Tax Examiner Shows How to Estimate 2014, 2015 IRS Tax Refund

LIGHTNING RELEASES 12/31/14– Traverse City Tax Preparation Examiner Frank Ellis has published an article detailing how to use a tax refund estimator and that reveals the information needed to calculate how much people can get back from the IRS.

December 31, 2014 – The most current information on how to estimate an IRS tax refund is now available on Traverse City Tax Preparation Examiner Frank Ellis discusses how to use a tax refund calculator in 2014 and 2015. When used correctly, it can tell how much one can expect to get back from the IRS, or if they owe additional taxes.

The author reveals that using a tax calculator can help people with financial planning. Using these details, one can take the savings and start an investment. Most importantly, they must enter the appropriate information, which includes tax filing status. Users can choose between 2 online calculators.

TurboTax Tax Refund Calculator:

H&R Block Tax Refund Calculator:

Also explained in more detail is the gross annual income entry. This is the total money earned, according to Ellis, and includes salary, bonuses, self-employment income, and tips. In addition, IRA contributions need to be entered and are deductible if not sponsored by an employer, the author explains. Rules for deducting contributions if the account is employer sponsored are also outlined.

The tax refund calculator also inputs itemized deductions including medical expenses, state/local taxes, mortgage interest, and more. Personal exemptions can also be entered into the calculator, but the amounts vary annually. The calculator is programmed to estimate taxes based on the most current IRS guidelines and the taxpayer’s total number of exemptions.

Number of dependents, and federal taxes withheld from one’s paycheck, are other details accepted by the tax refund calculator. The author also stresses the importance of entering accurate information. The tax calculator’s output is based on the details the user puts in.

The author also mentions TurboTax software and its question and answer tools and ability to up applicable tax credits. With the tips provided in this and other articles, the idea is to help people receive the largest refund possible.

To learn more about the tax refund calculator and the information required for an accurate estimate, go to .

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