The new 2021 estimated tax worksheet is now available. This is the fifth release of this free tax software program. The Worksheet has been in use for almost 20 years and continues to be used by millions of tax filers and taxpayers. It is easy to use and its many features make it easy to prepare your taxes on a budget and without too much hassle. Here is a closer look at the program’s new features.
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The first feature of the Worksheet is the addition of a standard deduction. This is a reduction of your income that you can claim on your income tax return. You have a choice of how much of a standard deduction you would like to take. The Worksheet can accommodate an unlimited number of standard deductions. You may wish to take a large one in the hope that you will get a large enough tax refund to offset the cost of the standard deduction. If not, you can go with a lower standard deduction and save money on your taxes.
The second feature of the Worksheet is the inclusion of a Declaration of Liability. A Declaration of Liability is another item that you may have added to your Worksheet, if you have made an installment when filing your income tax return. This allows you to make an itemized statement showing all of the liabilities that you have. You can include both your current liabilities as well as those that you might incur in the future, such as car or home loans that are due during the year.
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You can also make estimated tax payments on your own. You do this by entering the amount of your estimated tax payments on the Worksheet. Then you choose the payment date, which is usually the month that is closest to the end of the tax year. You can enter up to ten different estimated tax payments that you might be making if you have the capability to make larger payments. There is a drop down menu that allows you to choose the amount of your estimated tax payments for the next year if you want.
The third and final feature is the inclusion of an Adjustment Clause. An Adjustment Clause appears at the end of your income tax form. It lets you specify an increase or decrease of some itemized deduction that you might be eligible to take for the year. For example, if you become disabled and cannot work, you can specify that you will make your disability payments. This can include selling some of your assets to pay for your disability, if you are able to do so, or it can also apply to any portion of your alimony or spousal support that you pay.
40 New Estimated Tax Worksheet from 2017 estimated tax worksheet , source:drprafullawadatkar.com
After you enter your information on the Worksheet, there is a single drop down menu that lets you indicate whether you want to submit your electronically submitted declaration to the IRS. If you select to do so, your document is then assigned an automatic electronic signature. The Worksheet will then create an electronic Federal Tax return for you on the appropriate date. The Worksheet also includes a worksheet showing your estimated taxes as well as a worksheet showing your final statement of accounts.
The fifth and last feature is a new Worksheet showing the effect of any proposed amendment(s) that you file. After you click “submit,” a message appears that tells you that the changes occur. The fifth feature is particularly useful if there are substantial modifications to the federal tax laws that would result in your estimated tax being substantially increased or decreased. For example, if a new tax treaty is signed with a foreign country, or if a new tax code is enacted, these modifications could significantly affect your financial accounting calculations. For example, under the new law, non-domiciled taxpayers are subject to taxation even if they reside in another state. This Worksheet will let you see your estimated tax amount after any adjustments.
23 New Federal Tax form Schedule A Professional from 2017 estimated tax worksheet , source:cialisonlinefs.com
To help you prepare for the Worksheet, there are links to additional resources on the IRS website, and an electronic worksheet available from the IRS website. The Worksheet will help you prepare your electronic federal tax return by automatically adjusting your gross income and standard deductions. It will also automatically adjust your net income earned through your workiyou choose. By using the Worksheet, you can quickly determine if you qualify for any tax credit. These five features will make preparing your own federal income tax return easy and quick.
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