Your sources of income, deductions, capital gain transactions as well as partnership and S corporation income are entered on separate worksheets. The data from these worksheets is then automatically entered into the correct forms. Tax Assistant for Excel helps you determine whether to itemize deductions, automatically calculates your tax and provides a computerized record of your tax filing. The program also provides an automated Schedule D and Form 8949 preparation that is especially helpful for active traders and other taxpayers with a large number of trades to report. The program allows you to easily enter or copy and paste your trades into the Capital Gains sheet and print out a Schedule D attachment as a substitute for preparing multiple Form 8949's, although the program will prepare up to 100 Form 8949's.
In addition to the more common income reporting, you can report income from up to five different businesses, rents, royalties, estates and trusts, as well as income from partnerships and S corporations.
The trial version will remain fully functional for 7 days and the expiration can be removed with the registration passkey provided upon registering the program. Entering the registration passkey will also revive the program after the 7 day trial period has expired.
The forms provided in Tax Assistant for Excel are accurate reproductions of the actual forms and are approved by the IRS. While the program will help you with your tax preparation, it does require that you follow some IRS instructions in order to accurately complete your tax return. If you do not feel comfortable with this approach, you should purchase an interview based tax preparation software package or hire a professional to prepare your tax return. Even if you use other tax preparation software or a tax professional, Tax Assistant for Excel can provide IRS approved electronic copies of your tax return in the common Microsoft Excel file format for long term storage. It can also provide an easy way to estimate your taxes based on different scenarios.
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