2026 Tax Calculators: Explore Uncle Kam’s Library of Free Calculators

If you paid too much, you can get a refund or apply the overage as a credit toward future payments. According to the IRS, you don’t have to make estimated tax payments if you’re a U.S. citizen or resident alien who had no tax liability for the previous full tax year. Find tax calculators and other information by tax year below to prepare for current, future, or past tax years. Use these to plan for future tax returns or prepare a past tax return. File a previous year return to reduce or pay off and tax penalties you may have accrued.

IRS Income Tax Return Estimator

If you estimated your earnings too low, again complete another Form 1040-ES worksheet to recalculate your estimated tax for the next quarter. You want to estimate your income as accurately as you can to avoid penalties. Our tax return calculator will estimate your refund and account for which credits are refundable and which are nonrefundable. Because tax rules change from year to year, your tax refund might change even if your salary and deductions don’t change. In other words, you might get different results for future tax years than you did for other recent years. You need to ensure that you accurately calculate your tax liabilities and deductions.

Self-Employed Tax Calculator

This can happen, for example, when your W-4 isn’t optimized, leading your employer to withhold too much from your paycheck. Note that this calculator does not take into account state income taxes, another type of income tax you may have to account for when filing your tax return. This estimator takes your gross income and then subtracts applicable deductions and adjustments, such as 401(k) contributions, HSA contributions, and your standard or itemized deductions. This, among other factors, determines your taxable income, or the amount of estimated tax income subject to tax. Using the calculator should provide a close estimate of your expected refund or liability, but it may vary a bit from what you ultimately pay or receive. Doing your taxes through a tax software or an accountant will ultimately be the only way to see your true tax refund and liability.

Income Forms

The results are only estimates however, as various other factors can impact your tax outcome in the income tax calculator. Try our federal income tax calculator to get your tax return estimate. Here are tax calculators and forms for current, previous, and future tax years. To help you make important financial and tax planning decisions, we recommend estimating the taxes you might owe or your expected tax refund throughout the year. Another aspect of tax planning is adjusting your tax withholding using one or more of these four free W-4 Calculators. You can complete Form W-4 and submit it via email to your employer.

Estimated Tax Payments: How They Work, 2025 and 2026 Due Dates

Sometimes, an S corporation must make estimated tax payments. If you’re a calendar year taxpayer and you file your 2025 Form 1040 by March 2, 2026, you don’t need to make an estimated tax payment if you pay all the tax you owe at that time. The due dates for the first three payment periods don’t apply to you. See Farmers and Fishermen in Publication 505, Tax Withholding and Estimated Tax. Just enter some basic information about yourself, and our income tax calculator will estimate how much tax you’ll owe,  or how big your refund might be. This content has been reviewed by an Enrolled Agent (EA) with the IRS — the highest credential awarded by the agency.

Consequently, they rarely have to deal with these taxes when they file their annual 1040 — they’ve already been squared up during the year. Now that you’re here, let’s take some time to understand the taxes you owe, what steps are available to minimize your bill, and how to stay on top of your taxes going forward. This generally includes income you or someone else has already paid tax on, or income from special situations, such as combat pay. Most income is taxable, whether you earn it or are paid as a return on your investment. Also, you generally have to pay tax on income when you sell something for more than your basis (usually the amount you paid for something). Individuals, including sole proprietors, partners, and S corporation shareholders, generally use Form 1040-ES, to figure estimated tax.

• After calculating your total taxes, you can subtract any credits for which you qualify.
• Events, tax law changes, and many other factors change your taxes from year to year.
• Normally, you can take a credit only for as much as you owe.
• Your total tax was zero if the line labeled « total tax » on Form 1040, U.S.
• Also, you generally have to pay tax on income when you sell something for more than your basis (usually the amount you paid for something).
• Using the calculator should provide a close estimate of your expected refund or liability, but it may vary a bit from what you ultimately pay or receive.

How to calculate estimated taxes

Tax credits are amounts you can subtract from your federal tax burden, reducing the amount of tax you owe. Examples include the child tax credit and earned income tax credit. Tax credits can significantly reduce your tax bill, and some are even refundable, meaning you could receive a tax refund.

Is an S corporation required to pay quarterly estimated tax?

• These can include filing an incomplete or incorrect return, claiming certain credits such as the EITC, or the time it takes your bank to process and post the deposit.
• Find deductions as a 1099 contractor, freelancer, creator, or if you have a side gig.
• Estimated tax is the method used to pay tax on income that is not subject to withholding (for example, earnings from self-employment, interest, dividends, rents, alimony, etc.).
• Whether you save it for retirement, use it to pay down credit card debt or spend it immediately, a tax refund can be a great financial boost.
• The purpose of tax deductions is to decrease your taxable income, which then decreases the amount of taxes you need to pay to the federal government.
• If you estimated your earnings too high, simply complete another Form 1040-ES worksheet to refigure your estimated tax for the next quarter.
• The biggest reason this estimator/calculator is so handy is that it brings a lot of variables into its estimate.

Learn everything you need to know about how filing status impacts your tax return and refund. You don’t have to pay estimated tax for the current year if you meet all three of the following conditions. Tend to do so because their deductions add up to more than the standard deduction, saving them money.

Are there any special provisions related to estimated tax payments for farmers and fishermen?

For example, your specific tax situation will depend on who you are, where you work, and the City and State you live in. In addition, these tools are effortless to use for individuals with tax situations, such as individual filers with dependents. Tax rate of 15.3 % Often refers to the combined Social Security unearned revenue and Medicare tax rate for self-employed individuals.

The Business Meal Deduction: A Freelancer’s Guide

Daniel Bortz is a personal finance editor at AARP, where he writes and edits money content for the website, from saving and budgeting to building wealth and bookkeeping and payroll services money management skills. Previously, he was a reporter for Kiplinger’s Personal Finance and USA Today and has written books on investing and the 2008 financial crisis. Waggoner’s USA Today investing column ran in dozens of newspapers for 25 years.