deductions – Elite CPA Tax

Does it ever pay to be just average?

By elitecpas | January 8, 2016 |

Here are the average tax deductions by income level according to the IRS

Special Tax Deductions for Special Education via the WSJ

By elitecpas | December 11, 2011 |

This Wall Street Journal Article contains a good overview of the tax breaks available for special education costs. “More than six million children in the U.S. fall into the “special needs” category, and their ranks are expanding. The number of those affected by one developmental disability alone—autism—grew more than 70% between 2005 and 2010. The…

The one time that it’s good to be average

By elitecpas | September 5, 2011 |

Here are the average deductions, by level of income, based on the latest available IRS stats. Average Itemized Deductions Adjusted Gross Income Medical Expenses Taxes Interest Charitable Contributions $15,000 to $30,000 $7,074 $3,147 $9,245 $2,189 $30,000 to $50,000 $6,153 $3,830 $9,055 $2,189 $50,000 to $100,000 $7,102 $6,050 $10,659 $2,693 $100,000 to…