Choose the Latest Version of Income Tax Calculator & Find Your Tax Liability Estimate & Refund

Managing your finances will be an easy task from now onwards. All you have to do is switch to the new taxfyle’s tax calculator. This will help you to calculate your tax liability and tax refund. Apart from that, this will help you to be successful and through this tax calculator, you will also get to know how to make the most of your refund.

Now, I will tell you how this tax calculator works. Three things are required in this tax calculator whenever it will estimate your tax liability and tax refund. There are 2 versions of the tax calculator. One is the plain version and another is the latest version. If you choose the latest version of the income tax calculator then you will have to fill up extra details.

Filing Status, Income and Withholding Mandatory to File

So, let’s get back to the 3 important things needed in this tax calculator, they are filing status, income, and withholding. Apart from these, the latest version would require you to fill up about dependents, other forms of income, deductions, and estimated payments. They will take this information and calculate your adjusted gross income i.e. AGI.

After finding out your AGI it will find the applicable tax rate and apply it to your income. That’s how the income tax calculator calculates the tax liability of the customers. If you have made extra payments, then it will estimate a tax refund. Perchance if you have paid less then it will show the tax liability. Now, with the latest version, you may get confused as there a lot of questions.

Extra Details to be filled in Latest Version

In the latest version, you may be asked about filing your status, information about dependents, medical expenses income, and other different kinds of questions. So, you will have filled it all carefully. And when you will be filling the status details, please make sure you choose the correct status. If you are married, then you will have to choose your filing status as married.

If you have chosen married as your status, then there will be 2 options like filing jointly or filing separately. So, you will have to discuss the same with your husband/wife and then choose the correct option. If you both decide to file the income tax return jointly then select the option married filing jointly. If separate then choose the option married filing separately.

Conclusion

This income tax calculator is very much accurate. The only mandatory thing which is required is that you fill up all the information like the numerical and details like the self-employed or business etc. carefully and correctly. If you make any mistake in filling, like for instance, if you are recently divorced and you choose the option as married filing separately.

Then, you can make blunders and it can affect your tax rates and standard deductions. Just because you saw the word separate, you thought it fits your status. So, please discuss it with successful professionals. Taxfyle’s tax calculator, also have expert professionals offering different packages for the customers who want their tax estimation and tax refund.