjusted gross income (AGI) of $200,000 or more. These high-income returns represent, respectively, 2.793% and 2.830% of all returns for 2009. In comparison, for 2008, there were 4,375,660 individual income tax returns with an AGI of $200,000 or more, and 4,416,986 with expanded income of $200,000 or more, representing 3.072% and 3.101%, respectively, of all returns filed for 2008.

•    Noncash charitable contributions: For tax year 2009, 21.9 million individual taxpayers who itemized deductions reported $31.8 billion in deductions for noncash charitable contributions

•    IRAs: At the end of tax year 2008, individual taxpayers held $3.7 trillion in IRAs, based on fair market value.

•    Foreign recipients of U.S. income: For tax year 2009, U.S. source income payments to foreign persons totaled $546.5 billion.

•    Corporate income: For each tax year between 2004 and 2008, on average, 5% of corporate Schedule M-3 filers reported taxable income of more than $18.3 million.

•    Gift tax returns: Individuals filed 223,000 federal gift tax returns to report almost $37.9 billion in assets transferred during 2009.

•    Income and wealth: Almost 21% of estate tax decedents who died in 2007 reported income in the top 1% of the AGI distribution for tax year 2006.

Tip: Access the SOI Bulletin online at IRS.gov/taxstats. Printed copies are available from the Superintendent of Documents, U.S. Government Printing Office, P.O. Box 371954, Pittsburgh, PA 15250-7954. The annual subscription rate is $53; single issues cost $39.

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