Tax Projection

Forum|Forum|2 years ago
October 25, 2023
1 reply
15 views

Is there a more accurate way of projecting how much taxes one would owe in a year (or estimating proper federal payroll deductions) instead of taking gross annual income, subtracting the standard deduction then computing based on each bracket?

Ask the Experts - Extension - Sept 2023

TeriH

Level 6

Planning is the best!

We have several tax calculators on our website for forecasting just that thing. It also depends on how granular you want to go.

There are a couple of other options. If you have TurboTax Desktop, there is a "what-if-worksheet" that easily lets you play that game. Or you can set up a dummy TurboTax Online account and model. Since forms aren't final, it's all an estimate. But, these choices should get you better handle on the tax situation.

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