As the year ends, many folks start to look at their taxes and assess how much money they might be getting back in their tax refund.
The H&R Block tax calculator for 2023 and 2024 is available online for free to estimate your tax refund.
Given that this tool comes in handy, we wanted to break down the H&R Block Tax Calculator’s process and provide a little education on how the H&R Block Tax Calculator works.
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The H&R Block Tax Calculator is Easy to Use
There are numerous “free tax calculators” that you can find online that will help in the process of estimating your tax situation.
The H&R Block calculator is easy to use and very accurate, so long as you know the factors that will affect your situation.
In addition, these tools are effortless to use for individuals with tax situations, such as individual filers with dependents.
Basics of How Your Taxes are Calculated
Numerous factors will affect your tax refund calculation. For example, your specific tax situation will depend on who you are, where you work, and the City and State you live in.
Without getting into an essay about every calculation, the following data points are also considered.
- Total Income
- Individual vs. Married
- Child Tax Credits
- Mortgage Interest Deductions
- Earned Income Tax Credits
- Investment Income
- Rental Property Income
- Capital Gains and Losses
- Small Business Income
- Passive Incomes
See How Much Your Refund Will Be
The H&R Block Tax Calculator is one of the better tax tools available on the web.
It breaks down the data into three primary sections: About You, Income, and Expenses.
As mentioned above, this is a simplified way to look at your tax situation and see how much your refund will be, plus the impact of tax reform on you.
The biggest reason this estimator/calculator is so handy is that it brings a lot of variables into its estimate.
For example, things like child tax credits, earned income tax credits, and other family deductions and credits are all considered in the input process.
Once you complete your input, H&R Block gives you a summary report of all your inputs.
This is really handy for those looking at a quick calculation because you can print off the report and compare any facts or information you were unsure about.
The report is printable, and they even offer a free set of tips and a checklist for getting ready to file your taxes.
