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Archive for July 29th, 2010

Trying to predict 2011 taxes…

Posted by taxguru on July 29, 2010

With the expiring tax cuts on the horizon and the possibility of their being extended, trying to get a handle on what a person’s 2011 tax picture will look like is more difficult than at any time I can recall in my 35+ years in this profession.  Luckily, there are some folks developing tools to make some quick calculations possible.  Specifically, this tax calculator from the Tax Foundation, called MyTaxBurden, is very interesting.  It allows you to input your estimated income and deduction amounts and see the Federal income tax under three different assumptions;  the Bush tax cuts expire, they are extended, and one of Obama’s proposed budgets

Some useful related info on the three different scenarios:

Detailed Breakdown of Tax Brackets

Outline of Major Tax Law Provisions in 2011 under Multiple Scenarios

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