TurboTax TaxCaster 2019 - 2020 Introduction Review
With tax season comes tasks, tasks we generally put off until the last moment. Most are not fun so the thought of jumping into them do not warrant mental images of excitement.
Let me explain, it's not just a tax calculation tool, over and above that, it's a financial planner that can fit in the palm of your hand. An awesome financial tool you can use on the go whenever, wherever you are, as it's needed, and as events happen that warrant income tax adjustments.
With that said, our review will cover how the 2019 - 2020 edition of the TurboTax TaxCaster can help you make accurate calculations of your income tax liability while taking the new Tax Cuts and Jobs Act (TCJA) into account for accuracy.
TurboTax 2019 - 2020 TaxCaster Overview
- Tax Calculator
- Personal and Household Tax Data Information Register
- Taxable Wages, Salaries, Self Employment Income Tracker
- Stock Sales, Interest, and dividend Income Register
- Federal Withholding and Quarterly Payment Register
- Tax Breaks Tracker, Including:
- Homeowner Mortgage Interest and Property Taxes
- Student Loans, Tuition, and Education Expenses
- Charitable Contributions and Donations
- Retirement Fund, Ira Contributions
- Medical Expenses
- Alimony Payments
- Employee Paid Work Expenses
- Child Care Expenses
- Tax Liability Review Tool
- Future Tax Forecast Tool
Yup, believe it or not, it is all those tools rolled up into one great hand held device!
The latest version of the TurboTax TaxCaster income tax calculator application puts the 2019 - 2020 tax season in the palm of your hand. You can keep track of financial happenings that occur throughout the year, as they're happening, so tat they don't get lost, misplaced, or forgotten, which won't set well with Uncle Sam.
Use TurboTax TaxCaster At Home Or On The Go
As a universal tool for calculating taxes, TaxCaster takes most factors into account to ensure relative accuracy when determining what kind of financial responsibility you may have with the IRS.
Lets face it, Uncle Sam isn't getting much friendlier with our tax rates, yet? but the TurboTax TaxCaster tax time tool is as easy as it ever was to use. Frankly, I wish a lot of things in my life were as simple to use as this TurboTax tax estimation tool is. Plus, so long as the data you input is accurate, your tax calculation should be right on target.
The TurboTax TaxCaster Tax Calculator can be used online at TurboTax.Com, or through a Downloadable TurboTax TaxCaster App that is available for free to use on your Smartphone or tablet, regardless of whether you are a TurboTax customer or not.
Tax season always gets taxpayers thinking about what income tax obligations they may be facing. Below we offer some valuable insight into the TurboTax TaxCaster functionality so that you can review this guidance we provide and use it to your advantage for better year round tax planning. Which in turn can keep all that anxiety at bay.
The 2019 - 2020 TurboTax TaxCaster Is Safe and Secure
As we look back to previous years, one big pleasing factor about the TaxCaster tool is that you still do NOT have to provide any personal identification information to use this application. Therefore, no worries about some of your personal identification information getting out there into the cyber world through this app.
Use the TurboTax calculator anonymously anytime, or all the time throughout the year to keep in touch with your income tax liabilities.
Additionally, you don't have to be a TurboTax customer to use this tax calculator either online, or as the downloadable Smartphone and tablet app. Click and go, no restrictions!
Using TaxCaster to Register 2019 - 2020 Tax Deductions
Many factors come in to play when you're trying to reduce what you may owe on your tax bill. The TurboTax TaxCaster takes tax deductions as it jump right into the meat and potatoes of reducing what you'll owe the IRS. Tax deductions offer many opportunities to lower your tax bill, which could increase any tax refund you may be eligible to receive from the Internal Revenue Service.
Most Common Tax Deductions:
- Charitable Tax Donations and Contributions
- Home Mortgage Interest Paid On Your Home Residence
- Interest Expenses on Investments
- Medical and Educational Expenses Paid
- Miscellaneous Deductions
- Real Estate Taxes Paid
- State and Local / Municipal Income Taxes Paid
Most Missed Tax Deductions:
- Child and Dependant Care Tax Credit
- Earned Income Tax Credit EITC
- Gambling Losses
- Jury Pay Paid to Employers
- Mortgage Refinancing Points
- Moving Expenses for First Job
- Out of Pocket Charitable Contributions
- Private School Tuition K12
- Reinvested Dividends
Self Employed Deductions
- Self Employed Travel Baggage Fees
- Self Employed Medicare Premium Deduction
- Self Employed Social Security Tax Deduction
- Student Education
- American Opportunity Tax Credit
- Lifetime Learning Credit
- Parent Paid Student Loan Interest
- State sales taxes
- State taxes paid in spring
Information gained can help you track your local and state income tax liability throughout the year. And become a better financial planner for the future.
Tracking Tax Exemptions with TaxCaster
Another area where the TurboTax TaxCaster comes to life with support for helping you save big bucks is with tax exemptions. There are several tax exemptions that are quite common and help to lower your federal tax bill. For prior years to 2019 the following exemptions may apply. For 2019 going forward most do not apply.
- Personal Exemption
- Dependant Exemptions
- Local City, County, or State Exemptions
TurboTax TaxCaster Net Income Calculation
The TaxCaster calculates your net taxable income by taking your total income, then subtracting your tax deductions and exemptions. Additional adjustments include employee withholding taxes already paid along with quarterly payments for self employed users.
Once this step is completed, it will come up with your tax amount due, or refund.
It does this by subtracting any tax credits, tax breaks, and paycheck withholding or quarterly payments already paid.
The end result in computing your net income takes many factors into consideration:
- Your age and tax filing status
- Your household income (taxable wages)
- Your household paycheck withholdings or quarterly payments
- Stocks and bond sales as well as interest and dividend income
- Your dependants including
- the number of dependants, their age, their school and childcare attendance
- Any unemployment compensation received
- Self employment or business income, 1099 misc.
- Any other types of income
TurboTax TaxCaster And The Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act (TCJA) will have many effects on tax filers over the next several years but it still leaves the alternative minimum tax (AMT) in play for American taxpayer. Fortunately, the TCJA made AMT tax rules more taxpayer-friendly for a period from 2019 to 2025. Some of the TCJA changes offer opportunities for taxpayers that may help them avoid having to pay the Alternative Minimum Tax.
The AMT tax is imposed on individuals, corporations, estates, and trusts at a nearly flat rate based on an adjusted amount of taxable income above a certain threshold (also known as exemption). Regular taxable income is adjusted on items that are computed differently for AMT, such as depreciation and medical expenses.
The TurboTax TaxCaster 2019 - 2020 edition takes Intuit's programming to a new level with the ability to register how your tax situation applies to this years tax filing, then use that information along with the newest tax codes to forecast next years income tax liability. The TaxCaster forecast function can be the ideal tool for current and future tax planning. With this built in TaxCaster feature, it's easy to plug in different scenarios to see how changes effect your taxes. This in turn can help you find ways to lower your taxes even more.
The great benefit to using this TaxCaster TurboTax tax calculator is that it is available for use online at anytime, or you can download the TurboTax TaxCaster App for your smart phone or iphone and use it on the run. This app can become a great asset to your annual tax planning by providing an on the go tracking device for registering tax effecting activities you encounter, when you encounter them.
Either way I have to say that after using this tool on both my iphone and online, it's a top notch tool for tax planning and tracking. Give it a try!