New IRS data pinpoint trends — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

New IRS data pinpoint trends

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

The IRS recently released its Spring 2007 Statistics of Income Bulletin. (IRS News Release IR-2007-119) The new bulletin provides interesting data on individual tax returns. Examples: More than 3 million filers reported an AGI of $200,000 or more for the 2004 tax year.

In the same year, 25.3 million individuals claimed deductions totaling $43.4 billion for noncash charitable contributions. Form 8283, Noncash Charitable Contributions, must be filed for donations of property exceeding $500. For 2004, 6.6 million individuals, representing more than 25% of those reporting noncash charitable gifts, filed Form 8283. Those individual filers claimed noncash contributions of almost $37.2 billion, about 86% of all noncash contributions.

Leave a Comment