How to Estimate Your Taxes in Less than 60 Seconds

Using Taxes PhD Tax Estimator

Taxes PhD Tax Estimator

✤ Free Online Tax Estimator www.TaxesPhD.net

✤ Quickly

✤ See if you have a refund or balance due

✤ Calculate accurate estimated tax payments

✤ Reveal the impact of deductions and credits

✤ Adjust your withholding amounts

Personal Information (1st Tab)

✤ Required Fields

✤ Filing Status

✤ Date of Birth

✤ Items Calculated Automatically:

✤ Standard deduction, Earned Income Credit, Child Tax Credit

Income (2nd Tab)

✤ Add income you received from all sources

✤ Social Security: enter total amount received

✤ Estimator will determine how much is subject to tax (if any)

✤ You can estimate these if you don’t have all your information available

Adjustments (3rd Tab)

✤ Adjustments correspond to the bottom of Form 1040, Page 1

✤ These reduce the amount of income you will be taxed on

✤ Deductible portion of Self-employment tax will be calculated automatically

Taxes & Credits (4th Tab)

✤ Schedule A - Itemized Deductions

✤ Click “Schedule A” button to enter amounts

✤ Some items on Schedule A are limited. The amount you can deduct will be calculated automatically.

✤ Child Tax Credit is calculated automatically

Payments (5th Tab)

✤ Include any quarterly estimated tax payments and/or withholding for any 1099 forms

✤ Earned Income Credit and Additional Child Tax Credits are refundable credits (refundable credit amounts are equivalent to payments). These are calculated automatically.

✤ Include any other amounts that correspond to the payments section located on Form 1040, Page 2

Results (6th Tab)

✤ Click “Calculate” button to get your results

✤ Diagnostics:

✤ Looks for common errors & warnings