Income Tax Calculator: 3 Federal Income Tax Estimators

Income Tax Calculator: 3 Federal Income Tax Estimators January 18, 2016

With tax season around the corner, you might be itching to file your taxes right away.  Some people like to file as early as possible, while others are still looking for the answer to their question: when are taxes are due?

If you don’t have all your tax forms yet, but want to estimate what your federal income tax return looks like, you’re in luck.  There are a few tools available for you to estimate what your return might look like.

If you haven’t already received your W-2 or 1099s in the mail, use your last paycheck as a guide to see how much you made and what you paid in for federal and state taxes.

Gather as much information as you can about charitable donations, business expenses, or interest paid so that you can get the best estimate when you put your figures into these income tax calculators.

3 Income Tax Calculators to Estimate Your Tax Refund…or Tax Bill

IRS.gov Tax Refund Calculator

This no-frills income tax calculator will take into consideration most of the major tax issues that you’ll face.  At the end of the tax estimator, it gives you advice as to whether or not you should change the withholdings on your tax forms.  I like this calculator the most because you can use it throughout the year to make sure you’re on track with your withholdings.  It’s very helpful when you’re estimating how much you should have your employer withhold.

1040.com Tax Refund Calculator

The tax refund calculator at 1040.com is easy to use and includes the option to add quite a few adjustments to your income like deductions, retirement contributions, and medical expenses.

TurboTax – TaxCaster Refund Calculator

I really enjoy TurboTax because of its simplicity and GPS-like layout.  If you have never tried Turbo Tax, you can get a feel for what it’s like by using the Turbo Tax estimator.  Like the other two calculators, it takes all the major issues into consideration and it even shows you which version of Turbo Tax you can expect to use.  I like this feature because you get a clear idea of how much you’ll have to spend to use TurboTax.

So have fun with these tax estimators and don’t wait too long before you file your 2015 taxes!

Was this article helpful?  If so, click the +1.  Have you ever estimated your taxes?  Was it close to the amount you actually owed for the year?


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