New Tax Refund and Reform Calculator at H&R Block Online
The major tax law changes implemented and the Tax Cuts and Jobs Act (TCJA) has a lot of people worried about what it could mean for their taxes. People have a lot of questions, but we can help prepare you for the things that lie ahead.
To provide a range of useful tools to their clients, H&R Block has unveiled a brand new feature to help taxpayers understand the impact of the recent tax reform.
You’ll be able to find out your new tax liability. This is why H&R Block has introduced the Tax Refund and Tax Reform Calculator.
The best way to prepare for any changes to your taxes is to know the potential impact on your affairs. The new tax calculator comparison will help you to do just that.
Table of Contents
How do I Get a Tax Estimate?
All you must do to use the calculator is to enter some basic background information, your income, and any expenses related to your taxes. Once you complete the questionnaire, you’ll get several pieces of information. They include:
- A total breakdown of the income that will be taxed.
- Which tax credits you may be eligible for.
- Any taxes due.
You also used to get a comparison between how much you would pay in taxes before the tax code was reformed and the current rules. However, this feature was removed in October 2018 as it’s no longer applicable.
What’s Important and What’s Not?
The fact of the matter is not all the changes to the tax code will be relevant to you. Unless you’re a professional, this can lead to a lot of confusion. It’s especially the case when it comes to the Earned Income Tax Credit (EITC) and other common tax credits.
You may also be wondering if you have any employee-related business expenses you can still claim.
The goal of the tax reform calculator is to answer these questions, so you know how much you’ll need to pay this coming tax season. The last thing you want is to experience a nasty surprise.