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Charts

Information current as of December 31, 2010

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:

• Goodwill Richmond

Salvation Army:

• Donation Value Guide
• Donation and Tax Resources

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

	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

For 2011:
The contribution limit remains $16,500 for employees participating in § 401(k), 403(b), or 457(b) plans (as well as the federal government's Thrift Savings Plan).

The age 50-plus catch-up contribution limit under those plans remains at $5,500.

The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are active participants in an employer-sponsored retirement plan and have modified adjusted gross incomes (AGI) between $56,000 and $66,000 (same as 2010). For married couples filing jointly, in which the spouse who makes the IRA contribution is an active participant in an employer-sponsored retirement plan, the income phase-out range is $90,000 to $110,000 (up from $89,000 to $109,000). For an IRA contributor who is not an active participant in an employer-sponsored retirement plan and is married to someone who is an active participant, the deduction is phased out if the couple's income is between $169,000 and $179,000 (up from $167,000 and $177,000).

The AGI phase-out range for Roth IRA contributions is $169,000 to 179,000 for married couples filing jointly (up from $167,000 to $177,000 in 2010). For singles and heads of household, the income phase-out range is $107,000 to $122,000 (up from $105,000 to $120,000). For a married individual filing a separate return who is an active participant in an employer-sponsored retirement plan, the phase-out range remains $0 to $10,000.

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/ Election	No tax/$5,000,000	No tax/$1,730,800	No tax/ 35%
2011	$5,000,000	1,730,000	35%

Gifts - Annual Exclusion

Tax Year	Exclusion Amount
2005	$11,000
2006	$12,000
2007	$12,000
2008	$12,000
2009	$13,000
2010	$13,000
2011	$13,000

Standard Mileage Rates

CLICK for IRS Standard Mileage Rates.

Tax Year	Business	Charity	Medical/Moving
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	14.0 cents	19.0 cents
7/1/2008 to 12/31/2008	58.5 cents	14.0 cents	27.0 cents
2009	55.0 cents	14.0 cents	24.0 cents
2010	50.0 cents	14.0 cents	16.5 cents
1/1/2011 to 6/30/2011	51.0 cents	14.0 cents	19.0 cents
7/1/2011 to 12/31/2011	55.5 cents	14.0 cents	23.5 cents
2012	55.5 cents	14.0 cents	23.0 cents

How Work Affects Your Social Security Benefits.

If you were born January 2, 1943, through January 1, 1955, then your full retirement age for retirement insurance benefits is 66. If you work and are full retirement age or older, you may keep all of your benefits, no matter how much you earn. If you are younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you are younger than full retirement age during all of 2010, we must deduct $1 from your benefits for each $2 you earned above $14,160.

If you reach full retirement age during 2010, we must deduct $1 from your benefits for each $3 you earn above $37,680 until the month you reach full retirement age.

Social Security and Medicare Rates

Tax Year	S. S. Rate	Max. Base	Max. Tax	Medicare Rate	Max. Base/Tax
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
2011	4.20%	$106,800.00	$4,485.60	1.45%	No Limit

Standard Deduction and Personal Exemption

Tax Year	MFJ QW	Single	HOH	MFS	Personal Exemption	Child and Dependents
2006	$10,300	$5,150	$7,550	$5,150	$3,300	$850
2007	$10,700	$5,350	$7,850	$5,350	$3,400	$850
2008	$10,900	$5,450	$8,000	$5,450	$3,500	$900
2009	$11,400	$5,700	$8,350	$5,700	$3,650	$950
2010	$11,400	$5,700	$8,400	$5,700	$3,650	$950
2011	$11,600	$5,800	$8,500	$5,800	$3,750	$950
2012	$11,900	$5,950	$8,700	$5,950	$3,800	$950

Kiddie Tax - Investment Income taxed at -

Tax Year	Child Rate	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 1/1/2010 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 1/1/2011 2) Age 18 - changed by - Small Business and Work Opportunity Tax Act of 2007 3) Age 19-23 F/T Student
2011	$950	$1,900	1) Under 18 on 1/1/2012 2) Age 18 - changed by - Small Business and Work Opportunity Tax Act of 2007 3) Age 19-23 F/T Student

Three Year Statute of Limitations (Generally):

Tax Year	Statute Expires
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
2010 - Filed on or before April 15, 2011	April 15, 2014

Local Tax Rates

Locality	Link
Bedford City	Bedford City
Bedford County	Bedford County
Botetourt County	Botetourt County
Craig County	Craig County
Franklin County	Franklin County
Giles County	Giles County
Montgomery County	Montgomery County
Roanoke City	Roanoke City
Roanoke County	Roanoke County
Salem City	Salem City
Vinton	Vinton
.

Blue Ridge Chapter Virginia Society of Enrolled Agents

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