Answer the questions to see if you're eligible for the deduction. For example, Employee > Car Expense-Lease. Select a deduction type, and then a specific deduction. Click the Planning tab, and then click the Tax Center button. To use the Deduction Finder (requires Quicken Premier or above): It also explains the types of records you should keep for tax time. And if you are eligible, it helps you create the categories you’ll need to track your expenses. Tip: If you don’t know which tax line item to assign, you can come back later and select it.Īre you missing deductions? The Quicken Deduction Finder helps determine whether you're eligible for over 100 common tax deductions. Select the tax form line item to link the category to. On the Details tab, name the category and specify if it is an income or expense category. Choose Tools menu > Category List, and then click New. For example, if you subscribe to certain periodicals that are related to the production of tax-related income, you may want to create a category to track that information in Quicken. You may find that Quicken doesn’t have all the tax-related categories you need. Tip: If you don’t see the Tax Line Item column, click (the Gear icon) and choose Tax Line Item. The Tax Line Item column shows which categories are tax-related, and the tax line item linked to each. 
Quicken lets you work the way you want to, so when tax time rolls around, you’ll have everything you need, exactly how you need it. If you want to change your tax-related categories or even map new categories to different tax-related line items, you can do that too. Of course, with Quicken, you’re never limited to the way things work out of the box. Save 10% Today Review or change Quicken's tax-related categories This makes it easy to generate deduction reports at any time of the year, and transferring your data to TurboTax is a snap! For example, if you’re using a Quicken category like Gifts & Donations: Charity, all the transaction amounts assigned to that category are automatically mapped to your itemized deductions in federal form Schedule A: Cash charity contributions. Right out of the box, Quicken includes most of the categories you’ll need to track your tax-deductible expenses-categories that are already linked to tax form line items. With Quicken, you can create an automatic report of your itemized deductions so you (or your accountant) can check that bottom line and decide which is better for your wallet.
Instead of making a financial decision, far too many of us choose the standard deduction out of hand because itemizing feels like too much of a hassle. One of the first decisions you need to make when it comes to tax prep is whether you want to itemize your deductions.
Export your data to TurboTax or send it to your accountant. Your tax preparation checklist gets longer and longer, and the number of websites and emails you have to dig through to find what you need becomes more and more excruciating.įortunately, the more tax information you track in Quicken, the easier your life can be when tax time rolls around, and you don’t have to wait until your taxes are due to find out where you stand. The more complex your finances are, the tougher it is to get ready for tax season.
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