If you are getting ready to pay your taxes for the year, you should be thinking about using any tool that can help you out. An income tax calculator will be able to help you do your taxes and even help you start to plan out your tax return earlier. What can a tax calculator do for you?Use The Right CalculatorThe best thing you can do for your tax planning needs is to use a calculator that is going to give you an accurate assessment of your taxes. Some calculators are only good enough to tell you what you might owe given your income minus standard deductions. This is fine for a standard tax return, but if you have kids, go to school or have a business, you are going to want a calculator that takes this into account.Start Planning EarlierThe tax laws may change a little bit from year to year, but the basics of your tax return is going to stay the same. You can get a rough estimate about how your taxable income might effect your tax bracket, or how investments could change what your tax basis is. If you have a business, it can be used to determine how much your taxes might increase by having business income.Never Assume That A Calculator Is More Than An EstimateA tax calculator should never be used for anything more than an estimate of your taxes. Make sure that you don't plan on paying a certain amount, only to actually owe 10 percent more because you forget to input something into your return. Therefore, only use a calculator as a rough guide and estimate to how much tax you may owe, or how much of a refund you may getIt is never too early to start planning your taxes, especially if you own a business, or have a lot of financial transactions each year. The more time you spend planning now, the less time you have to spend on your taxes later.