TurboTax TaxCaster Calculator Users Guide for 2018 - 2019
Fortunately were here to help, and the tool that we will be using to teach you how to take control of your tax planning is the TurboTax TaxCaster Tax Calculator. It's a tax tool that can truly simplify your understanding and expertise for smart income tax practices.
First of all, this tool can be used online, or by downloading the TaxCaster application for smartphones, and notepads/ipads. Best of all -- this TurboTax Tax Calculator is free!
TurboTax TaxCaster Tutorial
So lets get started. TaxCaster — offers a plain English easy to follow income tax calculator interface that allows you to estimate your tax return refund with ease.
Being fully updated every year with the latest tax laws, it can help you take advantages of tax breaks all while accurately forecast your federal income tax liability. This will help you determine the size of your refund, or the amount of taxes you may owe.
The TaxCaster start screen (My Info) as seen here, walks you through a series of questions designed to get to the nuts and bolts of what personal tax filing status you should be using and what tax laws may effect you.
This includes your age, marital status, and dependents.
As a married individual you have the option of filing together, or independently. For various reasons, one may benefit you more than the other to enhance your tax refund.
As for dependants, they help lower you overall taxable income with deductions, and the TaxCaster App will walk you trough that process to help you save some bucks!
Dependants offer several types of tax savings including tax deduction and credits that either reduce your taxable income, or offer credits that can be applied to your tax calculations.
Another way that dependants are accounted for is through your paycheck withholding taxes. This is know as exemptions and the more exemptions you claim, the less the amount of taxes are withheld.
Taxable Income 2018 - 2019
Here is where you will enter the amount of income you earned or received during the 2018 tax year, along with how much you have already paid in withholdings.
These are reported when filing your tax return in April 2019 but keep in mind that we are entering data that pertains to income and expenses attributed to the 2018 tax year.
Start with your total taxable wages from W2 forms and other income, including self employment, unemployment, rentals, interest, dividends, stock sales etc.
You will also be instructed to enter any taxes you have already paid for the year through paycheck withholdings or quarterly tax payments.
If you have a side job that you work at, maybe by moonlighting at another occupation, or if you have a home business that also brings in additional income, you will need to report this income as well.
Tax Breaks and Deductions
Here TaxCaster offers the ability to enter deductions like education, home, retirement fund, charitable, and others that will allow you to lower your overall tax bill.
In this day and age, it's nice to have an all in one tax calculator like the TurboTax TaxCaster that does such a good job of helping taxpayers lower their tax bills by taking advantage of tax breaks.
If you're a home owner, additional tax deductions are available for things like mortgage interest, state and local property tax payments, and in some cases, energy efficient home improvements.
Home ownership happens to be one of the most commonly applied form of tax deductions used in the United States. It offers a substantial variety of advantages for lowering your tax bill based on something that make your everyday living more comfortable and secure.
A super great tidbit about the TurboTax TaxCaster is that this tax calculators doesn't require any personal identity information. You can use it anonymously! regardless of whether you are a TurboTax customer or not.
TurboTax TaxCaster Wrap-up!
Tax season is always far less stressful when you have the right tools in your arsenal. As tax season rolls around and you find yourself contemplating where your tax obligation lie's with Uncle Sam, The quick and easy solution is to use TaxCasater to estimate income taxes online to reduce your anxiety.
Let's face it, tax season is not a favorite time of year for most of us. However, reducing stress levels is no doubt the best solution to coping with your unknown tax liability. How do you do that? Well, get rid of the unknown!
Take the time to estimate income taxes and get your mind focused on meeting your tax obligation instead of wondering what it is.
Once you know what your financial situation is, you'll be far more relaxed when choosing the electronic tax filing programs to to help you prepare and file your tax return online by efile.
Income Tax Estimator Checklist
Take a look at our checklist for what's needed when you sit down using TaxCaster to estimate income taxes and determine what Uncle Sam will be requesting from your piggy bank.
- Tax Filing Status: you need to determine which filing status you will be using since this effects tax rates.
- Tax Year Income: you need a list of all income for the tax year including employee pay, salaries, tips, interest, rental income, and any other taxable income.
- Taxes Paid: the amount of taxes you have already paid including quarterly payments, and W-4 withholding.
- Tax Deductions: tax deductions help taxpayers lower their taxable income and in turn, their taxes.
The TurboTax TaxCaster tax tool will help you estimate income taxes in just a few minutes so that you can be better prepared for Uncle Sam.