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Using excel to prepare a detailed income and tax computation for federal taxes USA.
I am toying with the idea of preparing a comprehensive excel workbook for preparing a computation of income, adjustments, deductions, taxes and credits similar to a software helping to prepare 1040 return. My idea is not exactly to prepare a tax forms for submission but a computation summary of four to five pages which helps the tax payers to appreciate their income and taxes (as against 200+ pages of tax return). Technically it will be a full fledged software but will be also a very good review and visulation tool and mybe a tax planning tool later. Is excel a good place to do that? Will python with excel be able to handle? I am a tax professional but not a tech guy. I am only looking at Federal preparation as of now.
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I'm not a tax professional, but I did have some fun putting together the attached, which will calculate US Federal Income Tax for any of the several filing statuses, for several past and the current year.
This include a front sheet that sums up income by the various categories, deductions and so on. Once it gets that to the point where it yields "Taxable Income" then the final computation of taxes owed by a person in the selected filing status for that year, is calculated.
There is some documentation. I'd be happy to answer questions beyond.
