Estimate Your Tax Refund with the TurboTax TaxCaster! Intuit TurboTax Blog

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Finally, it’s good to understand that commissions from sales are not tax-deductible unless you pay them to another agent on your team, but you can deduct broker fees. Handling self-employment taxes can feel like figuring out a puzzle of Social Security and Medicare contributions. Self-employment taxes cover Social Security and Medicare contributions for individuals who are self-employed. The tax amount can be a bit of a moving target, but tools like a self-employment tax calculator can give you a heads-up on what to expect. Reminder that 2024 ES payments are already due on this schedule below as we are a pay as you go system. You can generate ES coupons in the TurboTax software by jumping to W4 in the search bar.

Our tools are designed to consider the specific tax laws and provisions of each state, helping you accurately prepare both your state and federal taxes.Learn more about state income taxes. Our team of US-based tax experts have extensive experience and internal training. They can handle all kinds of tax situations, from simple to complex; and are always up-to-date on all the latest tax laws, from crypto to side gigs and new government credits. We guarantee your taxes are done 100% right, getting you every dollar you deserve.When you connect live with an expert, you’ll see their specific credentials.

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Remember to use your income minus the adjustments and standard or itemized deductions mentioned above. Our software allows you to securely upload your tax documents to our system so they’re available to your tax expert. You may be able to import them directly from your employer or your financial institutions, or you can snap photos of the documents and upload them to TurboTax. We use industry accepted encryption standards for data at rest and in-transit to help ensure your information is protected. After starting in Live Full Service, we’ll ask you some questions to learn about your tax situation and create a personalized tax planner for you. This tax planner helps you know what docs you’ll need so you can gather them and start securely uploading them to your TurboTax account.

Gross pay represents the total earnings, while net pay reflects the actual amount available for spending and saving after all necessary deductions. You should see fields that say pay type, pay rate, hours worked, pay date, and pay period. Start with “pay type” and select hourly or salary from the dropdown menu. This free paycheck calculator makes it easy for you to calculate pay for all your workers, including hourly wage earners and salaried employees. Free filing of simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and student loan interest).

Here’s what tax pros like you are charging for these forms (on average):

Keep track of which docs you’ll need when it’s time to file taxes. Use our tax refund estimator to find out how much you’ll get back this year (or how much you’ll owe). Keep in mind, you don’t need to wait to have your final documents in-hand to use the calculator. But having the actual documents will make your tax estimate more accurate. No matter what moves you made last year, TurboTax will make them count on your taxes.

Taxpayers who anticipate an income tax refund are often curious about how much they are getting. To figure this out, you can use the free TaxCaster from TurboTax. You may benefit from evaluating the deductions and credits you qualify for before accessing the IRS withholding calculator, since these can affect the tax calculator intuit amount of withholding you choose. For example, by entering your income, filing status and the amount of mortgage interest, points and real estate taxes you pay, the calculator can provide you with an estimate of how much tax you can save by purchasing a home.

How to File Taxes as an Independent Contractor: Tax Forms, Deductions, and Credits for Freelancers

You can share your TurboTax screen with your expert so they can guide you and answer your questions. Review earnings to determine if you’re required to file self-employment taxes. From weddings to family photoshoots for the holidays to graduation portraits, the travel, training, and equipment you invest in as a photographer can be deductible business expenses.

Intuit TurboTax Releases TaxCaster iOS7 App!

  • We’ll use what you tell us to match you with a tax expert who understands your unique situation, has relevant expertise, and is local to your state (where available).
  • The Internal Revenue Service (IRS) treats investments as capital assets, and any money you make from the sale of personal property is generally taxable.
  • The program will use data from 2023 to estimate your 2024 and it will ask questions about any changes that might affect the next year.
  • If you want a bigger refund or smaller balance due at tax time, you’ll have more money withheld and see less take home pay in your paycheck.

Our US-based tax experts and independent Intuit TurboTax Verified Pros have extensive experience and training. They can handle all kinds of tax situations, from simple to complex and are always up-to-date on all the latest tax laws, from crypto to side gigs and new government credits. They’ll guarantee your taxes are done 100% right, with every dollar you deserve. With Live Full Service, you’re matched to a dedicated tax expert who will do your taxes, start to finish, and review them with you before filing. Where available, you will have the option to choose an independent Intuit TurboTax Verified Pro.

  • You can also communicate with your tax expert via the messaging center as needed.
  • State and local tax withholding might also apply depending on your business location.
  • Your expert will review any changes with you and provide your final price before filing your return.
  • Underpaying employee overtime is one of the most common labor law violations businesses commit.

When you’re ready to start, we’re ready to take taxes off your plate. We use information about your tax situation to match you with an expert who has experience with taxes like yours. During the process, they’ll also learn more about your unique situation so they can make sure your taxes are 100% correct before filing. Full Service Experts are members of the TurboTax Expert team who will file your taxes for you virtually.TurboTax Verified Pros are independent tax professionals who are vetted by TurboTax.

Your W-4 form determines how much money is withheld from each paycheck for federal taxes-which affects whether you get a tax refund or owe taxes. When your capital gain is considered short-term, you’re taxed based on your ordinary income tax rate. Your ordinary income tax bracket is determined by how much total taxable income you make in a year. That means your short-term capital gain, like the rest of your income, could be taxed between 10% and 37% depending on your income. A TurboTax product specialist can help you, and even draw on your screen to help you get your taxes done.

They have their own business and may also offer different or additional services from those offered in TurboTax Full Service. What good is a calculator if it isn’t available until year-end? I need to refine my estimated taxes because of new situations this year and was hoping TTax would have a tool that would be helpful and would use my 2022 return as a baseline. The result should be an estimate of the salaried employee’s paycheck that pay period.

Fundamental property tax concepts you should be aware of that can help you calculate your property taxes. At tax time, you don’t need to worry about searching for the cost basis — TurboTax Premium can automatically import up to 10,000 stock transactions and 20,000 crypto transactions at once. Just make sure to add up the total costs for long-term and short-term investments separately, since they are taxed differently. You should keep track of the numbers yourself, but most trading platforms will save the “book value” or “cost value” as part of your portfolio. This specific information can sometimes be transferred between platforms.

Adjusting these allowances can influence your paycheck’s tax withholding to closely match your actual tax liability. Remember, the federal withholding calculator is a helpful tool, but it’s an estimate. With TurboTax Live Assisted, a team of tax experts is available to provide you with unlimited answers and advice as you do your taxes, and can review your return before you file. Connect with an expert who will guide you through the process, fix any mistakes, and explain your taxes along the way. Plus, an expert final review ensures your taxes are accurate before you file.With TurboTax Live Full Service, you’re matched to a dedicated tax expert who will do your taxes, start to finish, and review them with you before filing.

Here are some helpful calculators to help you estimate your self-employment tax and eliminate any surprises.

Let’s say you did all the math and realized you have a capital gain on your hands. Now all you have to do is find out how this money will be treated on your income tax return — and to do that, you need to understand how the IRS categorizes capital gains. With Live Full Service, we’ll start by asking you questions about your tax situation. This can be done online, or with the help of a live tax preparation assistant.

Sign up when you’re ready to finish and file your taxes with TurboTax and begin using your account right away.Or, you can have your refund mailed as a check. You can receive your refund by check, whether you’re printing or e-filing. The time it takes to prepare your return depends on the complexity of your taxes, your availability, seasonal peak days for tax preparation, and how busy our experts are. Our goal is to get your taxes done with as little waiting as possible.