TaxACT has an online tax calculator on its website that allows users to estimate the amount of their tax returns, indicates the company website. The calculator includes four categories: basic info, income, deductions and credits.
To get the best estimate, users need to enter accurate figures for all sources of taxable wages and net business income or loss. Common deductions and credits include IRA contributions, medical expenses, student loan interest, child care expenses and eligible higher education expenses, according to the IRS. Using TaxACT's online calculator is not a substitute for preparing a tax return, advises TaxACT. The company does not guarantee refund estimates,, which may change when filing a full tax return depending on individual circumstances and additional income or deductions.