This calculator will take your projected income and itemized deductions for the current year and estimate your tax savings as a result of the 2001 Tax Relief Reconciliation Act over the next several years. The income and bracket amounts have not been adjusted for inflation, so you are comparing all results in current dollars. Due to inflation the tax amounts will increase in later years.

This calculator is for estimating purposes only.
For exact calculations consult a tax professional.

Enter "0" (zero) in any areas that don't apply to your situation. Use only numbers and decimal points or you will get an error...

Bunch Your Itemized Deductions

Certain itemized deductions, such as medical or employment related expenses, are only deductible if they exceed a certain amount. It may be advantageous to delay payments in one year and prepay them in the next year to bunch the expenses in one year. This way you stand a better chance of getting a deduction.

Taxable income is used to calculate your tax liability, the amount of federal income taxes you owe for the tax year.

Calculating taxable income is straightforward: Add up all sources of income to determine total income. Next, take any allowed above the line adjustments to calculate adjusted gross income. Finally, take any allowed deductions and exemptions to arrive at taxable income.

Enter your gross income:

Your Filing Status:
Enter your itemized
deductions or your
standard deductions,
whichever is greater:

Number of children:

Additional exemptions

 

Netsitemasters javascript button

Back To Home Page