Estimating your tax liability and refund with a tax calculator is easy. Start by entering your income and tax filing status into the calculator. Taxable income and filing status impact your tax bracket, so enter them accurately. To estimate taxes, many online tax calculators, like H&R Block’s free income tax calculator, ask for your filing status, income, deductions, and credits.
After entering your details, the tax calculator will estimate your tax liability and refund. TaxAct’s online tax calculator estimates your tax refund or balance payable based on income, withholdings, deductions, and credits. H&R Block’s tax calculator estimates your current tax refund.
The tax calculator suggests changing your withholding or projected payments to pay the proper amount of taxes throughout the year. The IRS Tax Withholding Estimator shows how W-4 tax withholding impacts your refund, paycheck, or tax owed. H&R Block also has a tax withholding calculator to help you understand how the 2020 W-4 tax form revisions affect your withholdings. Adjusting your withheld or anticipated payments can help you meet your tax obligations without underpaying or overpaying.