What Is an Income Tax Refund Calculator?

An income tax refund calculator is a digital tool that allows you to estimate your refund or tax liability. By inputting specific details about your income and deductions, you get an estimate of your potential refund.

The Purpose of an Income Tax Refund Calculator

The primary purpose of an income tax refund calculator is to give taxpayers an idea of their financial position before the tax season ends. It helps in better financial planning, from reducing tax liability to avoiding underpayment penalties.