In “Tax Calculators: What Are They and How Can They Help”, Frank Ellis says that these calculators are a quick way to estimate income tax before preparing a return. He also says taxpayers can estimate their refunds and identify correct withholding amounts as well. The tax refund calculator 2017 tool from TurboTax is mentioned with a link. How to use this tool is explained by the author, and he also notes that it does not predict an exact amount despite its accuracy.
Ellis also goes into tax withholding estimates. A withholding calculator can help avoid paying more than necessary to the IRS. Including detailed information about income and finances is necessary to get an accurate estimate, the author says, and he also suggests figuring out eligibility for specific deductions and credits.
Another type of tool explained is the IRA Contribution calculator. Just such a tool is available from TurboTax that lets taxpayers see if they can save by contributing to their account. It only requires basic information, the article says, and the calculator can even provide an estimate on tax savings and provide suggestions to go with a Roth or traditional IRA.
Also, Ellis reassures readers that the calculators are easy to use. No personal information that can be used to trace them is needed. Another important segment explains how life events can affect one’s tax refund . Marriage and home purchases are examples. Although it can be hard to predict the exact impact, a link to a TurboTax calculator, which can help provide an estimate as to how much taxpayers can save, is provided.
To read more about the best and easiest tax refund calculators available , and find links to those that provide valuable insights prior to filing taxes, go to https://couponcodesfor2015.wordpress.com/2016/09/09/tax-calculators-what-are-they-and-how-can-they-help/
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
Address: 945 East 8th Street Suite A, Traverse City, Michigan 49686