How do I resolve possible tax deductions


To help you maximize your tax deductions, Quicken needs to know what a business expense is for and the type of expense it is. When you enter a business transaction in a way that makes these requirements unclear, Quicken displays a Possibly Deductible link on the In/Out/Profit/Loss snapshot on the Business tab.


This procedure explains how to resolve unspecified business expenses, such as uncategorized transactions. However, you can use the same basic principles to resolve any unspecified business expense or income from any report in which they appear (such as the Tax Schedule or Schedule C reports).

Business Tag - Another way of labeling your transactions in Quicken. You use tags to specify where, to what, or to whom your transactions apply. For example, you can see the total cost of a vacation by tagging just the transactions in your checking account that apply to the vacation and then customizing a report for the tag.

  1. Click the Business tab.
  2. If necessary, click the Profit/Loss button.
  3. In the Out snapshot, click Possibly Deductible.
  4. Click each unspecified business expense in the Possibly Deductible list, or double-click each expense in a Tax Schedule or Schedule C report. Quicken takes you to the original transaction so you can resolve it.

    • How do I resolve a transaction?
      Unspecified business transactions meet one or more of the following criteria. A transaction is considered resolved when it no longer contains any of the following conditions:
      • The transaction uses a category with a Schedule C tax line item, but it does not include a business tag.
        • How do I resolve a transaction?
          Quicken needs to know the business this transaction is for. You have two options:
          • Tag the transaction with the appropriate business tag
          • Edit your business information to select the check box named Untagged business transactions belong to this business. Quicken then assumes all transactions belong to this business, even when you don't specifically tag the transaction with a business tag.

      Notes

      • See your tax professional or another reliable source such as the IRS website for more help determining the correct tax line item. 
      • You can see the tax line item associated with Quicken categories in the Tax Line Item column of the Category List (choose Tools menu > Category List).

         

Notes

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

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