August 07th, 2016

TAX TIP OF THE DAY... IRS releases average charity deductions

If your household income is $50k-$99k:
The average charity deductions were $3,147.

If your household income is $100k-$200k:
The average charity deductions were $4,130 . 

These figures are based upon 2014 tax return data for the entire US.  You won't automatically be audited for having above-average deductions.  But deduction averages are definitely used to help determine which taxpayers are audited by the IRS.  

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