The top tax deductions from high-income tax returns

Curated by Paul Helmick

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  • When wealthy taxpayers pay no federal tax, it’s largely because of deductible expenses for travel, charity and medical care, not a business loss
  • Thee highest income bracket broken out by the IRS is those earning at least $200,000
  • The biggest category, miscellaneous itemized deductions, is driven by unreimbursed employee business expenses like meals, travel and entertainment, and home office expenses
  • The top reasons for not having federal income taxes due are the willingness to make charitable contributions and paying for high out-of-pocket medical bills
  • In 2013, there were only 901 returns in the US with adjusted gross income of at least $200,000 that had zero income tax liability.

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The top tax deductions from high-income tax returns