FOR taxpayers who itemize their deductions, the chart below should be of interest. But for those who take the odds, this chart should be of very special interest.
While it may be interesting for taxpayers who itemized deductions to compare their figures with these average amounts, they should, however, not consider the chart as indicating amounts that the IRS would allow. Taxpayers must, at all times, be able to substantiate claimed itemized deductions in their tax returns.
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 $45,000 deducted an average of $7,937 of medical expenses, $4,039 of state and local taxes, $6,839 of interest, and $2,609 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 2013.
In accordance with IRS Circular 230, this communication is not to be considered a “covered opinion” or other written tax advice and should not be relied upon for IRS audit, tax dispute, or any other purpose.
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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.