Tax Savings Calculator
Calculate your potential tax savings based on your income, deductions, and filing status. Optimize your tax strategy and discover ways to reduce your tax liability legally and efficiently.
Step 1: Income & Filing Status
Understanding Tax Brackets
Your tax rate depends on your income level and filing status. The US uses a progressive tax system where higher income is taxed at higher rates.
Step 2: Deductions & Credits
Maximizing Tax Savings
Tax deductions reduce your taxable income, while tax credits directly reduce your tax bill. Common deductions include mortgage interest, charitable donations, and medical expenses.
Tax Savings Results
Your Estimated Annual Tax Savings
Tax Bracket Comparison
| Filing Status | Tax Liability | Effective Rate | Savings Potential |
|---|
Tax Breakdown
Tax Calculation Formula
Tax Liability = (Taxable Income × Tax Rate) – Credits
Taxable Income = Gross Income – Deductions. The tax rate is determined by your income bracket and filing status.
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