Estimate if you'll get a refund or owe taxes.
Input gross income, filing status, and any applicable deductions.
Include standard or itemized deductions and any tax credits you qualify for.
View your estimated tax liability, effective rate, and bracket breakdown.
US progressive tax: each bracket rate applies only to income within that range.
Tax-loss harvesting can offset up to $3,000 in ordinary income per year beyond your investment losses.
Contributing to a traditional IRA or 401(k) directly reduces your taxable income for the year.
Your refund = Total taxes withheld from paychecks - Actual tax owed. If your employer withheld $12,000 but you only owe $9,500, you get a $2,500 refund. The size of your refund depends on your W-4 withholding settings, deductions, and credits. A large refund means you're essentially giving the government an interest-free loan — consider adjusting your W-4 to get more in each paycheck.
For e-filed returns with direct deposit: typically within 21 days of acceptance. Paper returns: 6-8 weeks or longer. The IRS generally begins processing returns in late January 2026. Track your refund at IRS.gov/refunds or the IRS2Go app. Refunds claiming EITC or Additional Child Tax Credit may be delayed until mid-February by law (PATH Act).
Financially optimal: adjust withholding to get close to $0 refund — this means you had more money in each paycheck throughout the year to save, invest, or pay down debt. A $3,000 refund means you gave the government an interest-free $250/month loan. However, if you struggle to save, a refund can act as forced savings. Update your W-4 anytime at work to adjust.
Common deductions: Standard deduction ($15,000 single/$30,000 married in 2026), mortgage interest, state and local taxes (SALT, capped at $10,000), charitable contributions, student loan interest (up to $2,500), medical expenses exceeding 7.5% of AGI, and educator expenses ($300). Deductions reduce your taxable income, while credits directly reduce tax owed — credits are more valuable dollar-for-dollar.
Yes — file as soon as possible. If you're owed a refund, there's no penalty for filing late (but you have 3 years to claim it). If you owe taxes, late filing penalties are 5%/month of unpaid tax (max 25%), plus 0.5%/month failure-to-pay penalty, plus interest. Filing an extension by April 15 avoids the late filing penalty but NOT the late payment penalty.