Financial Fitness - Special Edition 2011/12
Special Edition 2011/12 PDF
Special Edition 2011/12 Articles
- It’s Not Too Late to
Make Major Gifts
- FATCA – Offshore Reporting Developments
- Pennsylvania Act 32 Update
- Tax Notices
- Tax Updates for 2011
and/or 2012
- Accounting Standards Updates
- Key Benefit Plan Limits
for 2011
- Average Itemized Deductions
- Individual Income Tax
Rates 2011
- Putting Together Your Tax Information: The “Short List” for Businesses and Individuals
- 2012 Wage/Tax Facts Quick Reference Guide
- Newsletter Summary Page
Average Itemized Deductions*
The chart below provides the averages only for planning purposes and does not represent a suggested itemized deduction. In the event of an audit, itemized deductions may be investigated.
| Adjusted Gross Income |
Medical Expenses | Taxes | Interest | Charitable Contributions |
| $15,000 to $30,000 | $7,074 | $3,147 | $9,245 | $2,024 |
| $30,001 to $50,000 | $6,153 | $3,830 | $9,055 | $2,189 |
| $50,001 to $100,000 | $7,102 | $6,050 | $10,659 | $2,693 |
| $100,001 to $200,000 | $9,269 | $10,798 | $13,734 | $3,757 |
| $200,001 to $250,000 | $21,554 | $18,164 | $18,570 | $5,895 |
| $250,001 or more | $37,143 | $50,267 | $27,865 | $20,930 |
*Data based on Preliminary 2008 IRS Statistics
To ensure compliance with requirements imposed by the IRS, please note, any advice contained in this publication was not intended, or written, to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. This publication is distributed with the understanding that the publisher and distributor are not providing legal, accounting or other professional advice and assume no liability whatsoever in conjunction with the information contained within this publication.