The AICPA this week announced a new online tool called Total Tax Insights calculator to help taxpayers understand where their tax dollars are being spent. This free resource allows users to have a clear picture of estimated totals of federal, state and local taxes.
The AICPA worked with a vendor and created more than 3,000 formulas that generate estimated taxes based on more than two dozen data inputs. The calculator and database, however, does not include some types of taxes nor does it cover all tax deductions and credits but additional features are being considered for future versions.
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