Taxes with TurboTax TaxCaster
tax season on the horizon, it's now time to start
thinking about what income tax obligations you may have
so that your prepared financially to tackle any tax
TurboTax TaxCaster is an online tax calculator that you
can use for free.
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 of year.
universal tool for calculating taxes, the TaxCaster
takes most factors into account to ensure relative accuracy
of any income tax estimate.
factors come in to play when your trying to reduce your
tax bill. Some of the more important ones are to:
Calculate Tax Deductions
deductions are a great source for lowering your tax
bill, and increasing any tax refund you may be due to
receive from either the Internal Revenue Service (IRS),
or on your local state income tax return. You can
calculate taxes on both, anytime.
TurboTax TaxCaster takes over 305 tax deductions into
consideration as it searches for what will apply to your
tax filing situation.
most common tax deductions include:
Home Mortgage Interest
Paid On Your Home Residence
Charitable Tax Donations
State and Local /
Real Estate Taxes Paid
Medical and Educational
missed and overlooked deductions include:
State sales taxes
Child care credit
Moving expenses for first
Education expenses paid
Earned income tax
Jury pay paid to
State taxes paid in
Calculate Tax Exemptions
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.
TaxCaster Income Tax Calculator
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
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.
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 The TurboTax
TaxCaster Online or iPhone App
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.
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.
all is said and done, the
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