2012 Tax Estimator

Would you like help estimating your taxes for 2012? Income tax returns can be both confusing and stressful. Not knowing whether you should expect a refund or be prepared to pay tax to the IRS can cause a lot of anxiety. There are tax estimators available to help you be prepared for the upcoming tax season.

Where can I find a tax estimator?

I would recommend using a service like TurboTax Online. They offer a free tax calculator that will estimate your taxes called TaxCaster. It is easy to use and extremely helpful.

What information do I need for the tax estimator so that I receive an accurate estimate?

You will need to enter the following information for the tax estimator to give you an accurate tax liability estimate:

• Marital status
• Whether you claim head of household
• Your age
• Your income
• Any deductions and credits you may be eligible for

The TaxCaster will ask you a series of questions to help you determine other deductions and credits you may be eligible for. Some of the deductions and credits it will ask you about are:

• House
  Mortgage interest payments
  Homebuyer credit
• Donations
  Cash / Check donations
  Non-cash donations
• Retirement
  IRA information
• Education
  Tuition and fees
  Student loan interest paid
• Family
  Number of dependents and their ages
  Child care expenses
• Other deductions
  Medical expenses
  Alimony payments

The more information you are able to input, the more accurate your estimate will be. The tax estimator will calculate a tax amount based on the information you have entered so if you enter only the basic information you will still receive an estimated tax amount.

To try the free tax estimator visit TurboTax Online today.