How to Use Profile Tax Return Software
- 1). Go to the input screen and enter your current year tax information. This includes realized deductions, income and tax payments.
- 2). Enter three years of past tax information. This information can be gleaned from past tax returns.
- 3). Enter future tax projection data. This would include projected deductions, income and any tax payments that will be coming due by the end of the tax year.
- 4). Go to the profile function of the software to generate hard copy reports and display graphics using the current, historical and future projection data base that you previously inputted. The Profile Tax Return software will use this data to show past tax returns, current tax return and projected tax return. This automated tool allows the individual or company to compare to past tax returns, determine where you stand at the current moment and get a good idea what your final tax return will look like at year-end. It will also help you plan for any possible increase in tax liability that might be incurred by the end of the year.