Tax allocation

Quicken currently allocates taxes to all items when you choose allocate. There was a suggestion to add a field to the categories database to show whether an item is taxable or not. This would slow things down and change lots of other functions in quicken that involve the category database.

I propose to simply modify the registry entry form where you have a checkbox next to each line entry where one indicates whether or not an item should be taxed or not. This leaves everything the same other than the registry entry form.
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Comments

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭
    Why do you want to allocate sales tax into the cost of taxable items? Sales tax should be its own category and have a split line to itself in a taxable purchase transaction.
    By allocating sales tax, you are losing information. Some time in the future, sales tax might be deductible from income tax again, so it should be tracked separately.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription (US) on Win10 Pro.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited January 13
    Each Category already has a Tax Line Item option. If you assign that, all transactions with that Category will appear in the Tax reports. 

    Or do you want to track taxable vs non taxable items for purchases? You could do that with a Tag.

    Also see this Idea post, which may address what you are looking for
    https://community.quicken.com/discussion/7864277/tax-exempt-personal-expense-categories
    QWin Premier subscription