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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David S. Baboian, CPA