Quickly estimate your 2020 tax refund amount with TaxCaster, the convenient tax return calculator that’s always up-to-date on the latest tax laws. This interactive, free tax calculator provides accurate insight into how much you may get back this year or what you may owe before you file.
Simply download the TaxCaster Tax Calculator App to your
iPhone and access it anytime, anywhere.
information you enter is automatically saved so if you
have any changes, you can easily make them in seconds
to see how they
affect your federal tax refund.
Tax refunds are calculated by subtracting the amount of federal income taxes withheld from your total
income taxes due for the year. If the amount withheld from your paychecks for taxes exceeds the amount you owe,
then you will receive a refund. There are several factors that can impact how much income tax you pay
and how much you get back as a refund. To better understand what influences adjustments
in your tax outcome, check out the articles below:
You probably noticed your tax refund changing based on the life events you selected from the tax calculator. Different life events from getting married, going back to school, or growing your family can increase or decrease your taxes.
Anticipating a tax refund after using the tax refund estimator?
Set yourself up for the future by
making smart decisions
with your money.
When getting ready to file your taxes, it’s a good thing to pay attention to your adjusted gross income (AGI). It can directly impact the how eligible you are for certain deductions and credits, which could reduce the amount of taxable income you report.
Different tax rates apply to different portions of your total
income – minus your adjustments
and deductions. Under the
federal income tax system, “tax bracket” refers to the highest
charged on your income.
Similar to deductions, tax exemptions can reduce your tax
bill. Most people are entitled to some type of exemption
depending on your situation. Beginning with the 2018
tax year, personal and dependent exemptions are no
longer used on your federal tax return.
The first step in preparing your federal tax return is determining your filing status. Generally, you will have to select between single, head of household, married filing jointly and separately, or as a qualified widower. Your filing status determines your standard deduction, tax rates, and brackets.
Tax credits cover a wide range of expenses
and situation, helping to reduce the amount of income tax you owe to the federal and state governments. In most cases, tax credits cover expenses you paid thought the year and come with requirements you must satisfy before you can claim them.