The TaxPlanner is an easy-to-use "what if" tool for accountants, attorneys, and tax practitioners. The TaxPlanner helps you to predict your client's tax situation, with up to five different scenarios on the screen at the same time. It incorporates the new tax laws as we currently understand them. This is a limited feature software program, and, therefore does not attempt to process to the depth that the TaxWorks software does. However, it is comparable to other taxplanners on the market.

Using TaxPlanner

Note: You can carry information for any client into the TaxPlanner program by following step 1 while in a return. The data in the return will automatically carry into the TaxPlanner.

1. Click on the File menu and Select TaxPlanner (figure 1).

(figure 1)
2. Enter the year which you would like to plan and select the filing status: Single, Married Filing Joint, Married Filing Separate (Living Together), Married Filing Separate (Living Separate), Head of Household, or Widow(er) (Figure 2).

(figure 2)
3. Click on one of the following outlined captions, each will open a seperate input window. Input your entries into the desired fields in the windows that open up. Some lines will calculate automatically according to the entries you have input (figure 3).

(figure 3)

Ordinary Income
Schedule D
Adjustments To Income
Adjusted Gross Income
Standard/Itemized Deductions
Exemptions
Taxable Income
Regular Tax
Schedule D Tax
Alternative Minimum Tax
Non Refundable Credits
Other Taxes
Payments and Refundable Credits
Net Tax Due
Net Refund


Ordinary Income

The outlined items below will open a new window allowing you to enter more detailed information (figure 4).

(figure 4)
• Interest and Dividends (figure 5)

(figure 5)
• Taxable Social Security (figure 6)

(figure 6)
• Passive Loss Adjustment (figure 7)

(figure 7)

Schedule D

Only enter amounts in the AMT column if they are different from the regular amounts.


(figure 8)

Adjustments to Income


(figure 9)

Adjusted Gross Income

This line is automatically calculated.

Standard/Itemized Deductions


(figure 10)

Exemptions


(figure 11)

Taxable Income

This line is automatically carried.

Regular Tax

This line is automatically carried.

Schedule D Tax

This line is automatically carried.

Alternative Minimum Tax

Alternative Minimum Tax (Form 6251) is located on the main TaxPlanner worksheet. When you select the Alternative Minimum Tax line, a new window will open. Enter or edit the applicable adjustments and preference amounts for each line.

(figure 12)

Non-Refundable Credits


(figure 12)

Other Taxes


(figure 13)

Payments and Refundable Credits


(figure 14)

Net Tax Due

This line is automatically calculated.

Net Refund

This line is automatically calculated.
4. Click on the next column to the right, enter the year, select the Filing Status, and enter in any appropriate information. This will allow you to compare the differences between years and/or filing statuses (figure 15).

(figure 15)