What are the top five tax deductions for 2011?

What are the top five tax deductions for 2011?

December 25th, 2012 by Dave Flessner in Business Around the Region

The number of tax deductions has nearly doubled since the last major overhaul of the tax code in 1986. Only 8 percent of tax deductions go to corporations. Most go to individual taxpayers or small businesses. The most claimed tax deductions in 2011 were:

1. Employer contributions for medical insurance premiums and medical care, $173.7 billion

2. Home mortgage interest rate deductions, $88.8 billion

3. 401(k) plans, $62.9 billion

4. Earned income tax credit, $62.5 billion

5. Capital gains at death, $50.9 billion

Source: U.S. Department of Treasury, reported by The Washington Post