The Free Trial version of the Tax Estimator gives you the ability to see how quick, efficient, and accurate it is to provide tax and refund estimates in just a few minutes. Try the software out for a few days and see how you like it!
The Tax Estimator was developed to give you the ability to quickly provide your taxpayers an estimate of their refund or balance due without having to create an entire tax return. The estimate is based on the ability to file a basic Form 1040 using the Standard Deduction and certain common tax credits. It cannot be used if you are itemizing deductions or have capital gains income. Since only certain types of income and credits are included in evaluating your tax situation, it may differ from your actual situation.
The Tax Estimator calculates the following:
- Federal refund amount
- Child Tax Credit
- Refundable Child Tax Credit
- Earned Income Credit
- Child Care and Dependent Care Credit
- Credit for Other Dependents
- Non-itemized Charitable Cash Contributions
- Qualified Business Income Deduction
- Advanced Child Tax Credit Received
- Recovery Rebate Credit Received
- Federal Income Tax
- Partial Alternative Minimum Income Tax
- Self Employment Tax
- Additional Medicare Tax
- Net Investment Income Tax
- Several other taxes and credits
The Tax Estimator includes additional input fields to show how self-employment income including the Qualified Business Income Deduction (QBI), investment income and unemployment compensation might affect your clients. It also calculates the preliminary refund amount including automatic calculations for Advanced Child Tax Credit payments and Recovery Rebate Credit and immediately displays the result on screen. The Estimator also lets you print a customized estimate letter, which you can give your clients or place in their file.