Figuring and computing income taxes can be a difficult and cumbersome process. When you use TurboTax online, it is much easier to accomplish.

A good starting place is the Tax Estimator provided by TurboTax on its web site. Walking through the process with the Estimator will tell you everything you need to know for the entire process.

First, you start by entering the personal information that is relevant to your situation. Your personal address is very important in determining state and local income taxes. You also have many personal exemption options as well as your filing status (single, married filing jointly or separately, etc.), that will impact the final amount of your income tax computation.

The second tab of the estimator is for your income. This includes your W-2 income, business income, capital gains and losses, social security benefits, and miscellaneous income from other sources.

The next tab allows you to enter your deductions, including medical expenses, non-income related taxes, mortgage interest, charitable contributions, and other personal deductions allowed under the tax code.

Finally, on the fourth tab, enter taxes and credits. These are the withholdings and estimated payments you have already made, and credits for child care, tuition, etc.

When you click on the last tab, TurboTax will show you your tax liability and payment due or refund. By going through this simple process, you are ready to go back and prepare your taxes using TurboTax software. Plan ahead, go to TurboTax online now to figure and compute your income taxes.