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When it comes to claiming tax deductions, it can't hurt to be "just average." It has long been thought that taxpayers close to the average deduction levels in different categories may fly under the IRS radar.
The IRS recently released the average figures for 2005 returns in a new Statistics of Income Bulletin. Here are some of the key figures:
|
Adjusted gross income (AGI) |
Charity gifts |
Taxes |
Interest |
Medical expenses |
|
$15,001--$30,000 |
$1,916 |
$2,783 |
$7,292 |
$6,515 |
|
$30,001--$50,000 |
$2,158 |
$3,623 |
$7,582 |
$5,625 |
|
$50,001--$100,000 |
$2,703 |
$5,812 |
$8,946 |
$6,144 |
|
$100,001--$200,000 |
$4,057 |
$10,504 |
$11,927 |
$9,727 |
|
$200,001 and over |
$20,434 |
$39,321 |
$21,166 |
$30,952 |
Of course, this does not mean you should shy away from taking deductions you are legally allowed to claim. A tax professional can provide the necessary guidance.
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