TurboTax Pocket Tax Calculator 2018 - 2019 TaxCaster App
As summer rolls out, fall rolls in and the time for tax pondering arrives to consume much of our thoughts as tax preparation tasks weigh in. Getting a jump on the tax season is much easier than you would think with the TurboTax 2019 Tax Calculator Smartphone Tax Caster application.
The ability to record on the spot tax changes not only keeps you in tune with how these adjustments effect your tax base, but also keep you from forgetting or overlooking them and having to file an amended tax return.
How to use the 2019 TurboTax TaxCaster Smartphone App, in a Nutshell
Right from the start, this TurboTax Tax Calculator Application for Smartphones is a super convenient and easy to use tax tool.
As you can see by the screenshot we show here, this TaxCaster App is very well organized to provide a simple process for tracking your financial tax obligations to the IRS.
The start page offers a glance at the 4 main sections involve in calculating tax liability. These include:
- About You
- Your Income
- Your Tax breaks
- Final Results
These section are set up to gather the information needed one category at a time so that you're not jumping around wasting time.
The first section "About You" covers several factors including marital status, head of household status, age, dependants, and child care expenses.
With each of these factors, calculations are made to determine how they effect your overall tax bill, and to enable the TaxCaster App to search for tax deductions that apply based on information provided.
Dependants can be a big influence on your overall tax bill since many tax breaks, tax credits, and tax deductions may be applied to offset portions of income and lower your net taxable income.
Once you have entered all the pertinent information needed here, it's time to move on to the income section where several bits of information are needed to determine what is taxed, and what is not taxed.
- Your Pay and Taxes Withheld
- Other Income
- Business Income
Under your pay and taxes withheld you will enter your taxable wages, your federal taxes withheld from your paycheck by your employer, your state taxes withheld, and any unemployment compensation received.
Under other income you will enter interest earned, qualified dividends received, short term capitol gains and losses, long term gains and losses, IRA of pensions distributions, social security benefits received, miscellaneous income, and alimony received.
Under business income you will enter your net business income or loss for the tax year. This figure is calculated separately and then entered here in this section on the TurboTax TaxCaster Calculator.
After this section comes the tax breaks section where you will enter expenses paid for qualifying tax breaks including:
- Continuing Education
- Personal Residence
- Tax Exempt Donations
- Retirement Investments
- Other Taxes paid
- Other Tax Deductions
Education includes tuition and student loan information along with acknowledging whether it is the first 4 years of college or not.
Home expenses include mortgage interest and real estate taxes paid.
Donations include cash and non-cash contributions to a qualifying non-profit organization.
Retirement entries include eligibility to participate in a employer retirement plan, and traditional IRA contributions.
You will then enter other taxes paid, and other deductions including medical expenses, alimony paid, and employee work expenses.
Now the final result window will tally up your entries and determine where you stand with Uncle Sam based on the entries you supplied.
This estimate is only as accurate as the information you provided so keep that in mind.
Now you can see that this simple tax tool offers consumers a great advantage to tax planning since it can be used all year round to keep track of your annual tax liabilities as your financial situation changes.
The ability to make adjustments as you go through day to day changes in your life is simple and informative.
Did you get married, have a baby, buy a home? All these changes and many more will have an effect on your year end tax bill. Keep that in mind, and use this app throughout the year to keep well informed about you income tax obligations.