Fun Fact of the Day, October 10, 2017

October 10, 2017

TAX REFORM TARGET - 28% of individual tax returns that were filed for tax year 2014 took an itemized deduction for state and local taxes (Form 1040, Schedule A, line 5).  22% of individual tax returns that were filed for tax year 2014 took an itemized deduction for home mortgage interest expense (Form 1040, Schedule A, line 10).  22% of individual tax returns that were filed for tax year 2014 took an itemized deduction for charitable gifts made by cash or check (Form 1040, Schedule A, line 16).  There were 148.6 million tax returns files for tax year 2014 (source: Internal Revenue Service).

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