Being Pro-Active… Looking at my tax information for 2011

I don’t know about you, but for me, I file my taxes as soon as I get all my information for the year (W2, and my 1099’s from my interest dividends). In my mind the government has had my money long enough so I’m all about getting my return done immediately. But the key to being able to file early is being on top of your filing cabinet. Yup, keeping track of all your deductions, how much you have paid in taxes already for the year, and what your future earnings will look like… etc.
The only reason I’m expecting any money back is because I’ll actually be able to itemize for the first time ever!!!!!!!!!!!! I keep my paycheck deductions set up so I break even if I just take the standard and personal deductions on a federal level (state I always just keep at zero because they are crazy and I almost always end up owing them more.) Frankly, without my excel spreadsheets I would be loss in the formulas and the receipts.
So what am I looking at for deductions?
• Personal Deduction for 201: $3,650.00
• Child Share $120.00
• LTG to date: $1,950.00
• State Taxes to date: $1021.65
• Mortgage Interest to Date: $4,082.76
• Property taxes to date: $816.13
• PMI (for the whole year) $632.88
• Charitable Mileage ($0.14 a mile, 335 miles for childshare) $46.90
Write off: $12,320.32 | Standard with personal deduction $9,350.00 Yup… I get to itemize!!!!
• I’ll have another $2,000.00 in mortgage interest, another $1040 to LTG, probably $600 or so in property taxes, and another $480 in state taxes by the end of the year too.
So I should be looking at writing off $16,440.32 and I get to exclude $901.85 in mandatory paycheck deductions to my pension, and another $859.56 in elected pension deductions too… so that’s $18,201.73 in deductions most likely.
WOW. Even if I estimate my income on the high end for this year at 44,000.00 (I’ll probably make 42-43,000.00) I’ll only be paying taxes on $25,798.27 putting me safely in the 15% tax bracket.
8375 @ 10% plus 2613.49 @ .15% = $3,450.99 in taxes due, and at a minimum I’ll have paid Uncle Sam $4,409.84… So my refund should be around $900-1000!!!!!!!!!!!!!