March 2002

What's New in Taxes

IRS releases latest tax return statistics

3/1/2002 -

The IRS recently published data about income, tax deductions, and tax credits reported on 1999 tax returns. Here's a glimpse at the numbers.

• Sixty-four percent of taxpayers with adjusted gross income from $50,000 to $75,000 itemized their deductions. They claimed an average $14,185 in total itemized deductions.
• Eighty-two percent of taxpayers with adjusted gross income from $75,000 to $100,000 itemized their deductions. They claimed an average $17,179 in total itemized deductions.
• Ninety-one percent of taxpayers with adjusted gross income from $100,000 to $200,000 itemized their deductions. They claimed an average of $23,745 in total itemized deductions.
• Ninety-three percent of taxpayers with adjusted gross income from $200,000 to $500,000 itemized their deductions. They claimed an average of $41,569 in total itemized deductions.

Remember that the figures above are averages. Only the amounts you actually pay are deductible. Also, you should claim all the deductions you're entitled to even if you fall above these averages.

If you'd like more information about itemized deductions, call our office. We are here to see you pay no more tax than the law requires.