TurboTax Tax Calculator
2016 - 2017
The TurboTax TaxCaster Tax Calculator is one of my
favorite tax season tools. In fact, it's one of my favorite
all-year-round tax tools. I keep the TaxCaster App on
my iphone all the time and use it several times a year
as I feel the need to check and see how my quarterly
IRS tax payments are matching up to what my income tax
liability will be at the end of the year.
TurboTax Tax Return
TurboTax offers the TaxCaster income tax calculator.
This TurboTax Calculator is free to use any time of
year and can help you stay in tune with your income
tax liability so you don't find yourself shocked by
a big tax bill at year end.
Several factors are used to calculate each step of
the way in determining what you will owe the big man
The main determining factors include:
Simple right? Not really...
it comes time to calculate tax liability, TurboTax offers
a smorgasbord of tools and techniques to insure you
get every tax break possible to lower your income tax
liability. By offering a biggest refund guarantee they
certainly commit themselves to helping you do the best
job possible on your tax return.
The TurboTax TaxCaster can be used online, or with
the application for iphone and smart phone operation
depending on your preference.
You start by answering some simple questions about
your marital status and filing preference "single or
jointly". These two items are used in determining the
income amounts that are applied to your
tax brackets are also a determining factor in what your
tax rate will be although your tax rate is a marginal
factor that encompasses tax portions from each tax bracket
you fall into as your income increases.
You will also be prompted to enter your age.
As you move on you will be prompted to enter some
basic income information for yourself as well as your
spouse if you are filing jointly. This will include
income from wages and salaries as well as other income
from things like investments and rental properties.
What this amounts to is you gathering all forms of
income to come up with your gross income total which
is all earnings prior to expenses and deductions.
the first step to lowering your tax bill starts with
entering your paycheck withholding or quarterly tax
payments that have already been paid to the IRS.
These numbers will be deducted directly off of your
tax amount owed is in the end to give you your final
payment amount owed of refund amount.
You will now continue the process of reducing your
IRS tax debt by calculating in other deductions like
education and medical expenses as well a home mortgage
interest along with any exemptions.
As your doing this you can watch your tax liability
be reduced, or better yet, your refund amount add up
as you progress through the entries.
Tax Calculator App
TaxCaster App uses the same tax calculator found
you continue with your deductions you can now take advantage
of any charitable donations or contributions you may
have made throughout the year.
You may also be able
to take advantage of any qualifying IRA retirement contributions
that are allowed as untaxed investments toward retirement
The TurboTax TaxCaster App is also great tool to
use for checking how life changes may impact your taxes
based on major changes in your life. Many life altering
changes that tax filers go through have a big impact
on final tax calculations. Changes like getting a new
job, getting married, having a baby, buying or selling
a home, going back to school or even retirement can
have a substantial effect on how your taxes add up and
what the final result may be.
Tax Return Refund Calculator Review Results
the end, The TurboTax TaxCaster shows you an overview
screen that offers you a glimpse of what your adjustments
were and what your refund is, or taxes owed if that
be the case :(
Our review revealed that TaxCaster is a great tax
planning tool that can help you make better decisions
with your finances all while possibly lowering your
Staying on top of income tax liability can reveal
several ways to lower your tax bill.
Understanding how your income and investments effect
your taxes will help you make better financial decisions.
April 15 can be a big surprise revealer if your not
properly prepared. TaxCaster will help you make sure
that your not giving away the bank to the IRS.
I personally use the TurboTax
TaxCaster Application on my iphone once every month
or so to keep tabs on my annual tax obligation to see
if I need to make any adjustments in my quarterly payments.
It is a great tool! Try it...