Social Media Can Save Taxpayers From Underestimating Federal Taxes

Written By: Amy F Cook

As social media becomes more of a business tool, a little known benefit is the year around online resources available to individual or business taxpayers. Underestimating individual or business federal income tax is less likely if the taxpayer takes proactive stance. Instead of risking late payment penalties, cost savings can result from exploring the social media resources found on the Internal Revenue Service (IRS) website at www.irs.gov.


The IRS Calendar Connector found at @IRSnews on the IRS Twitter feed provides a tool to stay ahead of tax deadlines such as those established for quarterly estimated tax payments. In addition to the calendar connector, the IRS offers webinar training and tips on YouTube and Twitter on a variety of topics including step-by-step instructions on which taxpayers are liable for estimated tax payments. This tool can save time and money by breaking estimated tax payments into four equal payments instead of burdening the tax payer at tax time with not only the IRS bill, but the penalties assessed for underestimating tax payments.

Pay As You Go System

A little known principle of our federal tax system is that it is a “pay as you go system.” This principle is well explained on the IRS YouTube channel along with the purpose of estimated tax payments. Most Americans have automatic income deductions. However, a number of individual and business entities may need to make estimated tax payments. For example, a self-employed taxpayer, who expects to owe $1000.00 or more when filing his/her 2015 taxes simply needs to visit the IRS website to retrieve a copy of the IRS Form 1040 ES to estimate their taxes. All business owners, from small or self-employed entities to large corporations will find similar resources in IRS Publication 505. Of course, there are exceptions to every rule. A business owner paying estimated taxes may actually owe les!
s than they think, so there may be added benefits to tapping these resources. To assist in working through all the calculations, rules, exceptions and deadlines, these days, any proactive taxpayer will find IRS resources in every medium imaginable, including mobile applications.


The IRS has now launched a smart phone/tablet application named IRS2GO to reach out and stay connected to taxpayers on mobile devices. From taxpayer refund status to local free tax preparers available for in person assistance, the mobile application is one of many forms of communication strategies the IRS now uses to assist taxpayers. Even if a business now finds itself with an IRS bill for underpayments of estimated taxes, electronic applications can assist taxpayers in making payments to avoid additional penalties and interest.

Electronic Federal Tax Payment System (EFTPS)

EFTPS is the IRS secure payment system now available to taxpayers for paying estimated taxes, taxes due and/or penalties associated with a federal tax bill. Similar to a bill payment service, the EFTPS software application allows taxpayers to schedule regular online payments to the IRS. In addition, taxpayers can track their payment history and to make payments by telephone.

For American taxpayers who are intimidated by the maze of IRS rules and publications, social media is the answer to any individual or business question. Anyone who finds social media intimidating has a unique opportunity to overcome this dynamic communication barrier, enjoy the benefits, and cost savings it provides.

What Happened to the IRS Return Schedule?

Written By: Quai Wentt

In years past, the IRS would publish a refund cycle chart every year providing a date when taxpayers could expect their refund according to the date they submitted their taxes. The bad news is in that 2012, the IRS did away with the old system. The good news is they eliminated the old system in favor of offering similar information through their online Where’s My Refund? tool. Far from inconveniencing taxpayers, this new method is easier for taxpayers to access and understand. This article will describe the various new resources for those who might be looking for an IRS return schedule.

Where’s My Refund?
Where’s My Refund is a comprehensive online tool made by the IRS that tracks a taxpayer’s refund from submission to dispersement of funds. Because the tool is updated on a 24-hour basis, there is no need to check it more than once a day. To access his or her refund status, a taxpayer needs some basic information:

  • Social Security Number or Individual Tax Identification Number
  • Filing status (i.e. single, married-filing jointly, married-filing separately, head of household, or widow/widower)
  • Refund amount (in exact whole dollars)

IRS Mobile App
In addition to Where’s My Refund, the IRS has also created a mobile app called IRS2GO that can be downloaded for free and accessed on Apple and Android devices. Both versions have high user ratings and mostly positive reviews, so they are worth downloading (especially because they are free). The apps have the same functionality as the online version of Where’s My Refund with the convenience of easy access through a smartphone.

*Estimated* Tax Refund Charts
For those who absolutely can not do without a refund chart, there is another option available (however, it is not as reliable as the other two resources listed above). There are tons of estimated tax refund charts circulating on the web such as this one. The charts estimate when a taxpayer should expect his or her return based on its submission date and whether or not the return is to be mailed or electronically dispersed through direct deposit (it is far quicker to get a refund by direct deposit than to get it through the mail).

Bear in mind that the chart found by clicking the link above (as well as any other any other chart on the internet) only reflects estimated data based on previous tax cycles. Therefore, the IRS is not bound by those dates; it they are only for taxpayer’s information.

Final Thoughts

The IRS has eliminated its tax refund charts (probably for good), but there are still plenty of resources for those looking for information regarding their refund status. The IRS is embracing modern technology with its Where’s My Refund online tool and its IRS2GO mobile app. Between those two resources, taxpayers should be able to get all the information they need. However, if they are not sufficient for some reason, calling the IRS at their toll free number (1-800-829-1954) or visiting one of their Taxpayer Assistance Centers is always an option.

Best Ways to Contact the IRS for a Tax Return Update

Written By: Quai Wentt

By now, most taxpayers have submitted their tax returns to the IRS. Those who are anxiously awaiting their returns probably want to contact the IRS frequently to get their status. This begs the question: What’s the best way to contact the IRS for a tax return update? There are various answers to that question according to what works best for each individual. This article will outline the top methods to contact the IRS.

Where’s My Refund?

The IRS has an online tool that updates a person’s refund status once every day. It is accessible anywhere that has an internet connection, and there is even an app version (called IRS2Go) for iPhone and Android. Both of these tools are accessible 24 hours a day/ 7 days a week. The Where’s My Refund? tool tracks a taxpayers return with three different statuses:

  1. Return Received
  2. Refund Approved
  3. Refund Sent

The tool also provides users with a personalized estimate as to when they will receive their refund.

Call the IRS
Calling the IRS by its toll-free number (1-866-464-2050) is an option for those who have already visited Where’s My Refund?. However, this hotline is frequently busy; wait times could be an hour or more.

Visit the Nearest IRS Office
For complex tax issues, it may be best to interact with someone face-to-face. Different facilities operate during different hours, so it is best to check beforehand. IRS offices do not offer tax preparation services, but IRS representatives can help resolve and answer questions.

IRS Website
The IRS Website has important information regarding tax returns including tax education, an FAQ, and a Contact Us page that has more information on how to contact the IRS.

Beware of Phishing Emails
The IRS never sends out emails about a taxpayer’s account or tax return. It is vitally important to be wary of any email asking for personal information (such as Social Security numbers, usernames, or passwords). The primary way that the IRS contacts taxpayers is by mail.

Best Way to Ensure a Quick Return
Those who file their tax returns electronically and request their return be sent by direct deposit will receive their refunds much quicker than those who do not.

Reasons Why a Return Can be Delayed
There are a few main reasons why a return can be delayed. The most common reason is that the return contains errors. For the best results, it is vital to verify the correct Social Security number or Taxpayer Identification Number, direct deposit information, and the correct mailing address. Other issues include incomplete files, returns that need further review, and files that contain Form 8379 (Injured Spouse Allocation).

The IRS has made it easy for taxpayers to get status updates on their returns. The best way to contact them is to use the Where’s My Refund? or IRS2Go tools, but they can also be contacted in person or by phone. However, taxpayers should use safe online practices to protect their identity and bear in mind that some issues may slow down the receipt of their return.

Where’s My Tax Refund

Written By: Quai Wentt

By now, most Americans have already filed their tax returns and are anxiously awaiting their refund check if they have not received it already. Unfortunately, the more people there are that file their taxes at the same time, the longer it takes for the IRS to process the returns and send those Americans their refunds. For those among the millions of Americans wondering where their refunds are, there are many resources to help shed some light on the status of their refunds.

There’s an App for That

It may be surprising to know that the IRS has a free mobile app called IRS2Go. It is available for iPhone, iPad, and Android devices (click the links to check out the app). Both the Apple and Android versions have impressive ratings of 4 stars or above, and get generally positive reviews. Recently updated this February, it is ready to go for this tax season. Using the app, taxpayers can check their refund status, request tax records, get information on free tax preparation providers, and much more. It is definitely worth giving a try.

Or a Website

For those without a smartphone, the IRS also has an online tool appropriately named “Where’s My Refund.” It is updated once every 24 hours (usually overnight, according to the IRS website), so there is no need to keep frantically checking. A nice feature of the program is that it also has a version en Español for those more comfortable with that language. Those inquiring of the their refund status should have the following information readily available:

• Social Security Number or Individual Tax Identification Number

• Filling status (Single, Married Filling Jointly, Married Filing Separately, Head of Household, or Widow/widower.

• Exact whole dollar refund amount.

If all else fails, or the Internet is down, the IRS also has a toll-free number to reach an IRS representative (1-800-829-1040). However, the IRS receives a high volume of calls, so expect lengthy wait times.

Other Things to Consider

According to the IRS it typically takes up to 21 days to process a tax return. Therefore, IRS representatives only research the status of a taxpayer’s return if it has been 21 days or more. It is best to use the website or mobile app if it hasn’t been 21 days or more. There is a helpful YouTube video made by the IRS that answers common questions as well.

Common Reasons for a Delay

Common reasons for a delay include:

• A return with errors

• An incomplete return

• A return needs to be more thoroughly reviewed

• Taxpayer has been a victim of identity theft or fraud

• A return includes Form 8379 (Injured Spouse Allocation) because the processing time for that form is 14 weeks or more

Other Resources

For those who would rather use resources external to the IRS, there is also an online community called I Got My Refund. Through this platform, taxpayers can communicate with one another and get help about the status of their returns. The site also has a Facebook group. This might be the best option for those who need a personalized answer quickly, but it is important to note that no one on this site works for the IRS, so the information may not always be correct. Thanks to technology, it is easier than ever to get refund status information. Taxpayers who take advantage of these resources should find the information they are looking for in no time.

Taxes 101 – How to File Your Taxes Online for the First Time

Written By: Quai Wentt

Thanks to the internet, filing taxes has never been easier. Gone are the days when taxpayers would be up all night nervously flipping through stacks of paper trying to find the right number to put in Box 11 to add it with the number in Box 12 with a four-function calculator. According to the IRS, 92.6% of Americans filed their taxes online either by themselves or through tax professionals. That means 7.4% of Americans still do their taxes the traditional way. What is keeping these Americans from filing online? Perhaps one barrier is that they have never filed online before. This article will give a quick tutorial on filing online taxes for those who are doing their taxes online for the first time.

Gather Documents

The first step to filing taxes online is the same as filing on paper: gather the necessary documents including last year’s return, a W2 form, and various 1099 forms for those who have accrued interest from savings accounts or money markets. It is best to have electronic versions of all these documents in a designated tax folder on the computer. That way, everything is easily accessible. Nowadays, many employers issue W2s electronically as PDFs, but if not, the hard copy of the form can be scanned to obtain an electronic copy.

Decide on a Tax Agency and Software Version

The next step is to decide which agency to use. There are many online tax-filing agencies from which to choose. TurboTax, H&R Block, and Tax ACT are the front-runners. TurboTax and H&R Block have the best user interfaces, so they would both be good options for someone filing taxes online for the first time. After picking the tax agency, the next step is to choose what version of the software to use.!
Most tax agencies have Free Federal, Basic, and Premium versions. Single-income filers and those with other simple tax situations (have only a few investments or are not self-employed) should be just fine with the Free Federal or Basic versions. People with multiple sources of income such as heavy investors, rental property owners, or those who are self-employed may need more comprehensive versions.

Create an Account

After deciding on a tax agency and the most appropriate software version, the next step is to create an account. This involves creating a username and password, as well as entering some basic personal information. After entering this information the first time, the online program will save the information so that it doesn’t need to be inputted the following year.

Follow the Directions

At this point, all that is left is to follow the directions on the online program. The program goes step by step until filing is complete. Most programs even have a double-checking feature that protects taxpayers against audits. If using a Free Federal version, after filing federal taxes, users can allocate a small portion their return to pay for the state version of the program. They can then use the same process to file their state returns. Once state returns have been filed, all that remains is to wait for a refund (hopefully). To make this part of the process even more convenient, the return can be deposited directly into a user’s bank account. The website will send an email when the IRS processes the user’s return.

Although it might take a little effort to initially set up, filing taxes online can be the quickest and most convenient way to file taxes, and is well worth the effort. With a little organization and the help of an online program, anyone can file their taxes painlessly and swiftly.

How to Check Tax Refund Status

Written By: Sasha Feagin

When a person finally files his tax return, sneaking in moments before the deadline, only to find the government owes him money back, suffice it to say, that guy wants his refund as soon as possible. However, there are various factors that affect the length of time it will take for a refund check to come back to the taxpayer. Knowing the basic timeframe the Internal Revenue Service (IRS) uses is imperative to soothing worries that always come during the tax season.

When was the return filed?

It is only logical that the IRS cannot issue a refund if it does not know a refund is due. The only way the IRS is aware it owes a taxpayer money is for that taxpayer to, by way of filing an income tax return, request those funds. A tax return submitted electronically will begin processing immediately, usually being confirmed within three days. A return submitted via the postal service will take significantly longer to arrive at the IRS for processing. Taxpayers that mail returns are urged to wait at least one week (7 days) before asking for information about the status of the return.

When will the refund be processed?

Once the IRS receives the return, and it checks all the data for validity. So, in addition to waiting three days for an electronically submitted return or one week for a mailed return, taxpayers should anticipate waiting another seven to fourteen days for the return to be processed. During this time, the IRS could flag a return for audit. It also could reject the return for incomplete information or other arithmetic miscalculations. If the return is flagged or rejected, the taxpayer may not find out about it until seven days later when the letter from the IRS arrives in the mail. However, if the return receives the all clear from the IRS, taxpayers should expect funds to be authorized for disbursement. After the authorization, the taxpayer must still wait until the next refund disbursement date during the season. Because of the number of refunds the IRS must process, it does bulk delivery of funds on one day per week during the season to minimize expenses. Usually, !
this is the Tuesday after funds are authorized for release.

Who knows where tax refund checks are?

In recent years, the IRS has employed technology to make finding information about the taxpayer’s refund check very accessible to the average American. The fastest and easiest way to find out where a refund check is, is to use the IRS’s “Where is My Refund?” link on irs.gov. Taxpayers can enter information from the tax return such as filing status, refund amount, and social security number to find out where in the process the refund is. If a taxpayer has been waiting over 21 days for the refund, the IRS advises the taxpayer to call 1-800-829-1040. The 21 day suggestion should not include time added for mailing either the return to the IRS or the refund to the taxpayer.

Taxes 101- The Best Online Tax Agencies

Written By: Quai Wentt

April 15th is just days away, and while that ominous deadline has some Americans fretting, others will let the day pass without so much as a second thought. Paying taxes has seemed to lose some of its infamy. In fact, a recent Survey Money study revealed that 68% of Americans complete their tax returns before April 1st, and 56% either are neutral about taxes or actually enjoy doing their taxes (See the rest of the study here).

The results of the study beg the question: what is taking the sting out of preparing taxes? The answer could lie in the ways in which most Americans file their taxes. About 91% of Americans don’t do their taxes alone. The most popular method of filing taxes is through online or software programs (41%) followed closely by accounting services (39%). With the average cost of accounting services coming in at $180, while the average for online filing is $60, filing taxes online can be the most cost-effective and painless option available. This article will discuss the top three online tax agencies that help make tax time considerably less stressful.


TurboTax is one of the most familiar and trusted brands of online tax agencies. It offers an interface that is easy to use and a considerable amount of tax-education materials. It has several editions ranging from Free Federal to Premium. Other features that make filing through TurboTax simpler are a mobile version, all deduction options, and the convenience of importing tax documents. TurboTax is the best option all around. Additionally, TurboTax offers a special military version that is free for soldiers with lower pay grades (E1-E5), but costs $84.98 for soldiers with higher pay grades (E-6-Officers).

H&R Block

H&R Block is another well-established tax preparation agency. It offers a well-put together and intuitive interface, though some prefer TurboTax’s look. The main advantage of using H&R Block is its customer support. Unlike any of the other tax agencies, it offers free in-person support at one of its many locations and instant chat with an online agent. TurboTax on the other hand, does not have any physical locations (but it does have support over the phone and by online chat). Another huge advantage for H&R Block is that it offers a free military version. All active duty members of the military can file federal and up to three state tax returns absolutely free using the link provided by Military One Source.


Tax ACT is the least expensive option of all three (with a impressive price point of $8-$14.95 to file state taxes and free federal taxes), but it doesn’t have the longstanding reputation that TurboTax and H&R Block have. It has most of the same features that the other two have including free federal filing, a mobile app, an accuracy guarantee, and step-by-step guidance. It is the best option for taxpayers with simple returns. In summary, different online tax agencies are most beneficial to people with different needs. TurboTax is very strong in all categories, so it is generally a safe choice for many people. H&R Block is very advantageous for military members and is a no-brainer. Tax ACT is the simple, cheaper, yet still effective option. All in all, any online tax agency is much better than filing on paper for most people.

Worst and Best States for Income Tax Rates

Written By: Quai Wentt

As the end of tax season approaches, some citizens are finding themselves abysmally disappointed by their tax returns. Paltry refunds, or worse, tax deficits are enough to make any taxpayer bitter. Federal taxes are more than enough to complain about, but state taxes are the coupe de grace. For those whose state taxes make them want to pack up and move to a more merciful state, there are resources on the internet that can help.

Tax-brackets.org is a useful site that conveniently lists tax brackets of all 50 states in alphabetical order with shortcut links to a specific state on column to the left. The ingenious thing about this site is that it color-codes the percentages of each tax bracket in a gradient from bright green (signifying a low tax rate) to bright red (signifying a high tax rate). This special touch makes it remarkably simple to glance at the tables and pick out the safe haven states with the best tax rates.

The Best States

Crowd favorites are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming, which have absolutely no income tax (every taxpayer’s dream). Close runners-up are Colorado, Illinois, Indiana, Massachusetts, Michigan, New Hampshire, Pennsylvania, Tennessee, and Utah, which all have flat income tax rates of 6% or lower. Flat taxes are those with the same rates across the board for people of all incomes, and are desirable (especially low ones) for those with the most income because usually they would be stuck with paying taxes in the highest brackets.

The Worst States

It is no surprise that California (a notoriously expensive state in which to live) is among the states with the worst income tax rates. The single-filer who makes at least $34005 must pay a shocking 8%, while the wealthy making $1 million or more hand over 10.3%. Hawaii is another state that is nice to visit, but is hard on the wallet as a resident. Those who earn at least $48000 pay a whopping 8.25% and the rates only go up from there, finally capping at 11%. Iowa’s tax rates skyrocket for income after $5284 (6.2%) before capping at 7.8% for income at only $26418. Other states to stay away from include Arkansas, Idaho, Iowa, New Jersey, New York, Oregon, Vermont, and Wisconsin.

There’s a Catch

However, the best states for income tax rates may not actually be the best states overall; there’s always a catch. Taxes do serve an essential purpose, so states must make their money somehow. Before being enticed by some states’ low income tax rates, it is important to consider the reasons for this and their implications. For one thing, lower income taxes does not always equate to lower net taxes. Texas, for example has one of the highest property taxes. Another thing to consider is the state’s minimum wage. Wyoming, another state on the best income tax list, has a minimum wage of only $5.15/hr. Finally, consider the cost and benefits of high taxes themselves. Sure, it may hurt to pay high taxes, but it might be worth it if that means better roads, schools, and public services.

Taxes 101-What are Tax Brackets?

Written By: Quai Wentt

The simplest way to think about tax brackets is that people of differing incomes pay different amounts in taxes. Basically, this means that the more money a person makes, the higher that person will pay in taxes. It is called a “bracket” because there are certain cut-off incomes that determine what percentage of income tax is applied. For example, the table below shows the tax brackets for 2014 (for taxes due April 15, 2015).

Tax Rate Single-Filer Married filing jointly (or widow/widower) Married but filing separately Filing as Head of Household
10% Up to $9,075 Up to $18,150 Up to $9,075 Up to $12,950
15% $9,076 to $36,900 $18,151 to $73,800 $9,076 to $36,900 $12,951 to $49,400
25% $36,901 to $89,350 $73,801 to $148,850 $36,901 to $74,425 $49,401 to $127,550
28% $89,351 to $186,350 $148,851 to $226,850 $74,426 to $113,425 $127,551 to $206,600
33% $186,351 to $405,100 $226,851 to $405,100 $113,426 to $202,550 $206,601 to $405,100
35% $405,101 to $406,750 $405,101 to $457,600 $202,551 to $228,800 $405,101 to $432,200
39.6% $406,751 or more $457,601 or more $228,801 or more $432,201 or more

Traditional Tax System

Under a traditional tax system, a person would pay the tax rate corresponding with his income. For example, according to the table above, John, a single-filer who makes $35,000 a year would pay taxes at a 15% rate (that is, $5250). That is a lot of money in taxes!

Progressive Tax System

However, fortunately for Americans, the United States uses a progressive tax system. This means that different portions of taxable income fall under different tax brackets, so they are taxed at different rates. Essentially, a person pays more taxes on the last dollar he earns than on the first dollar (unless he makes less than $9075, that is).

The following example demonstrates why a progressive tax system is advantageous for taxpayers. Under a progressive tax system, John would pay 10% on the first $9075 (that is, $907.50) of his income and 15% on the remaining $25,925 (that is $3888.75). Therefore, John would pay a total of $4796.25 in taxes for that year as opposed to the $5250 he would have paid under a traditional system.

Tax-Speak: Basic Vocabulary

The tax rate that is applied to the last portion’s of a person’s income is called the marginal tax rate, and it is what people usually mean when they speak of “tax brackets.” So, John’s marginal tax rate is 15%. In actuality, John paid 13.7% of his income in taxes (because $4796.25 is 13.7% of $35,000). The total tax rate paid on a person’s total income is called the effective tax rate. Therefore, John’s effective tax rate is 13.7%.

Decreasing Your Taxable Income With Deductions

Tax rates are only applied to taxable income. Deductions decrease the amount of taxes a person pays because they decrease taxable income. If John takes the standard deduction for the 2014 tax year of $6200, his total taxable income will be $28,800 ($35000-$6200). As before, he will pay 10% on the first $9075 of his income ($907.50). However, this time he only has $19,725 ($28,800-$9075) remaining to pay at a rate of 15%. That means he pays $2858.75 on the upper portion of his income. In total, he pays $3766.25 with the deduction as opposed to $4796.25 without the deduction. By taking the deduction, John saved more than $1000!

Taxes don’t have to be intimidating. When it comes to doing taxes, a little information goes a long way. For more demystified tax information, check out this article made by TurboTax about tax brackets and its accompanying video.

Free Tax Calculators Online

Written By: Lauren Wallen

At the end of every year, or before one files their tax return, they may wonder what they will receive or owe the IRS for the year. Instead of wondering, they now can use a free tax calculator online that will estimate what they will receive or owe. A well-known, commonly used free tax calculator is TurboTax TaxCaster. The tax calculator is easy to use and can be used either online or with a smartphone. Taxcaster updates its information every year to ensure that it is accurate with the updated deductions, credits, and other tax information.

Information Needed To Use TaxCaster

In order to use TaxCaster, one will need the following information available:

  • The individual’s marital status 
  • If they are filing head of household
  • Their age as of December 31st of that year (and their spouse’s age, if married)
  • Their total income
  • Any deductions, credits, or payments that need to be reported when filing taxes

This basic information is going to be able to help the calculator figure out the amount of refund that is going to be owed to the individual(s). This helps individuals make a plan before they ever file their tax return for the year. They can see how much money they need to come up with to pay back the IRS or how much they will receive and what they will do with the funds.

The Total Income Section on TaxCaster

The total income section is where all the income made for the year is entered. The first box listed is “Your Income.” This is for those that have W-2s that they need to report. They will need to put in the amount of money they made, how much they paid in federal taxes, and how much they paid in state taxes. There is a section available for the spouse’s income as well. Those that are self-employed will need to use the “Business Income” section in order to put in their profits or losses. They will also need to put down (if any) payments that were made towards their taxes.

The Deductions, Credit, and Payments Section on TaxCaster

The deductions, credits, and payments section breaks down into several categories. Those categories are:

  • Family – for those with children
  • Education – for any interest amounts that need to be listed as paid 
  • House – for those that need to write off any deductions due to their home
  • Donations – list of donation amounts that were given out for the year
  • Retirement – 401K accounts or other pension plans that were paid
  • Other Tax Payments – any additional tax payments made
  • Others Deductions – any other deductions that need to be filed

Each section will break down the questions that need to be answered. By answering all of the questions in each section accurately, it is going to ensure that the refund amount will be as accurate as possible. This free calculator is just an estimate though and should not be accounted for to the exact dollar amount shown.