How to Figure How Much Your Tax Refund Will Be
You can calculate in advance that how much tax refund you are going to receive at the end of the financial year. There are different ways to know exactly how much amount you can expect in the tax refund and then plan out how you are going to spend that money. If you are not aware about much tax numbers just calculate the actual taxable income and the percentage of tax on it, and you will easily know your tax refund amount.
Instructions
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1
Estimate of Taxable Income
If you have a consistent and stable source of income, you can calculate how much tax you are going to pay in the year. This can be done through calculation and analysis of the tax percentage on the income. This however will be difficult to do if your income is not stable but fluctuates throughout the year. -
2
Calculate Tax Paid
You can also do the calculation of paid tax amount, the number of dependents, single or married etc, and the you can have a rough idea how much refund you are going to get. If you are good with playing with numbers, you might be able to know the exact figure of the tax refund. -
3
Use Online Calculators
There are many websites, which have calculator programmed. You can add numbers in the calculator and get the result. You can have an estimate of your monthly budget, taxable amount on your income, analysis of tax paid and how much refund you can expect. The tax and revenue department also offers such guidelines that can help you have an idea of how much tax refund you can expect in the year. -
4
Adding All Income Sources
Make sure while you do the calculations for tax refund you add all sources of income. It is possible that you only take into count the tax that you have directly paid on your wages. So while you do the calculations, make sure you come out with a total amount of tax you have paid or going to pay in the remaining period of the financial year.
