How To Estimate Your Tax Refund
We can all probably agree that the best part of taxes is the refund. But waiting around for that windfall often feels like insomnia on Christmas Eve — you know your gift is just around the corner, but patience evades you.
Unfortunately, that wait could take longer than usual this year, as the delays and backlogs the IRS experienced due to COVID-19 could extend into this year’s tax season.
Luckily for the impatient among us, TurboTax provides a free tax estimator tool called TaxCaster. This tax calculator will quickly provide you with accurate insight into how much you may get back this year or what you may owe before you file. Constantly updated to reflect the latest tax laws, TaxCaster is one of the most accurate estimator tools around.
Nobody but the IRS can speed the refund process up, but with this tax calculator, you can at least get an idea of what’s headed your way.
Tax Calculator: What Information Will I Need?
As long as you come prepared with the right info, you’ll have your tax estimate within minutes. Here’s what you’ll need:
- Filing Status
- Dependent Status
- Taxable Income
- Federal and State Withholdings
- Deductions
Finally, don’t forget to visit the IRS’s “Where’s My Refund” page for up-to-date information on the status of your refund.
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Get more in return with accountants you can count on. Boxelder Consulting provides proactive, personalized guidance to your tax research, planning, and preparation needs. All individuals, regardless of their profession, rely on accurate and insightful financial information in order to maintain profitability and capitalize on new tax opportunities.