A look at an Income Tax Calculator

Doing it yourself?  This spreadsheet is free.

To save money many taxpayers, roughly 31% of those who don’t e~file, are completing their own tax returns. By hand, on paper. Several years ago I came across a wonderful item to help those “paper do-it-yourselfers”.

It is called simply enough Microsoft Excel spreadsheet income tax calculator.

I first knew it as excel1040

You start with entering your data:

         By clicking on the images you can see them larger. You need to notice all the tabs across the bottom. Shown above is the sheet where you and your spouse enter your W-2 information. As you can see there is enough space for up to four W-2′s each. With a very nice look at your total separately and together. The numbers I entered are fictitious so that you can see how it works.

       As you can see below the information from the W-2 screen has moved completly to the 1040 Form:

     As you look at the form, further, if there is information you need, the spreadsheet has what you need written in red before it will calculate:

       If work sheets are needed, those are here as well:

      Included in this free Microsoft download are Form Sch/s

• • A - Itemized Deductions,
  • B - Interest and Ordinary Dividends,
  • C – Profit or Loss From Business (Sole Proprietorship),
  • D – Capital Gains and Losses,
  • L – Standard Deduction for Certain Filers, 
  • M – Making Work Pay Credit,
  • SE – Self-Employment Tax, and
  • Form 6251 Alternative Minimum Tax

     I have links above to the forms, but you can also find links to each form and Form instructions at the bottom of each form in the spreadsheet:

     This is a must have for you the do-it-yourself tax filers who don’t buy the flawed tax software. 

     Although E-filed returns account for about 80% of individual tax returns filed, that leaves a lot of American Taxpayers filing by paper. If you’re one of those filing on paper, get this spreadsheet. It’s Free!

     If you have questions about completing your return contact your tax professional. If you don’t have a tax professional, find one. Even if you don’t have them complete your return, spend the money to find out what you need to know to get your return completed correctly. An hour at a tax pros office, could save you in so many ways on so many levels.

     Complete your Federal Income Tax Form 1040 using this Microsoft Excel spreadsheet income tax calculator. It is a wonderful tool and you’ll not find a better aid for the paper filer who does their own.

     A lot of folks who use Turbo-Tax, look for a spreadsheet. You’ll be happy to have found this worksheet.

     The average cost of hiring a professional to prepare a federal and state tax return with no itemized deductions is $129, while the average cost for an itemized federal and state return is $229so says the National Society of Accountants says.

That is not counting what all comes with this spreadsheet download.

Be sure to read what others have said about it on the front page of the site. Microsoft Excel spreadsheet income tax calculator

Although this is a free download consider donating to this as it will help to get this for years to come. 

Thanks for another great download Glenn.

© 2011, Bruce Mc. All rights reserved.