Another major business travel expense management company, Concur, had similarly interesting findings about evolving business-travel spending in an analysis of the roughly $50 billion in travel and entertainment spending (an average of $3,244 per individual filer per quarter) that it processed for clients last year.
If you are the sole proprietor of a business and you file an IRS Schedule C form, you are roughly twice as likely to be audited than an individual filer with comparable W-2 income.
"We don't have a system in place to receive onesies directly from individual filers".
Some 82% of individual filers pay for professional help or tax software.Big business can cope clever accountants find all manner of lucrative loopholes.
On the personal side, the bill was found to contain a substantial marriage penalty: the maximum deduction of ten thousand dollars for state and local taxes is the same for individual filers and couples.
Mr. Horton, who has already helped a few clients fill out Form 8938, said that for most individual filers, "even if we're talking about a modest set of accounts, it's going to take a full Saturday to do it".
Mr. Obama pledged in his election campaign that he would maintain the tax cuts past 2010 for the roughly 98 percent of American households in which families make less than $250,000 a year or individual filers make less than $200,000.
The new tax credit, championed by President Obama as a follow-through on his campaign promise to provide broad-based tax relief, affects 95 percent of all Americans by cutting $400 from the total tax bill for individual filers and $800 for married couples.
The bill remaps current income tax brackets, slashes individual tax rates for the wealthiest Americans, doubles the standard deduction to $12,000 for individual filers and famously issues a massive, much salivated over cut to the corporate tax rate, lowering it from 35percenttoto 21percentt.
Under the deal being negotiated, the personal exemption phase-out would be capped at $375,000 for individual filers and $425,000 for joint filers.
In fiscal year 2012, the IRS audited 1.5 million individual returns (approximately one percent of all individual filers) and spent just 48 cents on every $100 collected.
