Tax Deductions in BudgetTracker
BudgetTracker makes it easy to keep track of what items need to be saved as tax deductions at the end of the year. Since April will be coming around soon, we thought it would be good to make people aware that you have the ability to mark your transactions as Tax Deductions. When creating a new transaction, you’ll see a dropdown titled “Add To…”. Under this you’ll see an option for “Tax Deduction”. This is also available when updating an existing transaction from the My Transactions page. To get to the Tax Deductions page, look under Graphs & Reports from the Navigation menu. Some Tax Deductions may not be tied to a transaction such as donating clothes or furniture so from the Tax Deductions page, you can also enter in new deductions manually. At the top of the Tax Deductions page, you can organize your display items by year. In addition to viewing individual tax deductions, we also give you the ability to view your taxed items by category. To do so, go to the My Transactions page. From the Go To… dropdown select “Transaction Summary”. You’ll then see a tab at the top of the page titled “2008 Taxes”. This will give you a breakdown by category of all the transactions that have been assigned as a Tax Deduction. Many people neglect to track what items can be written off at the end of the year which could save you lots of money when Tax season comes around. Make sure you consult with your tax adviser for which items can be written off.