Turbotax has a whole arsenal of online tax tools. Each tax tool is suited for a different purpose - just like that knife set sitting in your kitchen, each knife is intended for a specific use. Perhaps, the most important tool is the Tax Refund Estimator, but there are other seldom overlooked tools which are planning tools that you can use throughout the year.
Here is a summary of each of the most important tools available at Turbotax:
Tax Refund Estimator Tool
How much is my tax refund this year ? You can get an instant answer to this question by using this tool. Turbotax makes it easy to find how much you will get back from the Taxman - or for that matter how much you will owe. See here to learn more about the Tax refund Estimator tool
Life Changes Tool
This tool is learning to adapt to the changes life throws at you - from a tax perspective. Adjusting your tax situation based on events that occur in your life will save you a ton of money. For instance, if a new baby is born in the family, you could claim an additonal tax exemption - but to claim this additional exemption, you need to file a revised W4 with your employer. How about buying or selling a new home - if you are buying a new home, you get the benefit of the mortgage interest deduction. Likewise if you are selling a home, you will need to deal with the capital gains (or losses in this doggone realestate market). How about Retirement - This is a major life style change not to mention the major major tax impact.
Turbotax’s Life Changes tool gives you a good insight into what you can do when these major shifts happen in your life
W-4 Salary Calculator
Do you remember the W4 form that you have to fill in when you get a new job ? What most people don’t realize is that the W4 is not a static thing, you can actually change it anytime by resubmitting it to the employer. The number of exemptions you claim on the W4 determines how big (or small) your take home pay is. Take home pay is your gross salary minus the taxes and deductions. This tool tells you how many exemptions to choose on your W4. Try the W4 Calculator.
IRA Calculators - Contributing to the IRA is the smart way to save on taxes. Not everyone is eligible to contribute to an IRA, but if you are eligible to contribute, you can figure out how much to contribute to get the biggest tax saving bang for your IRA buck !
You can these and other great tax tools at : Turbotax Calculators .