Get Your Free Income Tax Estimate
Tax season can pose many challenges but online tax tools can help you make light of the tax filing tasks at hand. Online tax preparation programs and tools allow taxpayers to easily navigate the tax filing process all by themselves. This in turn allows them to save some cash that otherwise would be spent on a tax professional.
Estimating Your Income Tax Liability Online For Free
Performing an income tax estimate several times throughout the year will allow you to stay up to date on tax payments and avoid an unpleasant financial surprise when it's time to file your tax return.
Uncle Sam has set the standard for not being all that flexible when it comes to paying your taxes on time. Should be be one of the unfortunate taxpayers that doesn't pay on time or the proper amount, the IRS will no doubt slap you with penalties and interest charges on the balance still owed.
Our Free tax estimator calculator offers tax filers a simple way to estimate their tax liability anytime of year. This tool will help you stay informed and up to date on any income tax liability you face for the coming tax season.
Deciphering tax brackets, rates, and payments
The United States tax system and tax code can only be described as the best example of how screwed up our political system and the politicians that run it are. The sad fact is that there appears to be no cure on the horizon to revamp the greed based congressional pool that has created our largest out of control deficit in history.
What does that mean for us, the common tax payer that struggles to keep up with it all? Well, to start with it's more important than ever to keep up to date with how your income is affected by the tax code, and how that plays into the tax brackets and rates used to determine how much tax you owe.
Your net income after deductions (taxable income) is the figure that is used to calculate your income taxes. Income falling within each tax bracket is taxes at the associated tax rate. In other words, as your income goes up and moves into each higher tax bracket, that portion of income within each tax bracket is taxed at the corresponding tax rate.
Making sure your taking advantage of every tax deduction is more important than ever to insure your taxable income stays as low as possible for a lower tax rate.