How do I look for deductions


 Quicken offers two tools to help you find tax deductions that you may not know about or may not think apply to your tax situation.

  • The Deduction Finder contains a list of available deductions and helps you determine if you might qualify for them. It also maintains a list of the deductions for which you could be eligible, describes the deductions, tells you which tax form or schedule to use for each deduction, helps you create new categories so you can track expenses that you might later be able to deduct, and explains the types of records you should keep for tax time.
  • The Itemized Deduction Estimator helps you determine the actual impact taking these deductions might have on your tax bill. Once you identify deductions you might take using the Deduction Finder, you can use the worksheets in the Itemized Deduction Estimator to enter the amounts you spend in these areas and determine how much you could deduct.

Be sure to investigate any deduction thoroughly before you take it. The deduction tools in Quicken can only help you identify deductions you may have missed or haven't considered; it can't confirm that you're indeed qualified to take the deduction. Check with the Internal Revenue Service or your tax professional for complete details and information.

Click a link below for more information.

  • Use the Deduction Finder to look for deductions
    1. Click the Planning tab.

    2. Click the Tax Center button.

    3. Choose Tax Tools > Deduction Finder.

    4. In the Choose a deduction type field, select a deduction type.

    5. In the Choose a deduction field, select a deduction.

    6. Answer the questions Quicken displays to see if you're eligible.
    • Tell me more
      Based on your answers, Quicken lets you know if you're likely to be eligible for that deduction.


      If you're eligible, you see a green check mark next to the deduction in the Choose a deduction list on the left. If you're not eligible, you see a red X next to the deduction.

    7. For more information about a particular deduction, click More Information.

    8. To create a category to track a deduction you may be eligible for, click Create Category, and then click OK to have Quicken create the proper category.

    9. Click the Summary tab to see a summary of the number of deductions available for each deduction type, the number you answered questions for, and the number you may be eligible for.

    10. Click the Action Plan tab for information about each deduction you may be eligible for and the steps you should now take.

    • Tell me more
      The action plan provides details about each deduction you may be eligible to take. You can also review the actions you should take.


      You should consult your tax advisor to confirm that you're eligible for each deduction and the exact amount for each deduction.
      Criteria Briefly outlines the basic requirements you need to meet to take this deduction.
      Limits Discusses the limits imposed for the deduction. For example, the Deduction Finder states that one limit for business gifts is $25.00 per year per recipient.
      Paper Trail Suggests the records you should keep about the deduction. For example, the Deduction Finder suggests that the records you keep for a business gift should include:
      • A description of the gift.
      • Your cost.
      • The date the gift was made.
      • Information establishing your business relationship with the gift's recipient.
      • The reason for giving the gift.
      Tax Forms Explains which tax form to use and which ones not to use. For example, if you're self-employed and make business gifts, the Deduction Finder instructs you to deduct the business gifts as Other Business Expenses on Schedule C and not to use Form 1040A or Form 1040EZ.
      More Info

      This section provides additional details about the deduction and directs you to particular IRS publications for specific information. For example, for business gifts, the Deduction Finder states that items costing $4.00 or less that are imprinted with the taxpayer's name as well as signs, display racks, or other promotional materials used on the business premises of the recipient aren't considered gifts.

      The Deduction Finder also suggests reviewing IRS Publication 463 for more information.

    11. Click Print to print the information on a selected tab. (Optional)

  • Use the Itemized Deduction Estimator to estimate how much I can deduct
    1. Click the Planning tab. 2. Click the Tax Center button.

    3. Choose Tax Tools > Itemized Deduction Estimator.

    4. Select a worksheet from the list on the left.
    • Tell me more
      These worksheets cover different types of deductions—for example, medical or charitable deductions, as well as your basic filing information and the amount of tax you've paid.



    Which worksheet did you select?

    • Medical, Taxes, Interest, Charitable Contributions, Miscellaneous, Other
      1. Click the Planning tab.

      2. Click the Tax Center button.

      3. Click the Tax Tools button and choose Itemized Deduction Estimator.

      4. On the left side of the page, in the Deduction Ideas list, select the appropriate deduction.

      5. Enter the appropriate values in the worksheet's fields. If a field doesn't apply to you, leave it blank.

      6. Click any place in the worksheet to calculate the totals.

      7. In the Tax Projection Data area on the right, view the deductions Quicken finds
      • Tell me more
        Based on the values you entered, Quicken tells you if you're missing any itemized deductions when you file your income taxes.

      8. To have the Tax Deduction Estimator worksheets revert back to your Tax Planner data, click Reset to Tax Planner Values. (Optional)

    • Adjust Basic Information
      1. Click the Planning tab.

      2. Click the Tax Center button.

      3. Click the Tax Tools button and choose Itemized Deduction Estimator.

      4. On the left side of the page, select Adjust Basic Information.

      5. In the Adjust Basic Information worksheet, in the Filing Status field, enter a new filing status. (Optional)

      6. In the Dependents field, enter a new value. (Optional)

      7. In the Adjusted Gross Income field, enter a new value. (Optional)

      8. Click any place in the worksheet to calculate the totals.

      9. In the Tax Projection Data area on the right, view the deductions Quicken finds
      • Tell me more
        The information that shows in the fields when you first open the worksheet comes from your Tax Planner data, as displayed in the Tax Planner or the Projected Tax summary in the Tax Center view of the Planning tab.

      10. To have the Tax Deduction Estimator worksheets revert back to your Tax Planner data, click Reset to Tax Planner Values. (Optional)

    • Tax Payments
      1. Click the Planning tab.

      2. Click the Tax Center button.

      3. Click the Tax Tools button, and choose Itemized Deduction Estimator.

      4. On the left side of the page, select Tax Payments.

      5. In the Tax Payments worksheet, in the Tax Payments field on the left, make any necessary adjustments to the total amount of federal tax the Itemized Deduction Estimator currently believes you will have paid by the end of the year.

      6. Click any place in the worksheet to calculate the totals.

      7. In the Tax Projection Data area on the right, view the deductions Quicken finds.

      8. To have the Tax Deduction Estimator worksheets revert back to your Tax Planner data, click Reset to Tax Planner Values. (Optional)
    • Assign Tax Line Items
      If necessary, you can link tax-related categories to tax line items.

      Notes

      The data and calculations in this What if feature don't affect your Quicken data or other tax tools.

Notes

If you've purchased Quicken Home & Business, Quicken identifies incomplete business transactions that are potentially deductible so you can resolve them by tax time.


This feature requires Quicken Premier, Home & Business or Rental Property Manager. Learn how you can upgrade Quicken in minutes.

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