In this case the taxpayer, a doctorsâ office, displayed various pieces of art in its offices, claimed depreciation on said artwork, which the IRS disallowed. At trial the IRS argued that the works of art did not have a useful life, based on Revenue Ruling 68-232.
A reduction in HAPU incidence by just 1 percentage point (3.5% to 2.5%) results in potential savings of $1,305,000 per year. Calculate your own potential savings below.
Savings by Age. According to the Employee Benefit Research Institute, workers younger than 35 have an average of $6,000 saved. Those 35 to 44 years old have $22,500 saved on average, and those aged 45 to 54 have just less than $44,000 stowed away.The average 55 to 64-year-olds only have about $65,000 in savings and those 65 and older have saved $56,000.ore than half of working Americans have no retirement plans; start saving as soon as possible. The average person with a retirement plan -- particularly a 401(k) -- has just a little more than $60,000 saved, according to the Employee Benefit Research Institute's May 2012 Retirement Confidence Survey.