TaxAct Calculator 2018
TaxAct Calculator 2018
TaxAct Calculator 2018 - tag: TaxAct USA, TaxAct UK, TaxAct AUS, TaxAct Canada, TaxAct EU, TaxAct refund calculator 2018, TaxAct tax calculator 2018, TaxAct calculator 2019, TaxAct calculator, TaxAct calculator 2020, TaxAct calculator for 2018, TaxAct refund calculator 2019, TaxAct refund calculator, TaxAct refund calculator 2020, TaxAct refund estimator, TaxAct 2018 tax calculator, TaxAct income tax calculator, TaxAct 2019 calculator, TaxAct 2019 tax calculator, 2018 tax refund calculator TaxAct. TaxAct Calculator 2018
While TaxAct's merchandise is on par with its most important competition, the organization differentiates itself via backing up its processing claims with a guarantee of accuracy, making it one of the fine tax software alternatives available. TaxAct Calculator 2018
TaxAct was based within the past due Nineties as second tale software program, becoming TaxAct in 2013 after fifteen years or so of growth. The company reports that its merchandise has been used to put together a few 60 million electronically-filed returns inside the USA for the reason that yr 2000. This makes them one of the bigger gamers in a completely crowded tax instruction software market, alongside names which include TurboTax and TaxSlayer.
At the same time as its products are on a par with its primary competition in phrases of functionality and ease of use, the agency differentiates itself via backing up its processing claims with a assure of accuracy. This guarantee is sponsored up in monetary phrases, a function so that it will especially enchantment to users with larger tax bills or extra complex tax go back scenarios.
TaxAct Calculator 2018
The software program is commonly taken into consideration to be an amazing cost preference, with a variety of five merchandise (beginning with a free version) that should match maximum users. The interface is unfussy and there are a few surprising support options that include a display screen-sharing feature that would keep time in a help name situation. The business enterprise markets its merchandise as no-frills, functional applications that many users will respect, and their pricing is very competitive.
TaxAct’s expenses are slightly decreased than the enterprise average for on-line preparation of nation and Federal taxes. The free version allows users to file Federal taxes totally free, but with a few awesome barriers and a price of $19.95 for the filing of kingdom taxes. One such dilemma is that users must simplest have standard deductions and credit. The simple edition is the loose model with delivered assist and charges $14.Ninety-five for Federal returns and $19.95 for the country.
The Deluxe version lets in itemized deductions and has functions together with a wizard to assist calculate deductions for, say, charitable donations. It runs at $forty seven.95 for Federal and $39.95 for the country. TaxAct Calculator 2018
TaxAct Calculator 2018
The most appropriate version expenses $57.95 for Federal and $39.Ninety-five for state and gives priority assist, being aimed toward human beings with rental homes or investments. Subsequently, the Self-employed edition ($77.95 Federal, $39.Ninety five state) is the highest-cease bundle and will work for freelancers or small business proprietors.
TaxAct Calculator
- The Tax Calculator* provides the ability to perform What-If scenarios in your current year's TaxAct® return for the current or future years. You can project your earnings and expenses into the following years and then make estimated changes to the information to determine your tax liability for the current or upcoming years based on those changes.
Online Navigation Instructions:
- Log into your TaxAct Online return
- Click Next Year. On smaller devices, click the menu icon in the upper left-hand corner, then select Next Year
- Click Continue or No until you reach the screen titled Tax Calculator
- Click the button Tax Calculator to enter the information and/or print the report.
- Another option for estimating the current year return would be to utilize the Tax Calculator on the TaxAct website. From the TaxAct website, click Tax Info in the top center of the screen. On the website Tax Information for When You Need It Most, click the link Tax Tools & Calculators. From there click the link Tax Calculator and proceed through the screens to enter the information. On the final screen, titled Your 2018 Tax Calculation, you will be able to view a summary of the results based on your entries. From there you can also click the green link titled Start your return for Free! to start a return using the TaxAct program.
TaxAct 2018 Terms
Tax Reform
- Officially known as the Tax Cuts and Jobs Act, the 2018 tax reform included many adjustments to tax law and how taxpayers are affected. Find up-to-date information on tax reform and answers to commonly asked questions here.
Deductions
- The purpose of tax deductions is to decrease your taxable income, which then decreases the amount of taxes you need to pay to the federal government. To help you reduce your taxable income, we aggregated a huge list of deductions many people often overlook or aren’t sure how to use them to their advantage.
Adjustable Gross Income (AGI)
- For tax purposes, your adjusted gross income or AGI is essentially your total or gross income minus eligible deductions. You can use our AGI calculator to estimate your adjusted gross income using the most common income and deductions for US taxpayers.
Tax Brackets
- Your tax bracket shows you the tax rate that you will pay for each portion of your income. For example, if you are a single person, the lowest possible tax rate of 10 percent is applied to the first $9,525 of your income in 2018. The next portion of your income is taxed at the next tax bracket of 12 percent. That continues for each tax bracket up to the top of your taxable income. Find yours with our helpful tax bracket calculator.
Taxable Income
- Most income is taxable, whether you earn it or are paid as a return on your investment. Also, you generally have to pay tax on income when you sell something for more than your basis (usually the amount you paid for something). If a type of income is taxable, it doesn't matter if you receive payment in cash, by check or electronic payment, or in the form of goods or services. You still pay tax on it.
- Certain types of income are excluded from tax. This generally includes income you or someone else has already paid tax on, or income from special situations, such as combat pay.
Filing Status
- Your tax filing status makes a big difference in your tax return when you file. Many people simply choose the status they believe best fits their personal situation, but in some cases, you may have more than one option. At that point, it’s up to you to pick the status that offers you the most tax advantages. Filing status options are:
- Head of Household
- Married Filing Jointly
- Married Filing Separately
- Single
- Qualified Widow or Widower
Learn everything you need to know about how filing status impacts your tax return and refund here.
Tax Credits
- Credits differ from deductions and exemptions because credits reduce your tax bill directly. After calculating your total taxes, you can subtract any credits for which you qualify. Some credits address social concerns for taxpayers, like The Child Tax Credit, and others can influence behavior, like education credits that help with the costs of continuing your education.
- There are numerous credits available for a wide range of causes, and all reduce your tax liability dollar for dollar. That means a $1,000 tax credit reduces your tax bill by $1,000. Reviewing all the options may be time-consuming, but could also prove to be profitable.
Some major tax credits are:
- Foreign tax credit
- Credit for child and dependent care expenses
- Education credits
- Retirement savings contribution credit (Saver's Credit)
- Child tax credit
- Residential energy credits
TaxAct 2018 Commercial "Accuracy Guarantee"
Exemptions
- Exemptions are portions of your personal or family income that are ‘exempt’ from taxation. The Internal Revenue Code allows taxpayers to claim exemptions that reduce their taxable income. Both personal and dependent exemptions lower the amount of your taxable income. That ultimately reduces the amount of total tax you owe for the year.
- For tax purposes, all dependents receive exemptions, including you and your spouse. To the Internal Revenue Service (IRS), these are the people for whom you are financially responsible. A higher number of exemptions reduces your taxable income. In most cases, dependents must be:
- A family member or qualified relative
- Age 18 or below (except for full-time college students under age 24)
- It cannot provide over half of their economic support.
You can reduce your taxable income by multiplying the dollar value of a personal exemption, which is a predetermined amount, by the number of your dependents. For example, in 2017, the personal exemption is $4,050. It’s the same amount for your spouse and each dependent as well. These exemptions are reduced if your adjusted gross income (AGI) exceeds $261,500 as a single filer or 313,800 if you’re married and file a joint return. Example: Josh and Kristen are married with a combined income of $90,000. They have three children whom they claim as dependents. That means they can claim five exemptions of $4,050 each. That reduces their taxable income by $20,250.
You can download tax forms from many places, including the IRS website. Many of those sites don’t help you fill out the forms, however. They also don’t offer a maximum refund guarantee, which is available through TaxAct.
Below is a list of the most common IRS tax forms you may need to file your taxes:
Taxact Federal Tax Forms
- Form 941 — Employer's Quarterly Federal Tax Form
- Form 990 — Return of Organization Exempt From Income Tax
- Form 1040 — Long — Individual Federal Income Tax Return (1040 Instructions)
- Form 1040-A — Middle — Individual Federal Income Tax Return (Note: This form has been eliminated for 2018 tax returns.)
- Form 1040-EZ — Short — Individual Federal Income Tax Return (Note: This form has been eliminated for 2018 tax returns.)
- Form 1040-ES — Estimated Tax for Individuals
- Form 1040-V — IRS Payment Voucher
- Form 1040-X — File Amended Tax Return
- Form 8863 — Education Credits
- Form 8962 — Premium Tax Credits
- Form W-4 — Employee Federal Withholding
- Form W-7 — Individual Taxpayer Identification Number
- Form W-9 — Request Your Tax Information
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