This slide show provides an overview of how you can estimate your income taxes very quickly without inputting a bunch of data into a standard income tax software program. This is specifically designed to be fast and easy.

1. How to Estimate Your Taxes in
Less than 60 Seconds
Using Taxes PhD Tax Estimator

2. Taxes PhD Tax Estimator
✤ Free Online Tax Estimator www.TaxesPhD.net
✤ Quickly
✤ See if you have a refund or balance due
✤ Calculate accurate estimated tax payments
✤ Reveal the impact of deductions and credits
✤ Adjust your withholding amounts

3. Personal Information (1st Tab)
✤ Required Fields
✤ Filing Status
✤ Date of Birth
✤ Items Calculated Automatically:
✤ Standard deduction, Earned Income Credit, Child Tax Credit

4. Income (2nd Tab)
✤ Add income you received from all sources
✤ Social Security: enter total amount received
✤ Estimator will determine how much is subject to tax (if any)
✤ You can estimate these if you don’t have all your information
available

5. Adjustments (3rd Tab)
✤ Adjustments correspond to the bottom of Form 1040, Page 1
✤ These reduce the amount of income you will be taxed on
✤ Deductible portion of Self-employment tax will be calculated
automatically

6. Taxes & Credits (4th Tab)
✤ Schedule A - Itemized Deductions
✤ Click “Schedule A” button to enter amounts
✤ Some items on Schedule A are limited. The amount you can deduct
will be calculated automatically.
✤ Child Tax Credit is calculated automatically

7. Payments (5th Tab)
✤ Include any quarterly estimated tax payments and/or withholding
for any 1099 forms
✤ Earned Income Credit and Additional Child Tax Credits are
refundable credits (refundable credit amounts are equivalent to
payments). These are calculated automatically.
✤ Include any other amounts that correspond to the payments section
located on Form 1040, Page 2

8. Results (6th Tab)
✤ Click “Calculate” button to get your results
✤ Diagnostics:
✤ Looks for common errors & warnings