How to Use TXF
Exporting TXF data from your financial software and then importing it into your tax software saves time you would otherwise spend entering data into the tax software to prepare your income tax return.
Most Windows personal finance software exports TXF data, as do some Mac personal finance software titles. To create a TXF data file from your financial software, you can usually click on File, Export, and then choose to export tax information. If this procedure doesn't work, do a search in your software help documentation to determine if this is possible.
If you are going to use your personal finance software to create a TXF file, it's essential that you properly categorize tax-related expenses throughout the year.