This is a Good Summer Beach Read!

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

Latest News

drawing a dollar sign

IRS Says No “Clawback” When Estate and Gift Tax Basic Exclusion Amount Reverts to Old Limits

The Tax Cuts and Jobs Act temporarily doubled the value of assets that can be transferred without triggering ...

Section 199A Proposed Regulations Have Finally Arrived!

On August 8, the Internal Revenue Service issued much-anticipated proposed regulations (REG- 107892-18) (“Proposed Regulations”) concerning the deduction ...

The Home Mortgage Interest Deduction – Changes Under the TCJA

The Tax Cuts and Jobs Act of 2017 (“TCJA”), enacted Dec. 22, makes modifications to the deductibility of ...

HM&M Updates

Jessica Gooch and Kimberly Lyons Graduate Transformational Leadership Program

A year of hard work pays off! HM&M is happy to announce that Jessica Gooch and Kimberly Lyons ...

HM&M Hosts Accounting and Financial Women’s Alliance September 2018 Meeting

Please join us for: September 2018 Meeting – CPE & Lunch Speaker: Randy Garcia, CPA Topic: Oil & ...

Income Tax Planning for Individuals: Effects of the Tax Cuts and Jobs Act

On August 3, 2018 Vance Maultsby spoke at the 34th annual Fort Worth CPA Tax Institute and shared ...