Money has several tools that can help you prepare for and manage your taxes. These include the Tax Estimator, the Withholding Estimator, and the Deduction Finder.
The Tax Estimator tracks your income and expenses to estimate how much income tax you will owe. If you carefully assign expense and income categories to the appropriate tax form and consistently enter your expenses and income in Money, the Tax Estimator can give you accurate information for your tax return.
The Withholding Estimator can help you determine how much your employer should withhold from your pay by using data from the Tax Estimator. You enter your tax-related information such as your paycheck amount, indicate the appropriate refund or payment you want, and the Withholding Estimator does the rest. Money projects your tax liability and recommends a tax withholding amount based on the information you enter. The more complete and accurate your information is, the closer the Money estimate will be to your actual tax liability.
The Tax Estimator and the Withholding Estimator are closely connected. The Withholding Estimator uses the information in the Tax Estimator to calculate the correct withholding per paycheck. Before you use the Withholding Estimator, be sure to complete the Tax Estimator and verify its information.
The Deduction Finder helps you find the deductions that could reduce your taxable income. After you answer the questions in the Deduction Finder, it provides you with a report detailing the deductions you may qualify for.