Using TaxMode

There are a number of ways you can customize the program to suit your needs. In its most simplistic way TaxMode can be used in its Quick mode. In this mode (default mode when you invoke the program the first time) you need to enter a gross value for each applicable category right at the textbox of the button. All applicable tax results are displayed after each input on the display window.

If Quick mode is not what you want you can change your input option to Full mode. In this input mode you can itemize items applicable to each category (button). There is also a Flex mode that gives you the capabilities of the Quick as well as Full input modes that could be varied from one button to the next.

Result Screen

Tax computation results are displayed here. The placement of displayed items is kept around the center of this display panel. Among the items displayed here are-
      • Instant tax computation results
      • Comparison column when activated
      • Main income and tax report
      • Detailed input and calculations
      • Info as applied to select tax forms

While the result screen is displaying instant tax computation results basic information is available for each value displayed and the associated caption by mouse-over action.

To return to instant tax computation result display click anywhere on this display when it is displaying a report of tax form.

  Year of tax calculations

Settings

The following settings can be changed at any time during your use of TaxMode. New settings are applied from this point on until they are changed. Settings are saved upon normal exit from the program (using the Exit option) and turned on the next  time you start TaxMode.

Settings for each case data are saved individually and reapplied when you reload that case.

Tax Year

Click on the button to select the year for which tax calculations are to be performed

Input mode

There are two ways to input data in the program – summary totals or detailed individual items for a category. Although you could enter data either way this option is provided to help you tailor the program as it suits you best. The Quick mode is best suited to input summary totals and the Full mode allows you to input itemized details for the category represented by the button.

Note:  Quick input is made directly to the textbox of the button. Full input  is made on the input grid that opens up when you click on the button.

Quick – The virtual key pad is locked into the quick mode. You can click any button or textbox to enter a direct value for that category. This option can be useful while analyzing a financial situation that may require frequent ballpark tax calculations.

Full   -   The virtual key pad is locked into the detail mode of input. A click on any button or textbox requiring numeric input will open an input grid allowing itemized input of corresponding data. This mode allows you to appropriately input data according to its characteristics or its type with regards to applicable tax laws.

Flex   -   The virtual key pad is unlocked allowing input in Quick or Full mode depending on where you click. If you click on the textbox you can make an overall data entry for this category. To input itemized data using the input grid click on the button.

Note:   if data has already been entered via the textbox for a category when you click its button the program will automatically switch this category to Full mode while placing the earlier value in the input grid as value of the default item for this category.

Startup case

This setting can be used to set up the initial action of the program each time it is run. The program automatically saves all settings and data when you exit it normally (using the Exit option). The New option will make the program ignore the last run and give you a clean new slate to start with. Last run will make the program start at the point the previous run was exited.

Startup location

TaxMode calculator can be moved to anywhere on your desktop screen (Click anywhere on the case of the calculator, hold the left mouse key and drag the calculator to a new location). Check Last run for this option if you want the calculator to start at the location it was at when exited (with the Exit option) in the previous run.

Show menus

Selecting the Yes option will turn on a Windows menu bar at the top of the program. The options available on the menu bar are similar to corresponding options available when you click the Options button. Select No if you don’t need to see the menu bar.

Mouse-over tooltips

TaxMode displays information and tips related to the item when you move the cursor to it. This option can be used to turn off this feature.

Default display

The results of tax calculations are displayed after each new or change in data. These results are shown in terms of the v      alue of the AGI, Taxable income and the amount of each tax. This setting can be used to change the display of these values and instead show a pie chart made out in proportion of tax items as compared to the total income.

Stay on top

This program under default is set to stay on top of other applications running on your desktop to allow you ready access for a quick comp. This default can be changed with this setting.

Instant comps

All tax computations are recalculated every time  you make a new entry or change an existing item. The computation process is highly optimized producing no noticeable time delay between your entry and the display of all calculations. If for some reason you need to turn off the continuous computations you could do so with this setting. You can have the program compute taxes on demand. There is a run time option  available under Options captioned Compute/recomputed now.

 

 
Two type of comparison modes are available: Static compare mode (activated/deactivate by F4 key) and Dynamic compare mode (activated/deactivated by F5 key).
In the Static mode the base case data is frozen when you press F4 the first time. From this point on all data entered will be compared to the base case values. In the Dynamic mode the case data is compared for each new data entry from the previous values.


Graphic presentation is available at any point in the base case. Press F6 for Pie chart or Ft for a Doughnut chart.


This is a part of the main income and tax report produced by TaxMode. A detailed version of this statement is also available which adds the data corresponding to these results.  TaxMode can also Tax provide computational details that correspond to the following IRS Tax Forms-
Form 1040
Schedule A - Itemized Deductions
Schedule D - Capital Gain and Loss Schedule
Schedule SE - Self employment Tax
Form 1040 EIC - Earned Income Credit
Form 4952 - Investment Interest Limitations
Form 4972 - Lump-sum distribution Tax
Form 6251 - Alternative Minimum Tax
Additionally, TaxMode provides appropriate limitations for charitable contributions in the category of 50%, 30% and 20% deductibility. A supporting schedule can be printed to verify these calculations
All of the above computations are calculated, if applicable, automatically.