Over 18,000 High-Income Taxpayers Owed No U.S. Income Tax Liability

Essex & Associates::www.essexinc.biz June 28, 2011

Greetings!

New statistics released by the Internal Revenue Service showed that the number and percentage of taxpayers earning over $200,000 a year who owed no U.S. income taxes nearly doubled from 2007 to 2008. This 18,000 includes some of our firm's clients.

The statistics, released Tuesday, June 14, 2011 in the IRS's Statistics of Income Bulletin, showed that in 2008, there were 4,375,660 individual income tax returns reporting an adjusted gross income of $200,000 or more.

The percent of high-income people who owed no U.S. income tax liability was the biggest percentage of non-payers going back to 1977.

These citizens did not cheat but just took advantage of the changes in the federal tax code that Congress passed. Remember, there are 1,000's of changes in the tax code every year.

Make sure you are taking full advantage of every legal tax deduction, loophole and strategy and just maybe you will be one of 18,000 high-income people who pay no federal tax.

Wishing you many happy returns,

Wayne

Wayne T. Essex Ph.D.

Essex & Associates

Tax, Accounting, HR, Payroll

7501 Paragon Road

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“Wayne Essex and his staff are very personable & knowledgeable in the financial realm. They were a great help with our taxes including my wife's Mary Kay business. We will be using them again. On a personnel note: If you ever get to hear Bro. Essex speak or preach, you will not be disappointed. Great Results, Good Value, High Integrity!
Jeffrey Scott Gabbard
November 23, 2011

“I came to Wayne after getting a recommendation from a business client and I'm extremely happy with the results that his firm provides for my small business. They have always taken the time to recommend ways that my small company can improve the bottom line.
John Johnston
April 24, 2011

“Wayne is a highly professional Accountant. He is an expert in his field. His company & associates work very hard to get you the best possible results. I highly recommend his company to anyone who is serious about their professional and personal well being.
Al Gilmer Co Owner H & A Limousine & Sedan Service
May 14, 2008

“Wayne is a man of integrity who works hard to maximize value for his clients while helping them to achieve life goals. Wayne is exceptionally sharp and has an unusually strong grasp of tax law.
Craig A. Steffen,
July 6, 2007

“Wayne is exactly what you are looking for when it comes to financial and tax advice - lots of knowledge, honesty and integrity. July 6, 2007
Principal & Co-Founder, Advanced Technology Consulting, Inc. David Goodwin
July 6, 2007

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April 17, 2012* 2011 Federal Tax Return Tax Day for Tax Year 2011
Filing deadline and due date for Federal Income Tax Returns.

April 17, 2012 2011 State Tax Return Due date for most State Income Tax Returns.

April 17, 2012 2011 Federal Tax Extension Due date for Tax Extensions for 2011 Federal Income Tax Returns.

April 17, 2012 2011 State Tax Extension Due date for most State Income Tax Extensions.

October 15, 2012 2011 Federal Tax Return Last day to e-file a 2011 Income Tax Return for Tax Extension filers and late Tax Return filers.

April 15, 2015 2011 Tax Amendment You can file an Amended Return anytime, but you have a deadline of 3 years from the original due date to claim any tax refund.

No Deadline Previous Year Tax Returns You can file a Tax Return for a previous tax year anytime, but you can only claim a refund within 3 years of the original tax deadline.

Official IRS 2012 Deadlines PDF