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    Tax Planning and what if software

    I was wondering if anyone knew of a cost effective software program and/or spreadsheet that I could purchase to do what if scenarios (income, expenses, 401k contributions) to determine federal and self employment tax -- thank you

    #2
    TaxTools

    What tax software package do you use? I use Drake and they have (finally) created a decent Tax Planner that allows you to create a mock 2014 tax return for client planning; it's really effective and accurate.

    Another software program, that might be a little tedious to use for this particular function, is TaxTools. They have a great software program, I use it all the time for MACRS depreciation, Like Kind Exchanges, forms 433A and even client invoicing. It's handy and it is very cost friendly in my opinion. They have a regular TaxTools and a Business TaxTools; both have a planner that will allow you to create multi-year scenarios. Regrettably, I haven't used the planner in TT in a while; maybe someone else other opinions.
    Last edited by DaveinTexas; 07-16-2014, 02:38 PM. Reason: spelling
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      #3
      Tax Tools by CFS works very well.

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        #4
        I have used CFS Tax Tools for years. It works very well. Being a new Drake user I have used their Tax Planning to compare, it seems to work, but I am not proficient at it yet.

        Sandy

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          #5
          Your tax prep software should have tax planning available. I love the planner in ProSystem fx.

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            #6
            I have used Tax Tools by CFS and also the tax planner within the tax prep software. Depending on your client type, use caution especially Sch C and E filers. Some of them will ask you to run "what if" scenarios until they are happy with the outcome!
            Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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