Okay, time for some brutal truth. I think we’ve all entered math equations into Google to get an answer when we’re in a rush. When it comes time to calculate income taxes, determine your refund amount, and get other tax answers, online tax calculators can be tremendously helpful. Our team rounded up this list of tax calculators to help you during tax filing season.
The IRS Tax Withholding Calculator (Free)
The Internal Revenue Service (IRS) developed an online tool to allow pensioners and working taxpayers (salaried and hourly) to complete the Form W-4 or W-4P. These tax forms are used to calculate the amount of federal income tax withheld from a taxpayer’s paycheck.
CoinTracker’s Cryptocurrency Tax Calculator (Paid)
Investing in cryptocurrencies like Ethereum, XRP, and Bitcoin come with a lot of tax concerns. Cryptocurrency is referred to as a “virtual currency” by the IRS. The IRS requires taxpayers to report all cryptocurrency transactions and cryptocurrency holdings on their federal tax return. CoinTracker’s platform lets you securely connect your wallets and exchanges, review transactions, and receive portfolio insights and tax reports.
H&R Block’s Tax Refund Calculator (Free)
Dubbed a “smile generator”, H&R Block’s online tax refund calculator gives you an estimate of your tax refund in seconds. After answering a few questions (you’ll need your Form W-2 on hand), you’re shown your estimated tax refund amount. It’s a quick way to get an idea of the refund amount you can expect.
TaxAct’s Income Tax Calculator (Free)
If you’re wondering whether you’ll owe the IRS or get a tax refund, the TaxAct income tax calculator can help you out. After answering a few questions about your life, income, and expenses, you’ll receive an estimate of your tax bill or tax refund.
TaxAct’s Self-Employment Tax Calculator (Free)
The glorious freedom of running your own business has a downside: more taxes. At least, that’s the case if you’re a sole proprietor, freelancer, or contractor. TaxAct’s self-employment tax calculator lets you determine your annual tax bill as a freelancer, so there are no ugly surprises.
QuickBooks’ Payroll Tax Calculator (Free)
Intuit’s QuickBooks website provides a free payroll calculator to help you figure out your gross pay, deductions, and net wages. There is a sign-up button on this page, but you can calculate your payroll taxes for free without signing up.
Wave’s Sales Tax Calculator (Free)
Every business owner knows the importance of collecting the correct amount of sales tax in each transaction. Though this page mentions Canadian provinces, this calculator should work just fine for U.S.-based businesses.
DinkyTown’s Online Tax Calculators (Free)
KJE Computer Solutions created DinkyTown to offer the “best financial calculators anywhere!”, according to the website. They have certainly put a lot of work into achieving that goal, having developed online financial calculators for all types of finance needs. From credit line payments to 401(k) contributions and more, this is a goldmine if you need online finance or tax calculators.
Share these online tax calculators with a friend!
When you need a quick answer to a tax calculation, remember this list of online calculators. You’ll save yourself time and headaches. If you’re a business owner wanting to switch accountants, contact us. We’d love to help you achieve business success with clear financial reporting and done-for-you accounting.