Just because you're the president, it doesn't mean you get to skip out on taxes! The White House recently released a copy of President Obama's tax return, which gives a little insight into the head of state. Here's what I gleaned from them:
- He diversifies his income. Although he's making $400,000 as the president, most of his income actually comes from his books. However, sales have been flagging in the recent years. His income took a hit from $5.5 million in 2009 to $1.7 million last year.
- He pays taxes. President Obama paid $453,770 in taxes. He paid about 26.2 percent in federal income taxes.
- He still has mortgage payments. The president is just like the rest of us and still has debts to pay off. The Obamas claimed an itemized deduction of $49,945 for home mortgage interest on their Chicago house.
- He doesn't use Turbo Tax. In the form, the Obamas used Michael Solheim of Wineberg, Solheim, Howell & Shian in Chicago, as their CPA. I'm guessing he's too busy with other important things to file his taxes on his own!
- He files early. The president signed the tax form last Tuesday, while the first lady signed it last Wednesday.
- He gets tax refunds. The Obamas overpaid in taxes and are getting a $12,334 refund.
- He's philanthropic. 36 charities have received charitable goodwill from the Obamas, and the couple has donated $245,075 to nonprofits. His favorite charity is apparently the Fisher House Foundation, an organization that provides humanitarian support to US Armed Forces members and their families. How do we know it's his favorite NGO? The couple gave the bulk of their donation dollars, $131,075, to it. Obama also reacted to immediate crisis — he gave $15,000 to the Clinton-Bush Haiti Fund.