Did you withhold enough in taxes this past year? Use this tax refund estimator to help determine whether you might receive a tax refund or still owe additional money to the IRS. Remember this is just a tax estimator so you should file a proper tax return to get exact figures.
For “high-income” workers you may experience an increase in your 2017 federal taxes going forward due to a number of new provisions such as personal exemption phaseouts, limits to itemized deductions, 3.8% Medicare tax on investment income and the creation of a new tax bracket (39.6%).
Why It’s Important to Use a Tax Refund Calculator
Even if you’re confident you know how much you will get from your taxes, there are some big advantages to use the tax refund estimator from Money Help Center:
- It’s free and private. We don’t ask you for your email or personal information, and your private information stays private. There’s no cost and no obligation, and you get your results in seconds. Money Help Center is not associated with any company, so we’re not trying to sell you anything. You just get unbiased information that helps you make smart financial decisions.
- It’s a good way to know whether you owe anything. You don’t want a surprise when it comes to owing taxes. Knowing now whether you will need to pay allows you to put aside the amount needed, so you don’t have to make payments or pay interest on what you owe.
- It’s a good way to keep on top of financial changes in your life. Did you recently get a promotion, raise or new job? Do you have new deductions? Did your living or marital status change? Are you in a different tax bracket this year? Many things can impact what you owe, and a calculator can help you see how your current life can impact your refund.
- It helps you keep your tax withholdings correct. If too much is being withheld, you’re not getting the take-home pay you deserve, which can impact how much you can save. If too little is being withheld, you may have to pay a big lump payment because you will owe money. Knowing your tax obligations and refunds ahead of time helps you adjust your withholdings as needed.
- It helps you plan ahead for your tax refund. If a calculator shows you will get a refund, you can start planning for it now. You might put it in savings or even in your retirement account. That way, by the time you get your refund, you won’t be tempted to spend it all right away.
- It helps you plan your taxes. If you notice you owe money on taxes, you might want to start planning now to include more deductions on your return. Or, maybe you decide to switch from standard deductions to itemized deductions to save on taxes. If so, you need to start considering that and saving receipts now.
- It helps you determine your budget long-term. Understanding your refund lets you see what your take-home income really is, which can impact how you choose to spend your salary.
Money Help Center helps you plan long-term for your taxes by allowing you to see what you owe now or the refund you can expect to get later.