Estimate Your Income Taxes in Seconds
-
Upload
eileen-jacobs -
Category
Economy & Finance
-
view
78 -
download
1
description
Transcript of Estimate Your Income Taxes in Seconds
![Page 1: Estimate Your Income Taxes in Seconds](https://reader036.fdocuments.in/reader036/viewer/2022081519/55863805d8b42a962c8b47a3/html5/thumbnails/1.jpg)
How to Estimate Your Taxes in Less than 60 Seconds
Using Taxes PhD Tax Estimator
![Page 2: Estimate Your Income Taxes in Seconds](https://reader036.fdocuments.in/reader036/viewer/2022081519/55863805d8b42a962c8b47a3/html5/thumbnails/2.jpg)
Taxes PhD Tax Estimator
✤ Free Online Tax Estimator www.TaxesPhD.net
✤ Quickly
✤ See if you have a refund or balance due
✤ Calculate accurate estimated tax payments
✤ Reveal the impact of deductions and credits
✤ Adjust your withholding amounts
![Page 3: Estimate Your Income Taxes in Seconds](https://reader036.fdocuments.in/reader036/viewer/2022081519/55863805d8b42a962c8b47a3/html5/thumbnails/3.jpg)
Personal Information (1st Tab)
✤ Required Fields
✤ Filing Status
✤ Date of Birth
✤ Items Calculated Automatically:
✤ Standard deduction, Earned Income Credit, Child Tax Credit
![Page 4: Estimate Your Income Taxes in Seconds](https://reader036.fdocuments.in/reader036/viewer/2022081519/55863805d8b42a962c8b47a3/html5/thumbnails/4.jpg)
Income (2nd Tab)
✤ Add income you received from all sources
✤ Social Security: enter total amount received
✤ Estimator will determine how much is subject to tax (if any)
✤ You can estimate these if you don’t have all your information available
![Page 5: Estimate Your Income Taxes in Seconds](https://reader036.fdocuments.in/reader036/viewer/2022081519/55863805d8b42a962c8b47a3/html5/thumbnails/5.jpg)
Adjustments (3rd Tab)
✤ Adjustments correspond to the bottom of Form 1040, Page 1
✤ These reduce the amount of income you will be taxed on
✤ Deductible portion of Self-employment tax will be calculated automatically
![Page 6: Estimate Your Income Taxes in Seconds](https://reader036.fdocuments.in/reader036/viewer/2022081519/55863805d8b42a962c8b47a3/html5/thumbnails/6.jpg)
Taxes & Credits (4th Tab)
✤ Schedule A - Itemized Deductions
✤ Click “Schedule A” button to enter amounts
✤ Some items on Schedule A are limited. The amount you can deduct will be calculated automatically.
✤ Child Tax Credit is calculated automatically
![Page 7: Estimate Your Income Taxes in Seconds](https://reader036.fdocuments.in/reader036/viewer/2022081519/55863805d8b42a962c8b47a3/html5/thumbnails/7.jpg)
Payments (5th Tab)
✤ Include any quarterly estimated tax payments and/or withholding for any 1099 forms
✤ Earned Income Credit and Additional Child Tax Credits are refundable credits (refundable credit amounts are equivalent to payments). These are calculated automatically.
✤ Include any other amounts that correspond to the payments section located on Form 1040, Page 2
![Page 8: Estimate Your Income Taxes in Seconds](https://reader036.fdocuments.in/reader036/viewer/2022081519/55863805d8b42a962c8b47a3/html5/thumbnails/8.jpg)
Results (6th Tab)
✤ Click “Calculate” button to get your results
✤ Diagnostics:
✤ Looks for common errors & warnings