CCH can assist you with stories, including interviews with CCH subject experts. Also, the 2006
CCH Whole Ball of Tax is available in print. Please contact:
 
Leslie Bonacum
(847) 267-7153
mediahelp@cch.com
 
Neil Allen
(847) 267-2179
neil.allen@wolterskluwer.com

Link to special CCH Tax Briefings on key topics from 2005:
 

• Federal Tax Reform Panel Issues Proposals to “Fix America’s Tax System”
  
  
• Katrina Emergency Tax Relief Act of 2005
  
  
• Streamlined Sales Tax Agreement Takes Effect
  
  
• Energy Tax Incentives Act of 2005
  
  
• New Circular 230 Rules of Practice
  
  
• Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
  
  
• Gulf Opportunity Zone Act of 2005
  

Average Itemized Deductions

(Data Based on Preliminary 2003 IRS Statistics)

The following are preliminary figures released by the IRS (their reports lag behind the current tax year because of the time needed to compile figures). These are averages only. The IRS takes a dim view of taxpayers who base their claimed deductions on these figures.

The numbers are useful, however, for two purposes: (1) to see if your actual deduction is out of line (so you can take extra care to document your claim) and (2) to see if the deductions meet the expectations of policymakers.

Also, note that these averages take into account only those individuals who claimed an itemized deduction for that type of expense. Zero deductions are not factored in. Thus, the “average” taxpayer with adjusted gross income between $30,000 and $50,000 did not take an “average” medical expense deduction of $5,355, only the “average” taxpayer who itemized did.

SOURCE: CCH, 2006
Permission for use granted

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nb-06-23