Tax Calculator

Basic Tax Calculation

Tax Year

👤 Basic Information

Filing Status

Annual Income

State

Tax Withholdings (Year to Date) Amount already withheld from paychecks

📋 Deductions

Deduction Type

Standard Deduction Amount

$13,850 for Single filers (2024)

Detailed Tax Planning & Credits

💰 Income Sources

W-2 Wages

1099 Income Freelance, contract work

Investment Income Dividends, interest, capital gains

Business Income

🎯 Tax Credits

Number of Children (Under 17) $2,000 per child credit

Childcare Expenses Up to $3,000 per child

Education Credits American Opportunity, Lifetime Learning

Other Credits

📋 Detailed Deductions

Mortgage Interest

Charitable Donations

Medical Expenses Above 7.5% of AGI

Business Expenses

🏦 Retirement Contributions

Traditional 401(k) 2024 limit: $23,000

Traditional IRA 2024 limit: $7,000

HSA Contribution 2024 limit: $4,300 (individual)

SEP-IRA Contribution

Advanced Tax Planning & Strategies

💼 Complex Income Sources

Rental Income

Rental Expenses

Capital Gains

Capital Losses

📈 Tax Planning Scenarios

Roth IRA Conversion Amount to convert from traditional to Roth

Tax Loss Harvesting Realized losses to offset gains

Deduction Bunching Extra charitable giving this year

Quarterly Estimated Payments

📅 Multi-Year Tax Planning

Next Year Expected Income

Planned Retirement Year

Major Purchase This Year Home, business equipment, etc.

Expected Bonus

🏢 Business Entity Considerations

Business Entity Type

QBI Deduction Eligible Income Qualified Business Income

Self-Employment Tax

Section 199A Deduction

Advanced Tax Strategy Analysis

Total Tax Liability

Potential Tax Savings

Optimal Withholding

Next Year Tax Estimate

Strategy	Tax Savings	Implementation Difficulty	Time Sensitivity	Priority

🧾 Tax Calculator