Moose-Tech Software was founded in late 2006, with the introduction of Schedule D Tax Tool for stock and options traders.
Soon after, the related Schedule D Tax Manager was released. There are now 11 total software products, mostly focused on
the individual user.
History of Schedule D Tax Tool
Schedule D Tax Tool exists for one reason - it is a major pain typing the details of hundreds of trades at tax time. In fact,
the manual typing effort for active traders can take more than 10 hours of tedious, mistake-prone data entry. The motivation
for a much more efficient approach is clear.
So why not just download data directly from financial institutions from within tax preparation software ? Well, is it really secure,
providing private login data for financial accounts ?
Furthermore, many brokers do not even provide matched trades, only 1099 sales information, so it would still require manually entering
all the purchase details. Most brokers do, however, let clients download all individual transactions in XLS or CSV spreadsheet format.
While many popular tax programs can import matched trade data in the standard TXF format, they typically cannot process the transactions
directly from a spreadsheet. Tax programs also do not match trades. So people who download or track trades in Microsoft Excel have the data,
but not in the format that tax preparation software will accept.
There are other software products and services already on the market for processing XLS files and matching trades, but many are quite
expensive - between $49 and $400. Some companies charge per transaction. Others use subscription services or annual user licenses, requiring
payment of the full price over and over. And with multiple taxpayers from the same household, more licenses are needed. When people are
already paying $50 or more for tax preparation software every year, it is likely they are not amused.
Another issue for taxpayers is the complexity involved to complete the Schedule D form. Transactions have to be matched up in accordance with
specific IRS rules, and the time and effort can get out of control.
Schedule D Tax Tool solves all of these issues. The software can process matched or unmatched spreadsheet transactions, and generate the
standard TXF file. The Schedule D Wizard makes the entire process easy, and walks the user through each step in a logical and straightforward
manner. And, Schedule D Tax Tool eliminates all the pricing trickery - $10, one-time payment, unlimited transactions, forever license.
Schedule D Tax Tool quickly reads the Excel data, and generates the TXF file. The tax preparation software imports the TXF file, and the taxpayer
makes manual checks of the Schedule D data to verify it appears as expected. The hours and hours of tedious typing become a thing of the past.
In just a matter of minutes, hundreds or thousands of Excel rows are processed, the TXF file is imported, the data is verified,
and the Schedule D form is completed.