What to Look at When Estimating Your Tax Return
Table of Contents:
Details We Look at When Estimating Your Return
We look at your marital status, if you’re married or single, if you’re the head of the household, your age as of the ending tax year, if you’re a dependent or not, what were your taxable wages and federal withholdings of the tax year, what your income and expenses are, and if you had health insurance throughout the year.
What we need to know about you before estimating your tax return
Income & Expenses Used for the Estimate
We look at whether you have any children, dependents, educational costs, own a home, made charitable contributions, have a retirement plan, have made tax payments besides wage withholding, apply for other deductions, are a business owner or self-employed, have made investments or have any other source of income.
If your situation applies to any of the options, that’ll affect whether your tax return goes up or down
How to Estimate Your Tax Return Online
At the moment, we don’t provide a free calculator online or in-person, but you can use free online calculators from different companies that’ll give you an estimate. H&R Block Calculator, 1040.com, eFile.com, Liberty Tax, TaxAct, and TaxSlayer.
You can find more free online calculators but these companies are the biggest and longest-standing tax companies out there, allowing them the budget to create free online tools for the public.
Example of a free online calculator from TaxSlayer