The beginning of tax season is near, and it’s time to get those tax papers in order. If you have all your files organized, you may be eager to get jump-started on figuring out your refund or owed amount.
Fear not, the TurboTax TaxCaster was built to give you the opportunity to see how much your tax refund is in advance.
One of the amazing benefits of TaxCaster is that you can use it anonymously throughout the tax year since it asks you zero personal identification questions.
This tool provides you with a tax calculator that takes your income and tax deductions into account to provide you with the most accurate result.
One of the most crucial aspects of your income taxes comes down to one thing.
Calculating Tax Deductions
Essentially, your tax deductions give you an allotted amount of money to be “free” before the IRS begins to tax you. Depending on both the local and state income tax liability, you can easily calculate your taxes throughout the year.
Taking over 305 different variables into consideration, the Turbotax TaxCaster will consider all your deductions when looking for the best tax solution for you.
The deductions claimed most include:
- Paid educational expenses;
- Paid medical expenses;
- Paid interest mortgage;
- Charitable donations;
- Paid real estate taxes; and
- Paid Municipal, local, and state income taxes.
However, these are the deductions missed by most:
- Paid state taxes in spring;
- Dividends that were reinvested;
- Child care credits;
- Any jury pay that was paid to employers;
- First job moving expenses;
- Sales taxes for the state;
- Mortgage refinancing points;
- EITC or the Earned Income Tax Credit;
- Out-of-pocket charity donations; and
- Parents paying for educational expenses.
It Helps Calculate Tax Exemptions
Tax exemptions are one of the specialties of the Turbotax TaxCaster. It helps with lowering the federal amount owed. This includes:
- Local city exemptions;
- Personal exemptions;
- County exemptions;
- State exemptions; and
- Dependent exemptions.
The TurboTax TaxCaster is Also an Income Tax Calculator
The technology in the TaxCaster gives it the power to calculate the net of your taxable income. It does this by subtracting your tax deductions from your tax exemptions. This will prompt it to generate your overall refund or owed amount. It takes all your quarterly payments and withholdings along with applicable tax credits and subtracts it from the amount owed.
Using the TaxCaster for AMT Tax Calculations
You also need to consider whether your Alternative Minimum Tax (AMT) is applied to your tax calculation. This will determine the amount of tax owed to you or owed to the state.
Adjusted items, called itemizations, is calculated per a number of medical expenses, depreciation, charitable donations, and other itemized deductions. For each person, whether an individual, a trust, corporation, or even estate, there is a flat rate on the threshold allowed for taxable income.
If your income stands above the AMT exemption calculation, you will pay that amount if it’s higher than the standard federal tax.
Use the TurboTax TaxCaster iPhone App or Online App
You can use the TurboTax TaxCaster by going online or going into the Apple or Google store and downloading the TurboTax TaxCaster App to use it on the go.
It’s a great tool to have in your artillery as you suit up for tax season.
100% Satisfaction Guaranteed
Turbo Tax guarantees that you will have accurate taxes filed and receive the largest refund possible when filing with them. Import your w2 online and start your taxes today for free. Only pay when you are ready to print or eFile your taxes.