It is impossible to escape the stress that comes along with tax season completely. However, it would be nice to know in advance how much we have to pay the IRS or how much we can expect to receive back. The good news is thanks to Turbo Tax you can know in advance and it is super easy to do so.
About the Tax Refund Calculator
TurboTax has created a handy tool that will allow you to know how much you can expect to receive back before you file your tax return.
The best part is even if you do not use Turbo Tax to file your tax return you can still
use the tax refund calculator for free.
How to Use the Tax Refund Calculator for 2016
TurboTax’s tax calculator is user friendly just like their tax software. It has a list of settings available at the left. Before experimenting with it they suggest that you go through the listings so you are aware of the options and features that they have readily available for you.
The best part is while the calculator is coming up with your totals there is a meter, located on the right, which calculates your total as you are adding in information. This way you can know what is affecting your IRS refund or amount due. Then, once all of your information has been entered, the meter will give you a total of how much of a refund you can expect or how much you can expect to pay in taxes.
Make Adjustments Before Hand
One of the greatest benefits of being able to see what tax season holds for you is that you are able to make the appropriate adjustments to make filing as smooth as possible. You can figure out ahead of time if it would be in your best interest to take the standard deduction or to itemize.
Imagine if you had filed your taxes already then learned that you could have gotten a better outcome if you would have itemized your deductions instead of taking the standard deduction. You would have missed money or paid more in taxes and you would be stuck with that decision.
Tips for Using the Calculator
Before you use the tax refund calculator, you are going to want to make sure that you have all of the required documents and information available to insure that the estimate is as close to accurate as possible.
You should know which filing status you plan to use as well as your number of children who you can claim. Your income, payments, retirement information, business income, and charitable deductions also need to be handy. If you do not have all of the information available, however, the calculator can still provide you with some insight as to what you can expect during the tax season.
The tax refund calculator is great to provide you with a full or partial insight on your tax situation. The best part is it is free so you have absolutely nothing to lose!