We all have many questions regarding tax and sometimes it seems like a mystery if we will be paying this year tax or getting back a refund. If you don’t want to be shocked by the tax bill and want to know your tax liability ahead of time so you can budget accordingly, we have put together a list of Best Income Tax Calculators for you to use.
It is important to enter Accurate and complete information if you are looking to get accurate tax liability or refund.
4 Best Income Tax Calculators online
These 4 are typically used for Personal Income Tax Calculators. If you have a business you may need to work with an accountant or CPA to help you accurately calculate the tax liability for your business or C Corp.
- Turbo Tax Income Tax Calculator: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
- Tax Act Income Tax Calculator: https://www.taxact.com/tools/tax-calculator
- HR Block Income Tax Calculator: https://www.hrblock.com/tax-calculator/
- Tax Slayer Income Tax Calculator: https://www.taxslayer.com/tax-tools/tax-refund-calculator
If you find out that you owe money, you may want to get started with Year Around tax planning or change your W4 form to make sure you are paying enough taxes.
If you are self employed, you may need to start making quarterly estimated payments to avoid any penalties and interest due to underpayment of taxes.
Learn more about how often business pay taxes by clicking Here
Personal Tax Checklist for Income Tax Calculation:
In order to run your income tax estimate using any of the calculators above you will need to following information handy.
- Family Info, Names, Dependents, Age
- Filing Status(Single, Married Filing Jointly, Head of Household, Married Filing Separately or Qualifying Widower)
- Education Info if any of your children go to college then tuition paid and grants received.
- Copy of your W2 or last Pay Stub that shows Total Gross Income and Taxes Withheld
- Interest Income from Banks or other Investments
- Capital Gains and Dividends from broker
- Profit and Loss for your small business(Schedule C)
- If you own Home, You need, Mortgage Interest, Property Taxes, State Taxes Paid
- Donations(Cash and Non Cash)
- K1 if you have any ownership in any LLC or S Corp
- Did you contribute any money you put in retirement i.e. IRA?
- Estimated Tax Payments(Paid to IRS or to your State)
Finally, this is info you need to run a quick estimate of your taxes. Based on the info you may or may not qualify for many credits and deductions.