As the warmth of summer fades into the sunset and the new year approaches, tax season starts to make its play on our thoughts.
Many taxpayers float into this time of year blindly, not having any accurate idea of where they stand in regards to their annual tax liability with Uncle Sam. Fortunately for those of you that don't like to fly blind, we offer our free tax return estimator for year round use.
How To Use A Tax Return Estimator
With our tax code in disarray and more changes every year, it's more important than ever for every taxpayer to be more informed about how they can save money on their tax bill.
By using a tax return estimator to stay informed on tax liability, it's more clear to see what changes in your life may help lower the amount of taxes you will have to pay.
Online Tax Return Estimator
The tax return estimator allows you to calculate your tax liability for each of the three federal taxing entities individually. You can then add all three together to get your total federal income tax figure.
These Three Federal Taxing Entities Include:
- Federal Income Tax
- Social Security Tax
- Medicare Tax
To use the tax estimator, select the tax year you are filing, then select a taxing entity that relates to your tax filing status.
Once you have calculated all three individually, you can then add them together for your total IRS tax bill.
Once you've got your total tax bill estimate, it's wise to look into how you can reduce the amount of taxes you are required to pay by inducing tax deductions you can qualify for.
Lower Your Tax Return Estimate With Tax Deductions That Can Reduce Your Taxable Income
Tax deductions are available for many purposes and you can use them to lower your taxable income which in turn will lower your overall tax bill. It's the best way to keep more of your earnings.
Stay on top of your federal income tax obligations by using the tax return estimator several times a year.