New IRS data pinpoint trends

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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.

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