Know what to expect when you file your taxes in 2025. Understand how to structure your finances to maximize your refund or plan for an upcoming tax payment.

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Frequently asked questions

Have a tax refund or liability question?

What is my filing status?

Selecting the correct filing status when completing your income tax return is the first step when properly reporting your taxes. To help guide you in the right direction, find each of the IRS filing statuses here along with relevant descriptions and requirements. To get the most accurate result from our tax return calculator, please select the correct filing status.

When is income tax due?

The tax deadline for individuals will be April 15th, 2024. While our tax return calculator won't help you to make your payments, one of the Tax professionals in our network can help you set up estimated quarterly payments to help you manage your finances while keeping taxes in mind.

What states have no income tax?

Currently, Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming do not have income taxes. If you live in one of these states, our tax return calculator will be most accurate. However, if you do not live in one of these states, you should factor in your state income taxes by manually calculating your state income taxes and then adding (or subtracting) them from the results derived from our tax return calculator.

Unsure what you'll get back this year?

Tax season can be something you look forward to if you receive a refund. A lot of taxpayers use their refunds to pay down debts, go on vacations, cover necessities for the family, or splurge on luxuries. However, knowing just how excited you should be can be hard to predict. Wondering what your tax refund is going to be this year? The Taxfyle tax return calculator can help you estimate your refund, and with one of Taxfyle’s Pros’ help, you can feel safe knowing your getting your best tax refund (or your paying the smallest tax liability according to tax regulations).

What is a Tax Calculator and Why Do You Need One?

A tax return calculator is an invaluable tool for estimating your income tax liability for the year. It takes into account various factors like your gross income, tax credits, and deductions to give you an estimate of the tax you owe or the refund you can expect. Using a tax return calculator can help you plan your finances better and avoid any unpleasant surprises when you file your tax return.

Tax return calculators have evolved over the years, and the latest versions are incredibly accurate. They can handle complex tax situations, making them a must-have tool for everyone, from W-2 employees to 1099 workers.

How Does Taxable Income Impact Your Tax Bill?

Your taxable income is your gross income minus any deductions and exemptions which results in your adjusted gross income. The amount of tax you owe is determined by your taxable income and your filing status. Understanding your taxable income is crucial for estimating your tax liability accurately. You can use a tax return calculator to get a good idea of your taxable income and, consequently, your tax bill.

Taxable income is subject to federal income tax rates, which are divided into brackets. The higher your taxable income, the higher tax bracket you fall into, and the higher w-2 tax you'll owe. Our tax return calculator automatically takes these tax brackets into account.

What Percentage of Your Income Goes to the IRS?

Tax rates in the United States are progressive, meaning the rate increases as your income increases. These rates are applied to your taxable income. For example, if you fall into a tax bracket with a tax rate of 15.3%, that percentage of your taxable income will go to the IRS. You should also know that tax credits can reduce your effective tax rate.

You can use out income tax return calculator to estimate how much you'll owe based on tax rates and see what your effective tax rate is. It's essential to understand your marginal tax rate and how it impacts your tax burden.

What Are Tax Credits and How Can They Reduce Your Tax Liability?

Tax credits are amounts you can subtract from your federal tax burden, reducing the amount of tax you owe. Examples include the child tax credit and earned income tax credit. Tax credits can significantly reduce your tax bill, and some are even refundable, meaning you could receive a tax refund. Using a tax return calculator that includes tax credits can give you a more accurate estimate of your tax burden or refund. Make sure to include all applicable tax credits to get the most accurate estimate.

How to Estimate Your Tax Refund for 2024?

If you've overpaid your taxes through withholding or estimated payments, you're likely to receive a tax refund. You can use a tax return calculator to estimate your tax refund based on your income, deductions, and credits. To get a more accurate result from any tax return calculator, make sure to include all your income sources, deductions, and tax credits. The tax return calculator will then provide an estimate of the refund or liablity you can expect to receive or pay, respectively.

What Should Every 1099 Worker Know About Self-Employment Tax?

If you're a 1099er, you're responsible for paying self-employment tax, which includes Social Security and Medicare taxes. The self-employment rate is 15.3%, and it's crucial to account for this when approximating your tax burden. You can use a 1099 tax return calculator to get an accurate estimate of your tax burden, including the self-employment portion. Don't forget to consider any deductions that can lower your taxable income and, consequently, your tax bill.

Federal Income Tax Deductions: What Can You Write Off?

Tax deductions reduce your taxable income, lowering your tax burden. Common deductions include student loan interest, mortgage interest, and charitable contributions. Itemized deductions can significantly impact your tax situation. Use a tax return calculator that allows you to input various deductions to get the most accurate estimate of your tax payment or refund.

State and Local Income Taxes: How Do They Affect Your Tax Situation?

In addition to federal income tax, you may also be subject to state income taxes and local taxes. These can vary widely depending on where you live. Some states have no income tax, while others have progressive or flat tax rates. You can use a comprehensive income tax return calculator to estimate your state and local tax payment. This will give you a full picture of your overall tax payment.

Tax Withholding: How Does It Work?

Tax withholding is the amount of tax taken out of your paycheck by your employer. It's based on the information you provide on your W-4 form. If you withhold too much, you'll likely receive a refund; withhold too little, and you'll owe additional tax. A tax calc can help you determine the optimal amount to withhold to either maximize your paycheck or ensure you don't owe additional tax at the end of the year.

Tax Prep 101: How to Prepare for the Tax Year 2024

Preparing for tax filing involves gathering all necessary documents, understanding your income and deductions, and approximating your tax payment or refund. A tax calc can be a valuable tool in this process, helping you get organized and avoid last-minute stress. Using a tax calculator for the year 2023 can help you understand what to expect and how to plan accordingly. It's a crucial step in responsible financial planning.

What are some common terms to know in relation to tax refunds?

Income Tax Calculator -

An income tax calculator is a tool that helps individuals estimate their income tax liability based on their earnings and deductions.

Estimate Your Tax -

Estimating your tax is process of calculating an approximation of how much tax you owe.

Income Tax Rate -

Income Tax Rate is the percentage at which an individual or corporation is taxed on their income.

Earned Income -

Earned Income is Income derived from work or employment, including wages, salaries, tips, and self-employment income.

1099 Tax Calculator -

A 1099 Tax Calculator is a calculator specifically designed to estimate taxes for individuals who receive 1099 forms, typically indicating non-wage income.

Reduce Your Taxable Income -

Reducing your taxable income is similar to lowering taxable income, it involves using legal methods to minimize the income that can be taxed.

Estimate Your Tax Refund -

Estimating Your Tax Refund is Calculating an approximation of the amount you might receive back from the government after filing your taxes.

2023 Tax -

2023 Tax refers to tax-related matters for the year 2023.

1099 Worker -

1099 Workers are individuals who receive income reported on a Form 1099, typically indicating independent contractor status or other non-wage earnings.

Child Tax Credit -

Child tax credit is a tax credit offered to parents or guardians of minor children to reduce their tax burden.

Tax Payments -

Tax payments are the amounts paid to the government as income tax.

Lower Your Tax -

Lowering your tax consists of a set of Strategies to reduce the amount of tax owed.

Tax Calculator 2023-2024 -

Tax Calculator 2023-2024 is a tool designed to estimate taxes for the fiscal years 2022-2023.

Marginal Tax Rate -

Marginal Tax Rate is the rate at which the last dollar of income is taxed, often used in a progressive tax system.

Tax Burden -

Tax Burden is the total amount of tax an individual or entity is responsible for paying.

Refund Estimator -

Refund Estimator is a tool to calculate the estimated amount of tax refund one might receive.

Income and Filing Status -

Income and Filing Status refers to the total earnings and the category (such as single, married filing jointly) under which one files their tax return.