November 08, 1995
Tax Trends Seen in Fall Statistics of Income Bulletin
WASHINGTON - The IRS today
released its Fall 1995 issue of the Statistics of Income Bulletin. Early estimates for Tax
Year 1994, based on individual income tax returns filed through April 1995, reveal that
figures for dependents, itemized deductions and unemployment compensation declined, while
taxable social security benefits and earned income tax credit (EITC) amounts both rose
substantially.
The 1994 statistics for several items confirm the impact of tax law changes and IRS
enforcement efforts. By checking social security numbers on returns more carefully, the
IRS prevented taxpayers who falsely claimed dependents in prior years from continuing to
do so. As expected, the implementation of the new tax laws resulted in an increase in
taxable social security amounts and a decline in itemized deductions by requiring
substantiation for certain charitable contributions and changing moving expenses to an
adjustment to total income rather than an itemized deduction.
Other articles in the Fall SOI Bulletin focus on:
- 1993 sole proprietorship returns, which showed a 27 percent
increase in the use of the simple Schedule C-EZ;
- 1993 partnership returns, which reflected an increase in their
profitability despite fewer partners and partnerships; and -- 1992 foreign-controlled
domestic corporations, which indicate that although they represent 1.3 percent of all U.S.
corporations, they pay seven percent of the corporate income tax.
The Bulletin has detailed statistical tables on these and other aspects of federal
taxation. The quarterly SOI Bulletin costs $14; an annual subscription is $26. For either,
contact the Superintendent of Documents, P.O. Box 371954, Pittsburgh, PA 15250-7954.
For other statistical information on taxes, write to the Director, Statistics of Income
CP: R: S, Internal Revenue Service, P.O. Box 2608, Washington, DC 20013-2608; call the SOI
electronic bulletin board at 202-874-9574; or telephone the statistical information
services office at 202-874-0410.
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