It's tax season... so lets look at 2011!

If you're like me, and you have already gathered your tax documents for 2010 and filed away because you kept on top of your tax documents year round.

Right now articles are poping up left and right, pointing out possible tax deductions many people will miss out on because they didn't know about them. So, by taking some time NOW you can be prepared for 2011 with no worries.

There are new tax tables for 2011, and a larger standard deduction to account for.

Marginal Tax Rate- Single
10% Bracket $0-$8,500
15% Bracket $8,501-$34,500
25% Bracket $34,501-$83,600

Marginal Tax Rate- Married
10% Bracket $0-$17,000
15% Bracket $17,001-$69,000
25% Bracket $69,001-$139,350

Personal $3,700.00
Standard Single $5,800.00
Standard Married $11,600.00

I was reading up on Turbo tax for tax changes for 2011, and apparently the deduction for PMI and MIP expired on Dec 31st, 2010. This means that we won't be able to deduct $623.64 for the MIP we will pay in 2011. It seems like the IRS likes to remove some of my favorite deductions. I was hoping the $500/$1000 property tax addition to the standard deduction would stick around after 2009... but nope, they nicked it. At least I got it for one year though.

So, looking at things we will actually be able to deduct...

Mortgage Interest
Approx: $6,000.00

Property Taxes
Approx: $1,200.00

Charitable giving
Approx: $1,500.00 (I have no idea how our finaces will change when we are married, so this is what I plan on giving while i'm still a single gal.)

Vehicle Liscence Fee
$86.00 Camry
?????? fiance's Car

Moving Expenses:
$100.00 (rough estimate of moving mileage from Utah to California)

Totaling $8,886.00... leaving us with around $2,714.00 in deductions we will need to find to itemize. Part of this will hopefully come from increased charitable contributions and California income tax that we will pay while we work. For the time being, I will keep track of all my charitable mileage, medical receipts, and goodwill donations, but I think Its best to assume that there is a chance we will get stuck with taking the standard deduction... There is also a chance that Keith could end up getting contractor work and will possibly have tools and business purchases to make. It will be a year of keeping receipts for "just in case".