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A recent article by Michael Cohn in Accounting Today stated that…
“New statistics from the Internal Revenue Service indicate that 20,752 taxpayers with adjusted gross incomes of $200,000 or more in 2009 had no U.S. income tax liability.
Those 20,752 taxpayers represent only 0.529 percent of the nearly 4 million tax returns for those with AGI of $200,000 or more. The statistics also indicated that 10,080 taxpayers with $200,000 or more in AGI, or 0.257 percent, showed no worldwide income tax liability.”
This is the reason you should hire a qualified CPA and Financial Advisor. Here at Palma Financial Services, located in Dublin, CA, we are a one-stop shop, we not only provide tax preparation services but also tax and financial planning.
Remember It is not what you make but what you keep. – Miguel A. Palma, CPA/PFS