15th April is the tax day that gathers lots of attention and eyebrows as US residents file their income tax on or before this deadline to IRS. The deadline may extend depending on the holidays or inclement weather. Tax calculator 2020 helps people to know their actual liabilities which they obviously are subjected to fulfill before the deadline.
What IRS expect people to do?
The authority of IRS has to be informed about the income sources with regards to the previous fiscal year. Like in any sector there are certain sections of people who are usually given benefits. Similarly, veterans, pensioners, and low-income families are exempted from filing taxes, but this rule won’t be applied if they avail subsidy. Few have the perception that filing taxes is challenging or difficult. However, a free tax calculator makes it easy for them to know their actual liabilities (if any). There are dual options of filing taxes
- You can file in an electronic manner
- You can file in an offline mode, that is on paper
Usually, online mode is comparably easier as it minimizes the risk of mistakes that one may encounter along with.
Your location matters
Do you know that your demographic location is directly connected with the actual tax you are supposed to pay?
Yes, this is where a free tax calculator has its role to play in knowing the exact liabilities. You know that the actual tax depends on the state you reside and whether you are actually subjected to pay tax or you are going to get a refund, it can be best ascertained through tax return calculator.
Your income matters
There is also a guideline by IRS where based on your income, property, sales or fuel taxes in each county in the country, you will be calculating the amount of money to be paid. Thanks to free tax calculator, the whole exercise of payment seems to be done with easiness and perfection where you start to feel that it is actually easy and simple to prove as a responsible citizen.
A brief history of Tax Day filing in the United States
If you thought that April 15th has always been the fixed date as a tax-related deadline then think again. Way back in the year 1913, it was considered as March 1st but soon got a new date a few years later on 1918 as of March 15th and finally, a new deadline came to force in the form of April 15th in 1955. Since then the United States is following the practice. The date varies depending on the holidays or the weekend.
It is a human psyche that we feel a sense of belongingness for things where we put our hard-earned money. The same goes for utilizing public things after paying the rightful taxes so that the government has better amenities for us in the future. Tax refund calculator gives you a great impetus to know your rights as a taxpayer whether you owe taxes or you are going to get refund.