Tax season is upon us and if you want to get an idea of how bad the damage will be in terms of any taxes you may owe or see if you’re due for a refund, check out Intuit’s universal TaxCaster app for the iPhone and iPad. TaxCaster is not new to the App Store but it was recently updated for the 2011 tax year and is a free and handy tool to help prepare yourself for the dreaded date of April 15.
Today is the deadline by which employers in the U.S. must mail out W-2 forms to employees so most of you may have already received these documents and can start preparing your 2011 tax forms. TaxCaster will ask you for information from your W-2 as well as for amounts of other income and interest and tax deductions and will provide you with a ballpark estimate of the taxes you may owe or the refund you may be entitled to as a result. Of course, there’s a link in the app to get more information on Intuit’s full TurboTax products, but we expect that and it’s easy to ignore if you’re not interested.
Sample screenshots provided by Intuit
Psychologically, I’m finding that an estimate of a refund that’s this easy to get is an incentive to file my taxes sooner rather than later. Of course, an estimate showing that you owe the IRS money instead may be an incentive to do the opposite but at least you’ll have a heads up.