5 of The Best Tax Calculators Available to You Today

Banks Editorial Team · December 20, 2017

When it comes down to personal income taxes, everyone is concerned with one final outcome: your tax refund.

The goal is to try and maneuver the system in a way that will warrant you the biggest possible refund from the year prior. It’s simply common sense, and something that everyone can relate to.

Therefore, people are constantly looking for tools and resources that can help them achieve the kind of refund they want at tax time. To find out how a tax move will affect your taxable income in April, tax calculators are offered to you from a variety of institutions and companies today. These calculators help you get a pretty good estimate on actions and items, though it’s worth noting at the end of the day, these are only estimates – not guarantees.

Here are the 5 best tax calculators in the game today:

1. Refund Tax Calculator:

Available through H&R Block, this simple refund tax calculator gives you a good ballpark figure of what your tax refund will look like. The calculator can also gauge the impact of tax play, like setting up an IRA for a lower taxable income rate.

2. Obamacare Tax Calculator:

Again, available through H&R Block, this Obamacare calculator goes over the potential subsidies that are available for insurance premiums. They’re confusing to understand since a taxpayer can take the subsidies before filing a return. There are therefore new forms to understand, and the list goes on. This calculator helps with the configuration.

3. Caregiver Tax Calculator:

Developed by Care.com, this calculator is for the individuals dealing with aging and elderly family members today. There are tax consequences if you pay someone more than $2,000 for care services, as well as unforeseen paperwork if it’s not handled properly on your tax return.

4. Education Tax Calculator:

There are a lot of tax perks for education today. There’s the Lifetime Learning Credit, as well as the American Opportunity Tax Credit. You can even deduct tuition and fees, plus student loan interest of as much as $2,500. The rules can get tricky, which is why you want to use TurboTax’s education tax calculator for getting it right the first time.

5. Capital Gains Tax Calculator:

BizDeductor has the best capital gains tax calculator in the game today, providing an estimate on the capital gains tax for each inputted transaction. Since long-term capital gains rates are actually zero for some investors, there are definitely helpful strategies that involve timing the gains and losses to help with the tax bill at the end of it all.

Calculate Your Refund

With all of these free resources available to you through major accredited institutions today, it only makes sense to take advantage of them and piece through important financial areas of your life, like health insurance, capital gains, and education before handing over your final taxable income at tax time.

Configure the best possible outcome for your post-tax income this April.

You may also like