The matter of Uncle Sam’s hand in your pocket should never be too far from your thoughts.
For those who may not be aware, TAX-I-QL (EMSoft) is the most extensive ABACUS/QLSS template one can use on his/her QL.
TAX-I-QL is h-u-g-e spreadsheet template which requires a 256K (minimum) memory expansion. From what I can tell, TAX-I-QL is designed/suitable for the CPA who need to “link” (virtually) ALL of the IRS forms.
Because “individuals” certainly comprise the majority of the users, the extent of the template will appear to be overkill; with, the result being a minor penalty of a seemingly long calculation time. Time is very subjective, and you will find that it is still faster than doing calculations on the forms in tandem with an adding machine or calculator.
Unfortunately, nothing on/for the QL appears to be perfect; and, TAX-I-QL is no exception. But, TAX-I-QL is accessible for modification (but, use caution; and, ALWAYS double check your calculations regardless of the spreadsheet and/or template your are using).
Any “adjustments” to schedules are limited only to your ability to write/modify an Abacus formula.
A minor TAX-I-QL “flaw” is that the template presumes that the data taken from your W-2 forms for “state tax” is an absolute [i.e., that you will NOT deduct more-or-less than the amount(s) withheld]; and, this is reflected in the value transferred to SCHEDULE A.
For example, Illinois residents pay a percentage of the ADJUSTED GROSS INCOME, less two-times (2x) the local real estate tax paid and a “standard” deduction similar to the Federal deduction. As I am only dealing with one state, I can input a simple, linked formula in the appropriate cell in SCHEDULE A:
(G100 – (2*N13) – 2000) * 0.03
‘G100’ is the cell containing the “adjusted gross income” (on the template I have); ‘N13’ is the cell containg the “real estate tax” paid; ‘2000’ is the “deduction” for myself and my wife [this could have been input as “G74 * 1000” (exemptions x deduction)]; and ‘0.03’ is the current “tax rate” in Illinois.
Obviously (?!), the state income tax rate varies from state to state; and/but, an ASKN/ASKT macro might be incorporated to better quantify the state tax value on SCHEDULE A if you are preparing tax returns from varying states.
Because TAX-I-PC is accessible, its one other “flaw” is that you may eventually decide that you only have to buy a copy for one year; and, then modify it for subsequent years.
HHMmm. Definitely worth buying at least one time. TAX-I-QL ($24.95) is available from:
EMSOFT
P.O. Box 8763
Boston, MA 02114-8763
EMSOFT accepts VISA and Master- Card (w/ surcharge).
HAPPY TRAILS,
AND COMPUTING,
TO YOU …