Since the "new tax law" is mostly the "old tax law continued" tax planning is pretty much the same as you've been hearing for the last ten years:
- Most taxpayers should try to get as many deductions in 2010 unless you have reason to believe that in 2011 you're going to have a significant increase in your taxable income next year. This will allow you to get your tax break sooner. Examples would be paying your Jan. mortgage payment in December or paying your property taxes in December or donating to charity in December.
- Along the same lines as above, it’s probably also a good idea to delay income if possible.
It now looks like we're not going to have any changes regarding taxation of dividends or long-term capital gains, so you may not need to adjust your investment choices.
Single 2011 Tax Brackets (Projected)
| Taxable Income | Marginal Tax Rate: |
| $0-$8,425 | 10% |
| $8,425-$34,200 | 15% |
| $34,200-$82,850 | 25% |
| $82,850-$192,000 | 28% |
| $192,000-$375,700 | 36% |
| $375,700+ | 39.6% |
Married Filing Jointly 2011 Tax Brackets (Projected)
| Taxable Income | Marginal Tax Rate: |
| $0-$16,850 | 10% |
| $16,850-$68,400 | 15% |
| $68,400-$138,050 | 25% |
| $138,050-$232,950 | 28% |
| $232,950-$375,700 | 36% |
| $375,700+ | 39.6% |
Head of Household 2011 Tax Brackets (Projected)
| Taxable Income | Marginal Tax Rate: |
| $0-$12,000 | 10% |
| $12,000-$45,800 | 15% |
| $45,800-$118,300 | 25% |
| $118,300-$189,350 | 28% |
| $189,350-$375,700 | 36% |
| $375,700+ | 39.6% |
Married Filing Separately 2011 Tax Brackets (Projected)
| Taxable Income | Marginal Tax Rate: |
| $0-$8,425 | 10% |
| $8,425-$34,200 | 15% |
| $34,200-$69,025 | 25% |
| $69,025-$116,475 | 28% |
| $116,475-$187,850 | 36% |
| $187,850+ | 39.6% |
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