Two Websites That Can Calculate Your 2016 Tax Refund
By now, you’ve probably gotten taxes out of the way for the 2015 tax season. However, if you want to be a financially conscious person you should already be preparing for the 2016 tax filing season.
Having a real life number will allow you to plan the remainder of your year correctly. However, coming up with an accurate estimation is not always easy. Therefore, this article will discuss two websites that help calculate tax refunds and estimated taxes.
H&R Block Online Calculator
H & R Block has been helping American’s with their taxes since 1955, when their first office opened. Back then, they were offering high interest loans based on someone’s estimated tax refund.
Now that those programs have been discontinued, they still make it their business to help you see what amount you can expect in your tax refund. Just go here if you would like to use the H & R Block tax refund calculator. You can rest assured it’s up to date by the latest IRS tax figures.
TurboTax Online Calculator
An increasing number of people are turning to TurboTax to get their income tax prepared and filed every year. Their user friendly tools take all the hard work and stress out of tax form preparation and will always get you the largest refund.
One popular tool is the TurboTax tax refund calculator because it is very user friendly and it is attractive. The graphics and sliders make understanding taxes very easy and it updates your estimate as you add in information.
Estimating your tax refund or balanced owed does not have to be complex. In fact, the online calculators make it easy for anyone. All you have to do is answer some basic questions and the calculators provide you with an estimate. Many taxpayers find that using the calculator only takes them a few moments.
Step 1 – Run Your Numbers in the Calculator
Answer the simple questions the calculator asks. You don’t have to be 100% exact, you just have to give a good estimate. If your tax situation changes you can always come back to the calculator again.
As you answer the questions, you will see that the information that you enter changes. You will even have access to your total income, adjustments, deductions, and other important numbers in the form of a tax summary.
Step 2 – Consider “What If” Scenarios
Did you go through the calculator and find out that your refund is low or your balance due is too high. If so, try playing around with different scenarios so you can reach a number that you are satisfied with. For example, you could increase your charitable contributions or add in some energy saving home improvements.
In the event that you foresee your income changing, you may want to try estimating taxes with a lower or higher income so you can see just how much of a difference it makes when tax time rolls around.
Step 3 – Estimate Again Once Time Has Passed
Anytime something changes with your tax situation you want to come back to the calculator again. This will allow you to ensure that you are always on the right track financially. The more you estimate your taxes, the better prepared you can be when it comes time to file.
Tax laws change throughout the year, but by using a tax calculator, you can make sure that you are prepared. By utilizing a tax calculator, you can have a peace of mind knowing that your tax outcome is going to be the best one possible.
When Will You Get Your Refund?
Once you have your return accepted by the IRS your refund is based on the IRS E-file Refund Cycle Dates. It is estimated that if you electronically filed and selected direct deposit as your payment receivable method, you should get your refund in no more than 2 weeks. However, if you are waiting for a paper check it can take an additional week.
When you eFile, you will be able to check your tax refund in real time using the “Where’s My Refund Tool” by the IRS within 24 hours after it has been received. Paper filing can take up to a month to be able to track your refund status through this tool.
Additionally, in order to use the tool you have to provide your social security number/EIN, filing status, and the exact amount of your projected refund. When you enter this information your estimated refund release date will be added. The date provided is not set in stone, which means you should check the status on a weekly basis.
Estimating your refund does not have to be hard, thanks to the Free TurboTax refund calculator and the Free H&R Block refund calculator. You can plan and make sure that you spend your refund wisely when it arrives. The IRS says that taxpayers should expect to receive their refunds within 21 days after they file their tax returns.
Lastly, keep in mind the child tax credits, earned income credits, and federal income tax brackets change yearly, therefore, you could be getting an even larger tax refund when the new laws go into place.