Filing a tax return is quick and easy with tax return calculators. Use Meru Accounting‘s tax calculator to differentiate how your income, withholdings, credit and deduction can impact your tax refund or balance due. The calculator has the latest update rate and information about the 2019 taxes for filing the tax return 2020.

We help you estimate your taxes based on your current information with the help of tax calculators. We also work out on your federal withholdings to see if you are eligible for a refund. Where if you pay more than your taxes, you get a refund by the IRS. And if you pay less, you owe money to the IRS.

How helpful is a tax return calculator?

A Tax return calculator helps in:

Tax return estimation:

A tax refund has always given financial aid that can be kept as retirement savings or credit card debt or for personal spending. And if you want to estimate your tax refund for this year, you can calculate with our free tax calculator.

A financial expert can make you understand the roles of taxes in your overall financial goals. To get in touch with one, you ask for an appointment from us.

Calculation of tax refund:

Whenever you file a tax return, three things follow. You either eligible for a tax refund by IRS; you owe money to the IRS or whether you have paid the right amount of tax throughout the year or not. The tax return calculator helps to figure out how much money would be coming in or how much money you owe.

Wondering how the IRS could owe you a refund? Yes, the IRS can owe you money under several situations. You may overpay your estimated taxes or more amount withheld from your paycheck. You may qualify for a tax deduction and tax credits which eliminates your tax liability and makes you eligible for a tax refund. The tax return calculator takes all these scenarios into account to arrive at your tax refund and estimate how much money you can expect.

Applicable tax deduction and tax credit:

Always keep in mind that tax deduction reduces your taxable income; it reduces your taxes indirectly by reducing income subjected to the tax rate. A tax credit is a discount on your taxes. Suppose you owe $500 but qualify for $250 tax credit, then your taxes go down by $250.

What if your tax credit amount is larger than your tax bill? Whether the difference amount is refunded? In such cases, the refund depends on whether the tax credits qualify for a refund or not. The refundable tax credit goes directly into your tax refund amount. Our tax calculator takes all these factors into account and finds what you can expect regarding your taxes.

Understanding your tax refund

Meru Accounting tax return calculator helps in estimating your tax refunds. It accounts for both refundable and non-refundable tax credits. Since tax rules vary from year to year, your tax refund may change even if your salary and deduction remain the same. In case, you have a change in your income or else you change the way of doing taxes (i.e. opting for itemized deduction than standard deduction or adjust tax withholding from paycheck); you can use our tax return calculator. You can even estimate your taxable income with the help of our income tax calculator.

Tax calculators arrive at an approximate figure of your expected refund or tax bill, which may slightly vary from what you pay or receive.

Want to estimate true tax refunds and income tax? Doing taxes with the help of our tax calculator and experienced tax professional can help in better tax planning. Ask for a quote from our consultants.

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