FOR those of you who itemize, the table below should be of special interest. For those of you who play the odds (you know what I mean), this table should be of very special interest.
Having claimed too many exemptions at work to increase your take-home pay, you suddenly find yourself owing Uncle Sam a great deal of money. Before your creativity takes you over, keep your cool and check this table out. It could save you a letter of invitation to 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 $6,939 of medical expenses, $3,932 of state and local taxes, $7,047 of interest, and $2,407 of contributions.
Note that these are averages for the whole United States. Mortgage interests in California, Hawaii, and New York would be much higher.
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 2012.
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Sy Al-os Accountancy Corporation provides accounting and tax services to individuals, corporations, LLCs and business entities. The Firm has a niche in defending taxpayers audited by the IRS and other governmental agencies. The firm celebrates its 38th anniversary in 2015.
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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 704 Mira Monte Place, Pasadena, CA 91101. He has 50 years of experience in accounting, consulting, and tax work.
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The Firm proudly welcomes Arlene Al-os in 2015. She obtained her bachelors of Science in Accountancy from Mindanao State University and MBA from Ateneo de Manila University. She teaches intermediate accounting at UCLA and was a professor of Economics at Asia Pacific College. She has over 15 years of experience including member firms of KPMG and BDO Seidman accounting firms.
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Our readers may call (626) 744-0200 or email tax questions to [email protected]. Please visit our website for about 300 tax tips at www.victorsycpa.com.