Subtitles of the Movie

In our last movie, we automated our taxes by setting up our tax line in each category in our list. Once we established the tax line, Quicken automatically will keep track of how much money is going into each category. I can see a reflection of those totals by going to the Tax Planner. The Tax Planner will break down my wages, my interest, so forth and so on. Now, in the Planner, it will also show you each of the individual schedules and what you have selected on that schedule. Now, we can have an entire video collection of help on taxes, so we can not go into that much detail within Quicken. However, whenever you'd like to see your income and how it affects a particular form, you simply select the item and it shows you exactly what you've entered into Quicken that affects these areas. When I'm ready to actually prepare my taxes, you will note that Quicken will download directly to TurboTax. When our tax line items are already set up, there's very little work to actually do with TurboTax. You will also note that you have the ability to prepare and file taxes online. If you'd like to actually import your data into TurboTax, you can do so with one click of the button. However, I'd also like you to be aware of the fact that you can take your data from Quicken and export it into a form that would be appropriate for other tax programs. The concept of the Tax Center is to be able to give you an actual report that prepares you for your taxes. When I select the Tax Report, it once again will take me to my Reports Centers and Graphs. Here I can easily go to the section for the Year-End Tax Reports and see what my deductions are. For instance, I'll select the Schedule A deduction. I'm going to allow the default template dates to appear and I'll say Show Report. This will now show me exactly what my charitable contributions were. As always, I can change my dates by selecting a new tax year. I'm going to hide my history and when I do, I can see each individual expense that went into medical and dental. When I hit a Minus Sign, it rolls up the category and allows me to see my gifts to charity. When I close out, I'm back at the Report Center. When I close out of the Report Center, I'm back into the Tax Planning Center. If I move my Scrollbar down towards the bottom, you will also notice that there are some online tax tools. There's a calculator, some common tax questions and even federal tax publications. Now, each of these will be links to other websites that will give you the information. Quicken does as much as possible to make taxes easy to work with. Understanding tax law is another important component.