How the TurboTax 2014 Tax Refund Calculator Helps You Estimate Your Taxes
Most people like to know where they are going to end up before they start on the journey. Tax time is stressful enough without the added burden of wondering if at the end of it all you will be paying taxes, getting a refund, if your tax bill will be more than you thought it would end costing you, or if your refund will put less money back in your pocket than you expected.
The TurboTax Tax Refund Calculator will tell you if you are going to be getting a refund and about how much it will be. That way the process of completing your tax return is much simpler. Even if you don't use Turbo Tax to process your return, anyone can use the TurboTax Refund Calculator for free!
Process of Using the TurboTax Refund Calculator
The TurboTax calculator is set up in a very friendly way, with a list of settings and inputs on the left side, and running totals and a meter on the right side. This method of ongoing calculating of your taxes and the meter at the top shows how much your refund or liability may be.
One of the benefits to seeing how your tax situation is developing is that you can adjust information as you enter it, affecting the overall totals and amount of your refund or taxes.
For example, if you use the standard deduction, but have your receipts for the year's expenses in front of you, then you can add them up, or just look them over and estimate the total, playing around with whether the standard deduction or itemized deductions work best for you.
If you were to fill out the paper forms by hand and then discover that you could have benefited from itemizing deductions, you would have a lot of work to redo.
You'll need the filing status information and number of dependents to start off using the calculator. Then you'll have to have information about your income, retirement, payments, business income if any and charitable donations.
If you don't have all the information the Tax Refund Calculator will still be able use what information you do have to give it, and that will give you some idea of the direction your taxes are going.