Unless you’re a tax accountant or someone who follows tax law changes closely, it’s easy to be surprised by changes in your refund from year to year. Use the tool ahead of time so you aren’t already spending money you may never see. You can also run the numbers through a tax refund calculator earlier in the year to see if you want or need to make any changes to the tax withholdings from your paycheck.
Reduce Your Taxable Income –
If you want to make a return payment or estimated payment, please visit Personal Income Tax Forms to obtain the mailing instructions and payment coupons necessary accounting to mail your payment to the department. Local, state, and federal government websites often end in .gov. Commonwealth of Pennsylvania government websites and email systems use «pennsylvania.gov» or «pa.gov» at the end of the address.
How this tax calculator works
If you’ve overpaid your taxes through withholding or estimated payments, you’re likely to receive a tax refund. You can use a tax return calculator to estimate your tax refund based on your income, deductions, and credits. To get a more accurate result from any tax return calculator, make sure to include all your income sources, deductions, and tax credits. The tax return calculator will then provide an estimate of the refund or liablity you can expect to receive or pay, respectively. The updated https://www.bookstime.com/bookkeeping-services/lincoln federal tax withholding tables, released in early 2018, largely reflected the lower tax rates and the increased standard deduction brought about by the new law.
Estimated taxes
John Waggoner is a contributing writer of all things financial for AARP, from budgeting and taxes to retirement planning and Social Security. Previously, he was a reporter for Kiplinger’s Personal Finance and USA Today and has written books on investing and the 2008 financial crisis. Waggoner’s USA Today investing column ran in dozens of newspapers for 25 years. Change the information currently provided in the calculator to match your personal information and view your results.
If it’s easier to pay your estimated taxes weekly, bi-weekly, monthly, etc. you can, as long as you’ve paid enough in by the end of the quarter. Using EFTPS, you can access a history of your payments, so you know how much and when you made your estimated tax payments. For estimated tax purposes, the year is divided into four payment periods. If estimated tax you don’t pay enough tax by the due date of each of the payment periods, you may be charged a penalty even if you are due a refund when you file your income tax return.
- Do you own a home, have student loans, give donations, or any other itemized deductions?
- People who itemize tend to do so because their deductions add up to more than the standard deduction, saving them money.
- You can use a tax return calculator to get a good idea of your taxable income and, consequently, your tax bill.
- Documentation like your W-2, 1099-NEC, receipts for deductible expenses are needed to complete your tax return and our tax refund calculator.
- Itemized deductions can significantly impact your tax situation.
