Tax Planning and what if software

[chipgordy]

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

[DaveinTexas]

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.

[TXEA]

Tax Tools by CFS works very well.

[S T]

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

[Lion]

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

[ATSMAN]

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!