With the tax season approaching, it is time to assess your income, deductions, and exemptions for filing your federal taxes. With the new tax bill overhauling the entire existing income tax brackets and deductions, it can be quite confusing for some to understand how to calculate their taxes. This is when online tax calculators can be helpful in simplifying the tax calculation process. Here are 3 commonly used tax calculators that have incorporated the new tax brackets, tax rates, and deductions.
This free tax calculator makes it convenient to calculate your federal taxes. It has been updated with the new tax laws. This tool gives an estimation of federal income taxes and provides accurate information regarding how much a person would get back or how much they might owe the state. TaxCaster is an online tax calculator that is available as an app for Android and iOS phones. The app is available in the App Store and in the Google Play Store as well.
NerdWallet’s Federal Tax Calculator
This is one of the simplest online tax calculators. The interface is very easy to use; the form has helpful prompts on the side that makes it simple to give the most accurate information regarding your income, credits, and deductions. The form requires you to provide information about your filing status, income, age, dependents, 401k contributions, and IRA contributions. The form is pre-filled with the standard deductions that are applicable to most people. The deductions field is editable so you can enter whatever deductions apply to you. This tax calculator also requires information regarding previously paid taxes or the amount of money withheld by an employer on an employee’s behalf.
H&R Block’s Free Tax Calculator
This online tax calculator is quite a popular tax tool. This free calculator has a simple format; in three simple steps, it easily calculates how much tax you have to pay. This free tax calculator asks questions about your marital status, age, number of dependents, your income, and your expenses. Based on your answers, the tool will calculate the amount of tax you will have to pay or the amount you might get back.