|
Filling taxes are definitely one of the worst things in a year. The rest of the year seems nice and smooth without having to worry about taxes. Most of you may have accountants that do this job for them and some may have hired tax consulting agencies for this and yet some do it by themselves. But let’s look into what it actually takes. Filing taxes for a particular year also needs historical information from last year. You need to collect last year’s capital gains, take into account the depreciation, and verify transactions too. That’s a lot of data to look at and for your accountant too. Turbo tax makes your tax returns an easy job by churning all the required data and you are only required to input some mandatory information. Read on to understand the process of transferring last year’s tax information to turbo tax. a. Name your tax files appropriately and follow a similar naming convention for all of them, such as “your name_tax year”. Create the current tax year’s tax file and save it before the rest of the data is uploaded. This will ensure that nothing else will get added or deleted by mistake. b. In the Tools menu, choose the Tax History option to look at previous years files associated with the current tax file. This is one way to check what all is already there and you can perform this check at any point of time during filing your taxes. If you so wish you could also manually enter your tax summary into it. c. If there are no files associated to the current tax file or if the relevant ones aren’t associated, go to Transfer under the File tab. This starts a search process on your system to scout for any tax files and move them to turbo tax. So all you have to do is ensure that the tax files are there on your system. And try to keep the naming convention similar across years. This way, it becomes easy to locate files and also to ensure that numbers are understood properly. d. If you are not sure of the actual file name, you can always choose the files by type to get what you’re looking for. You have probably used other software like TaxAct or TaxCut or any other tax program. They are all usually saved with similar file type extensions. So once you have all of them together, you can easily pick and choose from them. Typical file types are .tax, .t05 or .ta5 so you can look for these extensions in your computer. e. You may follow the same procedure while searching for these files on any other storage media too. These steps ensures that you have all the data you need with you. All of it will be accessible with your current return. In case you have some other data that needs to be incorporated or have some other software, then contact customer support for better service. Read more on http://turbotaxreview.net/
Related Articles -
tax refund, turbo tax,
| 
