HOME   TIPS CALENDAR NEWSLETTER   Need an Accountant For Your Taxes Gerald Kramer The AZ CPA 4531 N 16th St Suite 126 Phoenix, AZ 85016 (602) 264-9331 Fax: (602) 279-1766 TAX TIPS IRS STATISTICS The IRS recently released data as shown on 2002 tax returns (those filed in 2001) Income in almost all categories rose from 1999 to 2000 Wages were up 7.8%, net capital gains by 16.2%, taxable. Social Security benefit by 19.1%, Interest income by 13.5&%, dividend by 11%, pensions and annuities by 7.1% and taxable IRA distributions by 13.6%. Overall adjusted gross income increased by 9.9% and total income tax liability by 11.8%. The number of people paying the alternative minimum tax jumped by 28%. Itemized deductions did not increase by the same %. The following table shows average itemized deductions by income levels. AGI 0-15M 15-30 30-50 50-100 100-200 200-500 Medical 6935 5405 4673 6163 12072 31673 Taxes 1994 2180 3031 4922 9263 20523 Contrib. 1319 1700 1904 2352 3756 8246 Interest 6381 6132 6461 7899 11301 18319 A caution that these are averages from 2 years ago. You are entitled to claim your actual deductions even if they are higher than these averages (Remember 1/2 of the returns claimed more than these.)