Tax scenarios based on annotated adjustments to transaction based projections

mjohnson

Request changeS to Projected Taxes Scenarios:

1) Short Term change suggestion: Allow for Annotations and User Entered Adjustments.

A) Short term, add an annotation feature in Tax Scenarios where User Entered is allowed. EG if I use User Entered value for medical expenses, what is it based on? For example "Adding $X of expenses not captured by transactions becase…."

B) Better yet, change the User Entered function (in tax line-item Detail in a tax projection) to User Entered Adjustment, and allow for annotation.

GENERAL NOTE:

Some deductions can't practically be captured in categories. For example amazon purchase are a mix of tax related on not tax related expenses; and pharmacy charges mixed with misc sundries that can be purchased at the pharmacy. 

These can however be captured in reports such as the Amazon Spending csv report, or a year end pharmacy Rx spending report. Payees such as Amazon and CVS or Walgreens need to be excluded from tax deduction links, but as a result projections will be missing tax related expenses such as cost of goods, and prescriptions which need to be added back to projections on a line-item basis. These line-item changes must be annotated, so an annotation feature must be added. Such an annotation might be "Adding back Rx charges from Health Insurance report"

2) Long Term - Additional Tax Projection Report Options

A) Create an option to save various tax projections based on different scenarios, sell, don't sell, donate more to charity, spend or delay major medical expenses. These scenarios should be based on annotated adjustments to current (dynamic) transaction-based tax projections and should be saved under user defined titles.

B) Create a similar option to 2A) to estimate next years taxes based on the prior year, providing for annotated adjustments. Everything else being equal, what's my tax bill next year if I retire and sell my house next year for example.

NOTE: Senario 1, 2, 3 is not really helpful naming, and requires manual input of all the values with is not practical, but it could be a great with a few changes.

Please let me know if I'm missing some thing that would allow me to make a variety of projection with suppositions and corrections, and create a bead crumb trail.

Rocket J Squirrel

Some deductions can't practically be captured in categories. For example amazon purchase are a mix of tax related on not tax related expenses; and pharmacy charges mixed with misc sundries that can be purchased at the pharmacy. 

@mjohnson

You can simply use split transactions for this. My last trip to my pharmacy was a single purchase which included a prescription and a non-prescription item. The split transaction allows proper categorization, and therefore tax- or non-tax relatedness, of both items.