Most Americans organize their tax documents well in advance of filing season, and try to formulate how many credits and deductions they may claim to reduce their liability. Knowing the total amount of money saved through tax breaks can be difficult to gauge, but a new calculator recently created may help individuals estimate this figure.
The calculator, designed by the White House, allows individuals to input specific information relating to their income, family size and filing status. The resource was primarily established to incorporate the most recent round of tax breaks relating to the extension of the Bush tax cuts, temporary payroll tax deduction and unemployment benefits, according to news station and ABC News affiliate WISN.com
However, the calculator should not be used as a replacement to speaking with a tax preparer during filing season, which may shed more insight into additional benefits individuals can claim.
In addition, there are many credits and deductions consumers often fail to claim, namely because they do not realize they meet the eligibility requirements. Consumers who educate themselves on different tax breaks and speak with a professional about their particular financial situation may prevent missed opportunities to claim additional benefits.
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.