--(BUSINESS WIRE)--Wolters Kluwer Tax & Accounting:
What: Based on the latest IRS statistics analyzing 2015 data, Wolters Kluwer Tax & Accounting developed the following table to show the average amount claimed by each taxpayer claiming that deduction. Key findings include an increase of 4.2 percent in the amount of total itemized deductions claimed from the previous year and while itemized deductions were claimed on only 29.5 percent of all tax returns filed, itemized deductions made up just over 57 percent of total deductions.
The following Average Itemized Deductions table provided by Wolters Kluwer is provided for illustrative purposes only, and should not be used for income tax returns or other federal income tax related purposes.
Note: These averages take into account only taxpayers who claimed an itemized deduction for that type of expense. The averages do not include a zero amount for taxpayers who did not claim the deduction.
Why: These average itemized deductions can be telling for several reasons:
- Taxpayers can compare averages against their deductions and take additional measures to document claims
- Taxpayers may want to check for possible overlooked deductions, such as claiming only cash charitable contributions and overlooking in-kind contributions
- Policymakers can review these averages to determine if the deductions meet their expectations
The IRS cautions taxpayers that they should not base their claimed deductions on these figures, only on amounts that can be supported with documentation. With numerous changes for 2018 in the new tax law for itemized deductions, the table above will be most helpful as a reference in looking at the comparable deductions on 2017 tax returns. They may be less comparable to possible deductions on 2018 tax returns.
Who: Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst at Wolters Kluwer Tax & Accounting, can discuss these average itemized deductions with respect to 2017 tax returns and possible changes for 2018 due to the new tax law.
Contact: To arrange interviews with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact:
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