This year, do not let your tax results take you by surprise. Instead of time worrying about whether you hold enough income tax from your salary spending, take a few minutes to do something. Be proactive in your tax planning so that you can be sure that you are covered come tax season.
There is never too early to start planning, and thereby give you the opportunity to make a positive impact on your taxable income. For example, depending on your estimated tax results, you can decide whether to make deductible contributions or investments by small businesses is the best before or after the end of the year.
And, if you're self-employed, you can pay the estimated tax the right amount to avoid falling behind on your taxes or due to a penalty for underpayment of income tax .
estimate of the refund or balance due not to tax next year to be difficult. In fact, TaxAct provides a calculator that asks a variety of basic questions to help you determine what your potential tax refund or balance due could look like. You might be able to go through the calculator in a few minutes, depending on your situation.
First, run the numbers with the tax calculator.
Answer the questions in each section of TaxAct tax calculator based on your expectations for the entire year. Do not worry about being exact - just do your best. You always have the option to go back and estimate again, especially if your tax situation changes significantly.
In the upper right corner of the screen, you can quickly see how the information you enter affects your taxable income that you answer questions. You can also display your total income, adjustments, deductions and other information in the summary of the tax.
Try using "what-if" scenarios.
We say you have performed the tax calculator and finished with a lower tax refund or higher tax bill than you had hoped. You can try different scenarios to see how you might be able to improve your situation.
For example, see what happens if you increase the charitable donations or connect energy efficient improvements to your home.
If your income is likely to change, remember to estimate your taxes with higher and lower figures to determine how variables numbers affect the amount of tax you may owe.
new estimate as the year progresses.
Remember the tax calculator is a quick tool to help plan your tax year and ensure that you are representing the appropriate amount of tax. It is important to use the calculator every time your tax situation changes or you become more confident in your estimated amounts. If your tax situation is more complex, you may need to make adjustments to other factors as well.
Usually you estimate your taxes, the better you can plan ahead and stay in control of your taxes. Tweet this
Since tax laws change throughout the year, the tax calculator TaxAct is updated to reflect these changes. These updates allow you peace of mind when using the results to help determine the need for any adjustments to receive your best tax result.
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