Oh boy, oh boy! Last week the IRS released the 2012 individual statistics of income, known to us tax nerds as Pub 1304. Once again, I curled up on the couch with this 340 page document for a good read. (I am back from the beach already and hunkered down for the extended return filing season.) Here are a few highlights:
- Almost 145 million individual income tax returns were filed for 2012, down slightly from 2011. They reported about $9.1 trillion in total adjusted gross income and a total of about $1.3 trillion in tax liability. About 84% of the returns were filed electronically.
- Approximately 97.2 million returns used the standard deduction.
- Almost 120 million returns reported salaries and wages in the amount of about $6.3 trillion.
- About 1.8 million returns reported about a net $5.5 billion in farm losses.
- About 1.9 million returns reported about $29.2 billion in gambling winnings. It looks like gambling is lot more profitable than farming! Wait a minute, maybe farming is a subset of gambling. That could be a money raiser for the Feds.
- Approximately 4.2 million returns reported alternative minimum tax in the amount of about $32.8 billion.
I could go on and on, excitedly. But I won’t.
VKM
Related Posts
The Inflation Reduction Act of 2022, was signed into law by President Biden on Tuesday, August 16, 2022. The Inflation Reduction Act of 2022 (The Act) will raise revenue, reduce the deficit, make major investments ...
View part I here. Withholding for 2018 The Tax Cuts and Jobs Act enacted in 2017 has many changes that could affect individuals’ Federal tax liability in 2018. For example, many people who used to ...
Abstract: When a parent enters a nursing home, taxes are probably the last thing on anyone’s mind. But it’s important to know that several tax breaks may be available to help offset some of the ...
I agree with the IRS’ and Tax Court’s interpretation of the law, but Mr. Udeobong sure paid through the nose – twice, to be exact. I’ll save you the gory details. In fact, they might ...
Latest News
On June 9, the IRS released Announcement 2022-13, which modifies Notice 2022-3, by revising the optional standard mileage ...
At the tail end of 2021, the Internal Revenue Service (IRS) released new Schedules K-2 and K-3 effective ...
This information is current as of Sunday, November 21, 2021. On Friday, November 19, 2021, after the Congressional ...
HM&M Updates
DALLAS, Dec. 11, 2024 – Springline Advisory, a trailblazing financial and business advisory firm, is proud to announce its partnership ...
Last month, Senior Manager, Pearl Balsara was invited to speak at the 2023 FPA DFW Annual Conference in ...
We are pleased to announce the winners of the 2022 HM&M Excellence Awards. Ronna Beemer, Keith Phillips, and ...