Tax data is entered onto worksheet screens. This is a one-page summary listing of line item totals for corporate income, capital gains and losses, contributions, deductions, the net operating loss, taxable income, and federal and state tax. Worksheets are arranged in hierarchical order. Each line item on a worksheet is derived from an underlying worksheet. Data is entered at the lowest worksheet level and then flows upward to the worksheet above and ultimately to the main worksheet.
Calculations are instantaneous.
For example, the first output screen, federal total tax, displays the way the tax is calculated. The second output screen, federal taxable income, shows how taxable income is calculated. Numerous tax reports can also be printed. Both worksheets and output screens can be printed as formal reports. Tax Analysis is used to review, compute, and print the Form 1120 tax return.