Why?Estimate how much youÆll owe in taxes for the current year or the last completed tax year.
You may want an estimate of your tax liability, but donÆt need to be exact. The Tax Estimator tool is designed to produce accurate estimates of actual tax liability for most people, although these are only estimates.
1 Go to the Tax Worksheet in Decision Center.
2 Read the instructions on the screen and then click Information to begin.
If youÆre not sure what to enter in a field, place your cursor in the field and read its description to the right.
How is tax information kept up to date?
Every time you connect to the Internet from Money, the tax rates, deductions, and exemption amounts will be updated for you. So if the government changes the tax laws, Money makes the appropriate changes.
Change these amounts manually:
1 On the Tools menu, click Options.
2 Click the Tax tab
3 Choose Custom in the Show Rates for Filing Status box.
Is this a replacement for tax preparation software or other tax advice?
No, it's not tax preparation software. You should not rely on any estimate to determine your actual legal tax liability. Although the Tax Estimator factors in many of the most common deductions and tax provisions, not all deductions and tax provisions are supported. If you expect to have a complex tax return, you should seek the advice of a professional tax advisor to more accurately estimate your taxes.