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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 Refund Calculator

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 "Uncle Sam".

The main determining factors include:

  • Earned Income

  • Deductions

  • Exemptions

  • Credits

  • Withholdings / tax payments

  • Filing Status

Simple right? Not really...

When 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.

The 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.

Now 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.

TurboTax TaxCaster Tax Calculator App

The TaxCaster App uses the same tax calculator found at TurboTax Online.

As 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 savings.

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.

TaxCaster TurboTax Tax Return Refund Calculator Review Results

In 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 tax bill.

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...

 

 

 

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