FOR those of you who itemize, the table below should be of interest. For those of you who play the odds (you know what I mean), this table should be of special interest.
Having claimed too many exemptions at work to increase your take-home pay or failed to pay estimated taxes, you suddenly find yourself owing Uncle Sam. Before your creativity takes you over, keep your cool and check this table out. It could save you from visit the IRS.
The table shows the latest available average deductions taken by taxpayers in different groupings of Adjusted Gross Income (AGI). For example, a taxpayer with an Adjusted Gross Income (AGI) of $37,000 deducted an average of $7,192 of medical expenses, $3,950 of state and local taxes, $7,976 of interest, and $2,285 of contributions.
Note that these are averages for the whole United States. There are exceptions. Mortgage interests in California, Hawaii, and New York are much higher. Contributions by tithe-giving Catholics, members of the 7th Day Adventists, the Church of Jesus Christ of Latter-day Saints, Iglesia ni Cristo, and other faiths exceed these averages.
Again, these averages are for your guidance only. Do not claim these amount if you do not have documents to support your deductions.
* Based on latest available figures for 2013.
* * *
Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation in Pasadena, California.
* * *
He has 50 years of experience in defending taxpayers audited by the IRS, FTB, EDD, BOE and other governmental agencies. He is publishing a book on his expertise – “HOW TO AVOID OR SURVIVE IRS AUDITS.” Our readers may inquire about the book or email tax questions at [email protected].
^_^ Even if donations to religious organizations and the like are granted tax deductibles by the U.S. government, members of the Iglesia Ni Cristo (Church Of Christ) do not report their contributions anymore for tax deductions because we believe that what we have already given for God’s work should no longer be given back to us in the form of tax rebates. We give unto Czar what is Czar’s and we give unto God what is God’s. (Y)