Help Your Clients Understand Their Taxes — New TaxAct Refund Snapshot

By Lisa Rhatigan

Help Your Clients Understand Their Taxes — New TaxAct Refund Snapshot — TaxAct Professional

The more information you can provide to your clients about their taxes, the more they will look to you as their trusted tax advisor. That's why TaxAct has introduced Refund Snapshot this tax season, a convenient tool you can use to help clients understand what determines their tax refund.

Refund Snapshot provides details about what positively or negatively impacts your clients' returns, whether they are getting refunds or owe taxes. Let's take a look.

To access Refund Snapshot, simply click on "Federal Refund" in the top right corner when in a client's return.

This opens the summary page of Refund Snapshot, which displays total income, deduction, credit and tax amounts and how each amount impacts the client's refund amount.

In the example below, the most recent change impacting the refund is income information from the W-2. This information had a positive impact on the refund, in the amount of $12,700.

Click the Summary View for a detailed list of the different categories that impacted the client's refund.

We can now see the detail of how income negatively impacted the refund, but the deductions/exemptions and the refundable credits/payments both had positive impacts, causing the total refund to be $12,700.

Note: If you want to provide a copy of the Summary View to your client, the printed pages will NOT include any TaxAct branding.

Once you've reviewed the Summary View, click "Go Back" to access the Illustrated View of Refund Snapshot.

The Illustrated View consists of three sections:

  1. Total taxable income
  2. Total taxes
  3. Refund or amount owed

Each section illustrates exactly how the amounts were calculated. This view can also be printed and shared with your client.

Note: If you want to provide a copy of the Illustrated View to your client, the printed pages will NOT include any TaxAct branding.

Refund Snapshot is just one more resource TaxAct offers to help you deliver excellent service to your clients. Consider reviewing this information with your clients in person when delivering copies of their tax return or even after tax season as part of a meeting to advise them on their 2016 taxes.

About Lisa Rhatigan

Lisa is Vice President of Business-to-Business Marketing at TaxAct. Prior to joining TaxAct, Lisa was a principal in a business development consulting firm that helped CPA firms and other professional service firms grow their businesses.

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