TaxCaster 2010 is a free tax calculation tool by TurboTax Free that gives you the fastest way to get an estimate for your tax return. TaxCaster by TurboTax is very simple, user friendly and covers everything in just one page. All you have to do is enter some basic tax related information and you will be shown whether you will get a refund or owe money.
The interface is very simple. At the top of the calculator you will be asked about your filing status. Once you choose that, then fill in your income for the year, spouse’s income if married filing joint, any other income or business income. Once you are done entering the information click the “Done” button.
Then you will be required to enter any deductions, credits or payments you are eligible for. You can enter deductions like:
- Mortgage Interest paid,
- Real Estate Taxes paid,
- Medical expenses,
- Any cash or non-cash charitable donations,
- Contributions made to an IRA account,
- Estimated tax payments,
- State taxes paid,
- Business expenses,
- Student loan interest paid
- Alimony paid
Then you can add things that make you eligible for a credit like:
- Child or dependent care expenses,
- Energy efficient home improvement purchases,
- Homebuyers credit
On the right hand side top corner you will see the Calculation results. If you are getting the refund the dial would be in the green section and you would be shown a approximate amount of refund. If you owe money the dial on the results would be in the red area and you will be shown approximate amount that you will owe.
Other free tax calculators from TurboTax are: IRA Tax calculator, and Life Event Tax calculator.
At the very bottom TurboTax will also suggest which edition of the filing software will be best suited for your needs. If you decide you can go ahead with filing on TurboTax. But the best thing is that TaxCaster will let you know whether you will be getting a refund or owe money. So you will not get any surprises when you file you tax return.
Check out TaxCaster free.