Tax Planning

[Andrew]

I want to provide tax planning services for some of my clients. How do you do this in ATX? If I use ATX 2006 to enter estimated 2007 figures the depreciation isn't correct. Does anyone have any advice on this?

[Lynn EA USTCP in Louisiana]

I want to provide tax planning services for some of my clients. How do you do this in ATX? If I use ATX 2006 to enter estimated 2007 figures the depreciation isn't correct. Does anyone have any advice on this?

Have you considered printing the "next year's" depreciation report? I do that and then plug the known information into the "tax planner".

Lynn Jacobs, EA

Kenner, LA

[Andrew]

Have you considered printing the "next year's" depreciation report? I do that and then plug the known information into the "tax planner".

Lynn Jacobs, EA

Kenner, LA

I would have liked to enter estimated farm income and expenses into a schedule F instead of using the net income figure. Maybe I should use the "next year" depreciation report and override depreciation on schedule F. Any other ideas?

[RJM]

Andrew, that's basically the way I do it when I need a real good estimate: Override the depreciation, then re-do the return. You need to be aware of what changes in the law are occurring, and adjust for them, and you also need to mentally adjust for the "bracket creep", which I just use as a 3% or so conservative cushion. When there are major tax law changes which are difficult to override, I wait until ATX provides updates for the "Planner" spreadsheet, and they make the adjustments right in the program.