It’s tax season again and no matter if you are looking to file your taxes online yourself or go into an H&R Block Local office, you should know exactly what lies ahead.
The H&R Block 2016 Tax Refund Calculator is a great way to estimate how much you will owe or hopefully you will receive a refund this year. It’s yet another great service that H&R Block offers their consumers.
How the H&R Block Free Tax Refund Calculator Works
If you have used H&R Blocks’ online services before, you know their software is easy to use. It’s loaded with systematic instructions and on-screen helpful tips. Once you start on the H&R Block Free Tax Refund Calculator page, you will notice at the top of the screen it gives you your estimated 2015 refund amount.
It will update as you progress through your refund calculator session. You can rest assured it’s up to date by the latest IRS tax figures. Here is a brief overview of what each page has to offer:
- About You: This information is regarding you and your household. Here you will input your filing status, your age, and any dependents you will claim.
- Your Income: This screen is where you input any income you received in 2014. Income will include any wages, self-employment income, dividends, capital gains, passive income, and government benefits. You will also input any federal income tax withheld, which you can get from your W-2 form.
- Expenses: Your expenses will vary, especially for business owners. However, any state taxes, mortgage interest, charitable donations, childcare expenses, and educational expenses would be input on this page.
- Your Results: This is, of course, the best page of them all. This is your overview that breaks down your taxable income, taxes and nonrefundable credits, payments and refundable credits, and most importantly, anything you may owe or receive as a refund.
Why Use the H&R Block Free Tax Refund Calculator
The Tax Refund Calculator is a free service provided by H&R Block. It provides users with an accurate estimation to know where they stand before filing their taxes. It’s not just to use right at filing time either.
You can use this service year round to find out what important life decisions can affect your taxes such as purchasing a home, changing your withholdings, or having a child.
Using the H&R Block Tax Refund Calculator comes with additional benefits. Once you’ve completed your estimation, it lists all the documents you’ll need to bring with you to file your taxes such as your:
- Last year’s federal and state returns
- Forms 1099-MISC
- Total business miles driven for the year
- Amount of parking and tolls paid
- Records of purchase price and usage of business property
You’ll also receive customized advice such as additional tax break information or eligible deductions to help you save more money. So, go ahead and give it a try, and see how much your refund will be.