If you are worried about your tax liability and are finding it difficult to calculate, or have no professional help near you to let you know about your tax liability estimate, then it is recommended that you switch to the new taxfyle’s tax calculator. It is one of the easiest methods to calculate your tax liability and a man of common parlance can also use it.
This income tax calculator by taxfyle can is very good for small business owners, sole proprietors, independent contractors, etc. Apart from this taxfyle also offers a simple tax calculator, small business tax calculator, sales tax calculator, tax bracket calculator, and also you can track your refund with the help of an income tax calculator.
Simple Tax Calculator
Now, there are two types of income tax calculator which you will get when you check into taxfyle’s income tax calculator. One is a simple tax calculator and the other is an advanced tax calculator. I will what the simple tax calculator includes; – It includes filing status, W-2 income, and W-2 withholding. After filing this information you can directly calculate the tax liability.
Advanced Tax Calculator
There is also an advanced tax calculator and it includes the following- Filing status, number of child dependents, number of non-child dependents, W-2 income, W-2 withholding, self-employed income, unemployment income. Then, there is an option of deduction credit which includes – mortgage interest, charitable contribution, medical expenses,
Child and dependent care expenses, student loan interest, quarterly estimated payments. After you have entered all this you can click on calculate and you will get the accurate estimate of your tax liability and estimate tax refund. Filling all the details is mandatory. You can choose from any of the tax calculators, either simple/advanced.
Accuracy of Tax Calculator
Next, a query that you may have is regarding the accuracy of the tax calculator. So, when it comes to accuracy, let me tell you that it is one of the most perfect and mostly used tax calculators all around the globe. The only thing which is required is to input the correct numerical. All the amounts and details should be apt and correct.
It is only after that you will be able to get the correct and accurate estimate. If you enter the correct details, then it will be able to estimate the correct tax rates and standard deductions. And this also applies when you will be filing your status details. Status details also affect how the tax is calculated i.e. the standard deduction and tax rates.
For instance, there will be an option in the status, whether you are married. After you choose this option if you are married, there will be 2 sub-options – married filing jointly and married filing separately. So, this you will have to discuss with your spouse and then make your choice of filing the status, as this will also have an impact on your tax rates and standard deductions.
Now, that you know about the income tax calculator, you can freely use this tool. This tool is a free tool and no charges are applied for using this tool. You can use this any time and en number of times you want.