The top tax deductions from high-income tax returns

Curated by Paul Helmick

I’m a Technology CEO and Experienced Entrepreneur. I love helping people use technology to grow their business.

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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