Tax credit calculators are the latest and greatest tool for business tax filers. After imputing just a few simple figures, these online tools do the complicated tax math for you, providing a quick estimate of what you will receive or what you will owe the I.R.S. After using several (or perhaps a more robust, all-inclusive calculator) you can essentially estimate what you will be receiving in tax benefits or penalties for the year. Almost every tax-related software company or tax business out there is working to create these online tools to help their current and potential customers who are seeking results for complicated tax calculations.
Some of the online tax-related calculators available for businesses are:
Important Fact About Tax Calculators
Every tax tool out there like these will have a disclaimer about estimates at the bottom that look something like this:
“Information and estimates provided are based on the information provided, and are not intended to replace actual calculations completed with appropriate documentation by a tax consultant. These estimates should not be relied upon and are not intended to be advice.”
The key word with these tools is, ‘estimates.’ Accurate calculations require detailed information regarding the adjusted gross income, any taxable income, available deductions, and how you can maximize all available credits. Every business tax situation is different, especially for a new business owner, so it’s not enough to simply use basic online tools if you want to truly understand your tax situation.
At Acena Consulting, we offer online calculators to help you facilitate the early process of understanding the IC-DISC commission and R&D credit calculations for businesses. After you obtain these estimates, we want to be the tax consulting firm you seek to find out how you can maximize these potential benefits. Try out our complimentary online tools and resources then contact us to see how we can fine-tune the numbers for an accurate result for your specific business.