By now, you’ve probably gotten taxes out of the way for the 2015 tax season. However, if you want to be a financially conscious person you should already be preparing for the 2016 tax filing season.
Tax Refund Calculator 2016
If you are expecting a refund, you probably want to know just how much of a refund you can expect.
Having a real life number will allow you to plan the remainder of your year correctly. However, coming up with an accurate estimation is not always easy. Therefore, this article will discuss two websites that help calculate tax refunds and estimated taxes.
H&R Block Online Calculator
H & R Block has been helping American’s with their taxes since 1955, when their first office opened. Back then, they were offering high interest loans based on someone’s estimated tax refund.
Now that those programs have been discontinued, they still make it their business to help you see what amount you can expect in your tax refund. Just go here if you would like to use the H & R Block tax refund calculator. You can rest assured it’s up to date by the latest IRS tax figures.
TurboTax Online Calculator
An increasing number of people are turning to TurboTax to get their income tax prepared and filed every year. Their user friendly tools take all the hard work and stress out of tax form preparation and will always get you the largest refund.
One popular tool is the TurboTax tax refund calculator because it is very user friendly and it is attractive. The graphics and sliders make understanding taxes very easy and it updates your estimate as you add in information.
Keep in mind you will have to estimate your withholdings so the estimate provided will be an approximate amount you can expect. However, if your salary is the same as last year, your estimation should not be too far off.
When Will You Get Your Refund?
Once you have your return accepted by the IRS your refund is based on the IRS E-file Refund Cycle Dates. It is estimated that if you electronically filed and selected direct deposit as your payment receivable method, you should get your refund in no more than 2 weeks. However, if you are waiting for a paper check it can take an additional week.
Get your tax refund faster with efile
When you eFile, you will be able to check your tax refund in real time using the “Where’s My Refund Tool” by the IRS within 24 hours after it has been received. Paper filing can take up to a month to be able to track your refund status through this tool.
Additionally, in order to use the tool you have to provide your social security number/EIN, filing status, and the exact amount of your projected refund. When you enter this information your estimated refund release date will be added. The date provided is not set in stone, which means you should check the status on a weekly basis.
Closing Thoughts
Estimating your refund does not have to be hard, thanks to the Free TurboTax refund calculator and the Free H&R Block refund calculator. You can plan and make sure that you spend your refund wisely when it arrives. The IRS says that taxpayers should expect to receive their refunds within 21 days after they file their tax returns.
Lastly, keep in mind the child tax credits, earned income credits, and federal income tax brackets change yearly, therefore, you could be getting an even larger tax refund when the new laws go into place.
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