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In case you missed it, the IRS released the official 2011 tax brackets late last month. This information is usually available a bit earlier but, as you’re likely aware, there was a ton of drama surrounding the Bush-era tax cuts that didn’t end up getting sorted out until early December.
Here’s a quick rundown of how things will look.
IRS Tax Brackets 2011
|Tax Bracket||Married Filing Jointly||Single|
|10% Bracket||$0 – $17,000||$0 – $8,500|
|15% Bracket||$17,001 – $69,000||$8,501 – $34,500|
|25% Bracket||$69,001 – $139,350||$34,501 – $83,600|
|28% Bracket||$139,351 – $212,300||$83,601 – $174,400|
|33% Bracket||$212,301 – $379,150||$174,401 – $379,150|
|35% Bracket||Over $379,150||Over $379,150|
If you compare these to the 2010 tax brackets, you’ll see that the overall rate structure is indeed the same, though the cutoffs have been adjusted slightly upward.
As always, if you’re interested in minimizing your income taxes, you should be aware (and take advantage) of the most common income tax deductions as well as the most commonly missed tax deductions. You should also consider tax efficiency when investing, and take advantage of perks at work like a flexible spending account or health savings account.
For more details, feel free to check out IRS Revenue Procedure 2011-12.
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