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Calculate Taxes, TurboTax TaxCaster

With tax season on the horizon, it's now time to start thinking about what income tax obligations you may have so that you can be better prepared financially to tackle any tax bill.

The TurboTax TaxCaster is an online tax calculator that you can use for free.

Another fact about the TaxCaster tool is that you do NOT have to provide any personal identification information, therefore you can use the TurboTax calculator anonymously anytime for the 2017 - 2018 tax year.

As a universal tool for calculating taxes, the TaxCaster takes most factors into account to ensure relative accuracy of any income tax estimate.

Many factors come in to play when your trying to reduce your tax bill. Some of the more important ones are to:

Calculate Tax Deductions

Tax deductions are a great source for lowering your tax bill, and increasing any tax refund you may be due to receive from the Internal Revenue Service (IRS). These figures can help you determine your local and state income tax liability as well. You can calculate taxes anytime throughout the year.

The TurboTax TaxCaster takes over 305 tax deductions into consideration as it searches for what will apply to your tax filing situation.

The most common tax deductions  include:

  • Home Mortgage Interest Paid On Your Home Residence

  • Charitable Tax Donations

  • State and Local / Municipal Income Taxes Paid

  • Real Estate Taxes Paid

  • Medical and Educational Expenses Paid

Most missed and overlooked deductions include:

  • Out-of-pocket charitable contributions

  • Reinvested Dividends

  • State sales taxes

  • Child care credit

  • Moving expenses for first job

  • Education expenses paid  by parents

  • Earned income tax  credit EITC

  • Mortgage Refinancing Points

  • Jury pay paid to employers

  • State taxes paid in spring

Calculate Tax Exemptions

Another area where the TurboTax TaxCaster comes to life to help you save is with tax exemptions. There are several tax exemptions that are quite common and help to lower your federal tax bill.

  • Personal Exemption

  • Dependant Exemptions

  • Local City, County, or State Exemptions

TurboTax TaxCaster Income Tax Calculator

The TaxCaster calculates your net taxable income by taking your total income and subtracting your tax deductions and exemptions. Once this step is completed, it will come up with your tax amount due or refund amount. It does this by subtracting any tax credits and paycheck withholding or quarterly payments already paid toward your tax bill.

TurboTax TaxCaster and AMT Tax Calculations

The other main factor that comes  into play with the TurboTax TaxCaster is whether or not the Alternative Minimum Tax (AMT) applies to your tax calculation. This will determine which tax you will have to pay.

The AMT tax is imposed on individuals, corporations, estates, and trusts at a nearly flat rate based on an adjusted amount of taxable income above a certain threshold (also known as exemption). Regular taxable income is adjusted on items that are computed differently for AMT, such as depreciation and medical expenses.

Taxpayers with income above the AMT exemption calculation whose regular federal income tax is below the calculated AMT amount must pay the higher AMT tax amount instead of the lower standard federal tax.

Using TurboTax TaxCaster Online or iPhone App

The great benefit to using this TaxCaster TurboTax tax calculator is that it is available for use online at anytime, or you can download the TurboTax TaxCaster App for your smart phone or iphone and use it on the run.

Either way I have to say that after using this tool on both my iphone and online, it is a great way to see where you stand with the Internal Revenue Service and our old buddy Uncle Sam.

When all is said and done, the TurboTax TaxCaster will supply you with several important tax factors including: your total income, your net taxable income, your marginal tax rate, and how much you owe, or how big your refund will be. What more do you need? try it today!






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