High-quality tax tools don't always come with high prices. Moose-Tech's Schedule D Tax Tool is a standalone tool for generating IRS Schedule D tax data in TXF files that can be imported into major tax preparation software. It can import XLS data and match individual transactions. It doesn't prepare your taxes for you, but it does simplify the process of entering your tax data, which frees you up to focus on more important parts of the whole taxpaying experience.
Schedule D Tax Tool's compact Main Menu offers a gentle reminder to have your personal data ready: "Do you know where your Schedule D is?" Accordingly, we opened the Preparation source file checklist prior to running the Schedule D Wizard, the next step in the prep. The description says it all: "This wizard will walk you step-by-step through the process of generating Schedule D in the TXF file format." Since we were running the tool for the first time, we opted for system defaults instead of selections from a recent run and opened some example data, ExampleImportIndividual.xls file, a read-only file listing a variety of investment-related transactions like buy, sell, and cover, together with details. We configured our data layout options step by step, including selecting Type A, B, or C of Form 8949, and other selections related to columns, headers, and data. It sounds complex, and there's a lot of steps, but it's actually fairly easy ("way easy," compared to the manual method). In the end, Schedule D Tax Tool yielded two extremely useful files, ScheduleD.txf and ScheduleD.xls, ready for the accountant or our favorite tax or personal finance software. Of course, you need all the help you can get at tax time, and Schedule D Tax Tool's extensive Help file answers just about every question you might have about the tool, if not your taxes (that's your department).
Accurately entering your tax data is Step One to calculating the lowest possible tax bill on your investment gains. Schedule D Tax Tool promises to improve the accuracy, efficiency, and security of the data entry process, and for less than 10 bucks.
Editors' note: This is a review of the trial version of Schedule D Tax Tool 1.5.2.