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Roanoke, Virginia 24018 |
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(540) 774-7400 |
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Charts
Information current as of November 25, 2009
Before Proceeding, Please Note: The following is presented as a General Guideline only. Accounting and Tax Center, Inc. is not responsible for typographical errors (which do occur). You should consult your tax advisor before using any of the following information. Tax laws are subject to change at any time. Consult your tax advisor or call us for the latest information. Accounting and Tax Center, Inc., is providing this information to you for use as general guidance. Accounting and Tax Center, Inc., is not engaging in rendering any specific legal, tax, or accounting advice. Only a qualified tax professional with all the facts at his or her disposal can determine the appropriateness of the application of any law to a given set of facts and circumstances.
Donation Guides on the Internet
Goodwill:
Salvation Army:
IRS Statistics of Income
Source: Internal Revenue Service - Statistics of Income (SOI) program
Summary of Federal Individual Income Tax Data, Tax Year 2006 (most current year available)
http://www.irs.gov/taxstats/index.html
Individual Tax Statistics
Individual Income Tax
http://www.irs.gov/taxstats/indtaxstats/article/0,,id=98123,00.html
Statistical Tables
by Tax Rate and Income Percentile
http://www.irs.gov/taxstats/indtaxstats/article/0,,id=133521,00.html
Individual Income Tax Returns with Positive Adjusted Gross Income (AGI)
www.irs.gov/pub/irs-soi/06in01etr.xls - Table 1
www.irs.gov/pub/irs-soi/06in05tr.xls - Table 5
www.irs.gov/pub/irs-soi/06in06tr.xls - Table 6
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Year
|
Number of Returns
|
AGI ($ millions)
|
Income Taxes Pd ($ millions)
|
Group Share of Total AGI
|
Group Share of Inc Taxes
|
Current $ Income Split Point
|
All Taxpayers |
1986 2002 2005 2006 |
102,087,623 128,323,986 132,611,637 135,719,160 |
$2,524,124 $6,133,778 $7,507,958 $8,122,040 |
$ 366,979 $ 796,862 $ 934,703 $1,023,739 |
100.00% 100.00% 100.00% 100.00% |
100.00% 100.00% 100.00% 100.00% |
-- -- -- -- |
Top 1% |
1986 2002 2005 2006 |
1,020,876 1,283,240 1,326,116 1,357,192 |
$ 285,197 $ 985,781 $1,591,711 $1,791,886 |
$ 94,491 $268,608 $368,132 $408,369 |
11.30% 16.12% 21.20% 22.06% |
25.75% 33.71% 39.38% 39.89% |
above $118,818 $285,424 $364,657 $388,806 |
Top 5% |
1986 2002 2005 2006 |
5,104,381 6,416,199 6,630,582 6,785,958 |
$ 608,467 $1,867,787 $2,683,934 $2,977,714 |
$156,240 $428,680 $557,759 $615,680 |
24.11% 30.55% 35.75% 36.66% |
42.57% 53.80% 59.67% 60.14% |
above $ 62,397 $126,525 $145,283 $153,542 |
Top 10% |
1986 2002 2005 2006 |
10,208,762 12,832,399 13,261,164 13,571,916 |
$ 886,510 $2,553,475 $3,487,010 $3,843,144 |
$200,703 $523,812 $657,085 $724,740 |
35.12% 41.77% 46.44% 47.32% |
54.69% 65.73% 70.30% 70.79% |
above $ 48,656 $ 92,663 $103,912 $108,904 |
Top 25% |
1986 2002 2005 2006 |
25,521,906 32,080,997 33,152,909 33,929,790 |
$1,490,173 $3,935,504 $5,069,455 $5,535,830 |
$278,976 $668,558 $803,772 $883,153 |
59.04% 64.37% 67.52% 68.16% |
76.02% 83.90% 85.99% 86.27% |
above $32,242 $56,401 $62,068 $64,702 |
Top 50% |
1986 2002 2005 2006 |
51,043,811 64,161,993 66,305,819 67,859,580 |
$2,103,569 $5,244,029 $6,544,824 $7,105,599 |
$343,289 $768,963 $906,028 $993,176 |
83.34% 85.77% 87.17% 87.49% |
93.54% 96.50% 96.93% 97.01% |
above $17,302 $28,654 $30,881 $31,987 |
Bottom 50% |
1986 2002 2005 2006 |
51,043,811 64,161,993 66,305,818 67,859,580 |
$ 420,555 $ 869,750 $ 963,135 $1,016,441 |
$23,690 $27,899 $28,673 $30,561 |
16.66% 14.23% 12.83% 12.51% |
6.46% 3.50% 3.07% 2.99% |
below $17,302 $28,654 $30,881 $31,987 |
Bottom 75% |
1986 2002 2005 2006 |
76,565,717 96,242,990 99,458,728 101,789,370 |
$1,033,951 $2,178,274 $2,438,504 $2,586,209 |
$ 88,002 $128,304 $130,930 $140,586 |
40.96% 35.63% 32.48% 31.84% |
23.98% 16.10% 14.01% 13.73% |
below $32,242 $56,401 $62,068 $64,702 |
Note: The above does not include the millions of taxpayers not making enough to be required to file a return.
THE "BUSH TAX CUTS"
Please note the top 10% of individual income tax payers are paying 71% of all individual income taxes in 2006, up from 66% before the "Bush Tax Cuts" of 2003. The bottom 75% are paying 14% of all individual income taxes in 2006, down from 16% before the "Bush Tax Cuts" of 2003.
Contribution Limits for Traditional and Roth IRAs
Tax Year |
Standard Limit
Younger Than Age 50
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Catch-Up Contribution
Age 50 or Older
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Contribution Limit
Age 50 or Older
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2005 |
$4,000 |
$500 |
$4,500 |
2006 |
$4,000 |
$1,000 |
$5,000 |
2007 |
$4,000 |
$1,000 |
$5,000 |
2008 |
$5,000 |
$1,000 |
$6,000 |
2009 |
$5,000 |
$1,000 |
$6,000 |
2010 |
$5,000 |
$1,000 |
$6,000 |
Estate Tax Exclusion and Credit
Tax Year |
Exclusion |
Credit |
Top Rate |
2005 |
$1,500,000 |
$555,800 |
47% |
2006 |
$2,000,000 |
$780,800 |
46% |
2007 |
$2,000,000 |
$780,800 |
45% |
2008 |
$2,000,000 |
$780,800 |
45% |
2009 |
$3,500,000 |
$1,455,800 |
45% |
2010 |
No tax |
No tax |
No tax |
2011 |
$1,000,000 |
$345,800 |
55% |
Gifts - Annual Exclusion
Tax Year |
Exclusion Amount
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2005 |
$11,000 |
2006 |
$12,000 |
2007 |
$12,000 |
2008 |
$12,000 |
2009 |
$13,000 |
2010 |
$13,000 |
Standard Mileage Rates
Tax Year |
Business
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Charity
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Medical/Moving
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2006 |
44.5 cents |
14.0 cents |
18.0 cents |
2007 |
48.5 cents |
14.0 cents |
20.0 cents |
1/1/2008 to 6/30/2008 |
50.5 cents
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14.0 cents
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19.0 cents
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7/1/2008 to 12/31/2008 |
58.5 cents
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14.0 cents
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27.0 cents
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2009 |
55.0 cents |
14.0 cents |
24.0 cents |
2010 |
50.0 cents |
14.0 cents |
16.5 cents |
Social Security and Medicare Rates
How Work Affects Your Social Security Benefits
Tax Year |
S. S. Rate
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Max. Base
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Max. Tax
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Medicare Rate
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Max. Base/Tax
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2006 |
6.20% |
$94,200.00 |
$5,840.40 |
1.45% |
No Limit |
2007 |
6.20% |
$97,500.00 |
$6,045.00 |
1.45% |
No Limit |
2008 |
6.20% |
$102,000.00 |
$6,324.00 |
1.45% |
No Limit |
2009 |
6.20% |
$106,800.00 |
$6,621.60 |
1.45% |
No Limit |
2010 |
6.20% |
$106,800.00 |
$6,621.60 |
1.45% |
No Limit |
Standard Deduction and Personal Exemption
Tax Year |
MFJ QW
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Single
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HOH
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MFS
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Personal Exemption
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Add'l, Blind/Elder.
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Child and Dependents
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2006 |
$10,300 |
$5,150 |
$7,550 |
$5,150 |
$3,300 |
$1,250 |
$850 |
2007 |
$10,700 |
$5,350 |
$7,850 |
$5,350 |
$3,400 |
$1,300 |
$850 |
2008 |
$10,900 |
$5,450 |
$8,000 |
$5,450 |
$3,500 |
$1,350 |
$900 |
2009 |
$11,400 |
$5,700 |
$8,350 |
$5,700 |
$3,650 |
$1,400 |
$950 |
2010 |
$11,400 |
$5,700 |
$8,400 |
$5,700 |
$3,650 |
$1,400 |
$950 |
Kiddie Tax - Investment Income taxed at -
Tax Year |
Child Rate
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Parent Rate
|
Age
|
2006 |
$850 |
$1,700 |
Under 18 on 1/1/2007 |
2007 |
$850 |
$1,700 |
Under 18 on 1/1/2008 |
2008 |
$900 |
$1,800 |
1) Under 18 on 1/1/2009
2) Age 18 - changed by - Small Business and Work Opportunity Tax Act of 2007
3) Age 19-23 F/T Student
|
2009 |
$950 |
$1,900 |
1) Under 18 on 1/1/2009
2) Age 18 - changed by - Small Business and Work Opportunity Tax Act of 2007
3) Age 19-23 F/T Student
|
2010 |
$950 |
$1,900 |
1) Under 18 on 1/1/2009
2) Age 18 - changed by - Small Business and Work Opportunity Tax Act of 2007
3) Age 19-23 F/T Student
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Three Year Statute of Limitations (Generally):
Tax Year |
Statute Expires
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2003 - Filed on or before April 15, 2004 |
April 15, 2007 |
2004 - Filed on or before April 15, 2005 |
April 15, 2008 |
2005 - Filed on or before April 17, 2006 |
April 17, 2009 |
2006 - Filed on or before April 17, 2007 |
April 17, 2010 |
2007 - Filed on or before April 15, 2008 |
April 15, 2011 |
2008 - Filed on or before April 15, 2009 |
April 15, 2012 |
2009 - Filed on or before April 15, 2010 |
April 15, 2013 |
Local Tax Rates
Dependents (Qualifying Child and Qualifying Relative)
Special Charitable Contributions for Certain IRA Owners
Retirement Plans FAQs regarding Required Minimum Distributions
Tax Topic Index
Tax Credits
Nonrefundable Credits
1) Child Tax Credit (2009 and 2010)
2) Child Tax Credit (2009 and 2010)
Child and Dependent Care Credit
1) Education Credits
2) Tax Benefits for Education: Information Center
3) American Opportunity Credit (Hope Scholarship) (2009 and 2010)
4) Lifetime Learning Credit
Credit for the Elderly or the Disabled
1) Adoption Credit
2) Adoption Credit
1) Alternative Motor Vehicle Credit
2) Alternative Motor Vehicle Credit
Credit to Holders of Tax Credit Bonds
Foreign Tax Credit
Mortgage Interest Credit
Nonrefundable Credit for Prior Year Minimum Tax
1) Residential Energy Efficient Property Credit (2009 and 2010)
2) Residential Energy Efficient Property Credit (2009 and 2010)
3) EnergyStar
1) Retirement Savings Contributions Credit
2) Retirement Savings Contributions Credit
Refundable Credits
Earned Income Credit (2009 and 2010)
1) Additional Child Tax Credit (Increased eligible Refundable 2009 and 2010)
2) Additional Child Tax Credit
Homebuyer Credit
1) First-Time Homebuyer Credit: Answers
2) First-Time Homebuyer Credit Questions and Answers: Basic Information
3) First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2008 (4/9/2008 to 12/31/2008)
4) Topic 611 - First-time Homebuyer Credit – Purchases Made In 2008
5) First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009 (1/1/2009 to 11/30/2009)
6) Topic 612 - First-Time Homebuyer Credit – Purchases Made In 2009
7) First-Time Homebuyer Credit: Scenarios
8) First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify. Deadline extended for qualifying home purchases from 11/30/2009 to 4/30/2009. Binding contract by 4/30/2010 - the buyer has until 6/30/2010 to settle on the purchase.
Credit for Tax on Undistributed Capital Gain
1) Health Coverage Tax Credit
2) Health Coverage Tax Credit
Recovery Rebate Credit (2008) - NOTE: 2008 TAX RETURNS
Refundable Credit for Prior Year Minimum Tax
Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld
Form 1040 - Page 1 - Income Exclusion
First $2,400 of Unemployment Benefits Tax Free for 2009
Form 1040 - Page 1 - Above the line Tax Deductions
Topic 458 - Educator Expense Deduction (2008 and 2009)
Topic 457 - Tuition And Fees Deduction (2008 and 2009)
Schedule L
Standard Deduction Increased
- State and Local Real Estate Taxes up to $500 (2008 and 2009)
- State and Local Sales Tax (2008 and 2009)
- State and Local Sales Tax imposed on the purchase of a qualified motor vehicle 2/17/2009 to 12/31/2009
Sales Tax Calculator
Schedule M
Making Work Pay tax credit - $400 (2009 and 2010)
The Economic Recovery Payment - $250 (2009)
The American Recovery and Reinvestment Act of 2009 (ARRA)
The American Recovery and Reinvestment Act of 2009 (ARRA): Information Center
Bonus Depreciation and Increased Section 179 Deduction under ARRA
The Worker, Homeownership and Business Assistance Act of 2009
The Worker, Homeownership and Business Assistance Act of 2009
Extensions
FEDERAL - Tax Trails - Extension To File (6 months) NOTE: 2009 FORM
VIRGINIA - FORM 760IP, Virginia Automatic Extension (6 months) NOTE: 2009 FORM
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