Tax returns are issued when your paycheck withholdings exceed the amount you owe. On the other hand, when your withholdings are too low, you may end up owing taxes to the IRS. With our Tax Return Estimator, you can determine how much taxes you owe, how much you’re getting back and how to file your federal tax return with ease. Use our Income Tax Calculator today to see where you stand.
In Just 3 Easy Steps, You Can Use Our Free Income Tax Calculator to Avoid Surprises When Filing Your 2020 Return:
STEP 1: GATHER THE REQUIRED DOCUMENTS
Have the full list of required tax documents ready, including a W-2 and any relevant investment or property documents.
Step 2: Enter Your Tax Information
Enter information such as filing status, dependents, income, expenses, payments, deductions, and credits.
Step 3: View & Print the Results
View your results, visit a Liberty Tax® office to file your tax return, or file taxes online at Liberty Tax® Online!
Additional Resources To Supplement Our Tax Calculator
In addition to our Tax Return Estimator, we offer a variety of resources for calculating your taxes and getting the refund you deserve.
Through such easy-to-use tools as the “1040 Tax Calculator”, “Quarterly Tax Estimator” and “Child Tax Credit Calculator”, you have the insight you need to navigate your taxes, capitalize on deductions and file the return that works to your advantage.
1099 MISC TAX CALCULATOR
Learn about Self Employed income tax reporting and calculations.
IRS Form 1040 Instructions
Find the free IRS tax forms you need to file your 2019 return.
The Child Tax Credit can help maximize your 2019 refund.
Frequently Asked Questions About Using Our Tax Return Calculator
The goal of our tax return calculator and other tax resources is to make filing your taxes as easy as possible. Here are some of the most common questions we get about using our income tax estimator, calculating federal taxes and getting prepared for the tax filing season.
How many allowances you claim on your W-4 depends on what you want withheld from your paycheck vs. how much in taxes you’re willing to pay come tax time. Of course, what you claim depends on your personal tax situation and needs. Keep in mind that while claiming more withholdings may result in a bigger paycheck now, it may also lead to a bigger tax bill at the end of the year.
Knowing how to fill out a W-4 form properly means knowing which allowances you qualify for and how much in federal taxes you’re willing to pay when the time comes to file. The allowances you claim vary depending on your job, marital status, if you have children and your personal preferences. The W-4 Personal Allowance Worksheet can help you navigate your W-4 worksheet.
The IRS counts any money you’ve made from your job, certain types of investments and even unemployment compensation as taxable income. Contact your local tax pro today to learn more.
The “Tax Return Estimator” uses information on your adjusted gross income, taxable income and taxes you’ve paid and deductions and credits you’re eligible to claim for the year to estimate your taxes. This tool may also be referred to as a "Tax Refund Calculator", "2020 Tax Calculator", "2019 Tax Calculator", "Tax Return Calculator", "Income Tax Calculator", "Income Tax Estimator", "Tax Refund Estimator", or "Tax Estimator Calculator"
Your tax burden depends on a number of things, including your personal income, w-4 allowances you’ve claimed, and any tax credits or deductions you’re eligible to claim on your federal tax return. Consulting a tax professional can help identify ways to minimize what you owe and maximize your potential for getting money back.
Tax refunds vary depending on what’s been withheld from your income vs. how much you owe the IRS. The amount of money you get back also depends on your income bracket and any deductions or tax credits you qualify for at tax time. Our free tax calculator can provide a better picture of what you’ll be owed after you file.
Once the 1040 calculator determines you’re owed a refund, it’s time to decide how you want to get your money back. The IRS issues refunds primarily by paper check (mail) and direct deposit, though there are several options now available to get your money even faster. Learn more here.
Once you file your taxes, the IRS provides an online tool for tracking the status of your federal refund. Find out more here.
Crack the code and learn what’s delaying your tax refund with our IRS refund reference code tool.
W-4s help determine the amount of federal taxes you want withheld from each paycheck, while W-2s provide a summary of what you’ve paid over the year—and is essential when using our free income tax calculator to determine your refund. Find out more here.
Independent contractors face unique requirements and challenges when it comes to filing federal taxes. If you qualify as an independent contractor, you’ll need to gather anything from 1099s and invoices to any receipts and expenses related to your work as you fill out your Form 1040. For more information, contact your local Liberty Tax® professional.
Audits are generally triggered by mistakes made when individuals file on their own. These mistakes are then flagged by the IRS, which can choose to pursue an audit lasting weeks or even months. Consider these common red flags before filing your next return.
In the event of a shutdown, your tax refund will still be paid out—and at the same amount provided by our income tax calculator (as long as all info was entered completely and accurately). The IRS is required to be open even during a government shutdown, meaning both paper and E-File returns will be processed at the normal rate.
2019 Tax Filing Forms
After using our tax return estimator to calculate your taxes, you’ll need the right IRS forms to begin the tax filing process. Here are several of the most common IRS forms you’ll need to complete your 2019 federal tax return. Use our 2020 tax calculator first and then navigate to these additional links for more information.
Form 1040 provides the IRS a summary of any/all of your personal income, federal taxes, deductions, tax credits during the previous tax year. As of 2018, much of the info that used to be on the 1040 is now entered onto six numbered schedules.
Form 1040 (Schedule C)
Schedule C is used to report any income or losses you’ve incurred as the sole proprietor of a business or profession. This includes any wages, expenses and deductions over the 2019 tax year.
Form 1040 (Schedule D)
Any capital gains or losses you’ve incurred form capital investments are reported on Schedule D.