Online Business Turbotax
Quicken Online and Tax Deductions?
I know that (free online money tracking tool) Quicken Online (just like Mint.com) tracks bunch of transactions, does fancy graphs, updates amounts, etc. But I do have a question. What about tax deductions?
Would Quicken Online be able at the end of the year scan all my transaction and find all eligible ones that are potential tax deductions?
For example:
I am a self-employed. I bought a computer for my website business in summer. So, when I do my taxes (TurboTax – same company) can I integrate my Quicken Online transaction and TurboTax to find out that there was a $2,000 transaction in summer that might be eligible for tax deduction (based, of course, on my tax situation)?
Any ideas? Thanks.
The Quicken programs are great, but they don’t read your data- they keep track of it and the better you set it up, the better it will perform for you at tax time.
For example, there is an option to link the various categories from Quicken to the Schedule C of the tax program- when done correctly, at tax time all you would need to do is print the tax summary report to complete your taxes or with Turbo Tax, it will import the data to complete your returns.
But if you haven’t set it up with all the categories, at tax time, the various tax programs will interview you with questions meant to assist you in answering the things that might be tax deductions- there is a question related to purchases of equipment for business use.
It really comes down to regular bookkeeping throughout the year to insure that you get all the deductions you have coming.
Ultimately, you might benefit from having someone assist you in getting your Quicken set up to properly categorize your expenses the first time. Good luck!!
TurboTax Online Home and Business ——— free download —–
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