SOI Tax Stats - SOI Bulletin: Spring 2021


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Sole Proprietorship Returns, Tax Year 2018 PDF

By Adrian Dungan

For Tax Year 2018, there were approximately 27.1 million individual income tax returns that reported nonfarm sole proprietorship activity, a 2.6-percent increase from Tax Year 2017. Total receipts reported by nonfarm sole proprietorships increased 3.8 percent, while deductions increased 4.7 percent, and profits rose 0.7 percent to $348.5 billion in 2018. In constant dollars, total receipts rose by 1.4 percent, deductions rose by 2.3 percent, and profits decreased by 1.6 percent. Total profits as a percentage of business receipts were 21.9 percent for the year, down from 22.6 percent for the prior year. The professional, scientific, and technical services sector remained the sector with the largest share of profits at 24.4 percent, with profits increasing by 2.6 percent to $85 billion. Most sectors saw increases in profits, with the largest percentage increase in the arts, entertainment and recreation sector, which increased 11.1 percent to $12.8 billion.

Excel Tables:

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Related Link: Nonfarm Sole Proprietorship Statistics

Individual Noncash Charitable Contributions, Tax Year 2018 PDF

By Christopher Williams and Janette Wilson

The number of individual returns filed by taxpayers with a Form 8283 attached decreased 52.4 percent, from 8.9 million for Tax Year 2017 to 4.2 million for Tax Year 2018. Total donations decreased 15.9 percent for 2018, down to $70.8 billion from $84.2 billion for the previous year. Corporate stock donations decreased 1.4 percent, from $39.2 billion for 2017 to $38.6 billion for 2018, while easements increased 80.4 percent, up to $6.5 billion. Of the $70.2 billion in noncash donations reported, nearly half went to foundations ($21.7 billion or 30.6 percent of the total) and donor-advised funds ($11.3 billion or 16.0 percent of the total).

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Related Link: Individual Noncash Charitable Contribution Statistics

Personal Wealth, 2016 PDF

By Aaron Barnes

The Personal Wealth Study uses information reported on the United States Estate (and Generation-Skipping Transfer) Tax Return (Form 706) to estimate the wealth of the living population. These estimates, based on the Estate Multiplier technique, are limited to that segment of the population for whom personal wealth is at least equal to the estate tax filing threshold in effect for the estimation period. For 2016, the threshold was $5.45 million or more in gross estate. There were an estimated 734 thousand adults in the United States (U.S.) representing the top 0.32 percent of all adults in the population during the estimation period. Together, these top wealth holders owned $10.0 trillion in assets and held nearly $610 billion in debt, making their combined net worth $9.4 trillion. The Federal Reserve Board's Survey of Consumer Finances (SCF) estimated the net worth of all U.S. adults to be $87.7 trillion in 2016. By this measure, 10.7 percent of the Nation's net worth was accounted for by these top wealth holders.

Excel Tables:

1 XLS, 2 XLS, 3 XLS, 4 XLS, 5 XLS, 6 XLS

Related Link: Personal Wealth Statistics