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I like to estimate my taxes long before we’re ready to file. We usually don’t get all of our K-1s to file for a few more months, but I still like to use a tax estimator to see where we’re going to end up before the tax deadline.
Update: The 2012 Tax Estimator is available to estimate your taxes for this year!
For years, I’ve used a home grown tax calculator spreadsheet, but I’ve finally upgraded! We’re rolling out a new 2011 income tax estimator right here! Can you tell I’m excited?
The 2011 tax estimator works based on the following inputs:
(Email readers will need to click on the tax estimator to use the calculator.)
Tax Brackets. The 2011 tax estimator is based on the 2011 tax brackets.
AMT Tax Estimator 2011. The tax estimator also includes the AMT exemption amounts; there is not a separate AMT tax calculator.
We have updated the 2011 tax calculator from the original calculator. The original Bush tax cuts set to expire in 2010 were extended into 2011 with the Obama tax cuts. The Obama tax cuts were for everyone and did not use the original Obama tax cuts based on President Obama’s budget extending tax cuts for families making under $250k ($200k for individuals) and limits on itemized deductions.
If you are looking for the original tax calculator we used for 2011 income tax planning last year, the Tax Foundation also has a 2011 tax calculator that helps you project your 2011 income taxes based on all the options Congress was considering before they finalized the current laws.
Should You File? Many of the readers who are falling just under the minimum income to file taxes are interested in finding out if it makes sense for them to file. Hopefully, this tax calculator will help you determine if you’ll get a refund and whether or not it will be worth it for you to file.
2012 Tax Planning. Planning ahead for next year? We also have the 2012 Tax Calculator ready to go!