tag:infinitekind.tenderapp.com,2009-01-14:/discussions/problems/65207-reports-to-use-in-filing-federal-taxesInfinite Kind: Discussion 2021-02-21T18:10:23Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/488406382020-11-18T22:18:24Z2020-11-18T22:18:24ZReports to use in filing federal taxes<div><p>I'm a fellow user.</p>
<p>Most people use the Income and Expense reports for preparing of taxation information, these report on category information.</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/488406382020-11-18T22:43:17Z2020-11-18T22:43:17ZReports to use in filing federal taxes<div><p>Thanks for replying. The guide talks about setting up VAT/GST and<br>
categories. I never studied these or have any idea what their purpose<br>
is. It talks about setting a rate for a category. Charity would never<br>
have a single rate. I buy several items from a store, and only one or<br>
more may be Charity, a total amount, no rate. This was easy with<br>
Quicken. What am I missing??</p></div>fejfaradtag:infinitekind.tenderapp.com,2009-01-14:Comment/488406382020-11-19T02:00:54Z2020-11-19T02:00:54ZReports to use in filing federal taxes<div><p>Hmmm. Dare I suggest the answer to your question is "a global perspective"?<br>
MoneyDance is used globally and you do not say which "federation" you belong to.</p>
<p>For instance, I am a fellow user in Australia where GST (Goods & Services Tax) is a federal tax payable by citizens. My understanding is that VAT (Value Added Tax) is a federal tax in the UK (and probably elsewhere).</p>
<p>If you've not been paying either of those federal taxes in your local federation using Quicken, I don't really understand why would you wish to report on them with Moneydance?? Perhaps if you were to state your Country, a user from a similar /same jurisdiction might be able to give you additional guidance.</p>
<p>Either way, I suggest dwg has provided the appropriate answer for reporting on GST/VAT if you choose/are required to pay it and report on it.</p></div>tgilbert666tag:infinitekind.tenderapp.com,2009-01-14:Comment/488406382020-11-19T21:37:11Z2020-11-19T21:37:11ZReports to use in filing federal taxes<div><p>I am in the USA. I now know what GST/VAT are. Neither of these apply in<br>
USA. We have income tax, sales tax, and some others. The sales tax<br>
varies by state, county, and city. Donations have to be detailed. I am<br>
attaching an old income tax return that shows what I am talking about.<br>
Schedule A (pgs 34 to 50) show what I need. Not as simple as VAT which I<br>
experienced in England. Pages 38 and 50 are the best example. Although<br>
the forms have changed over the years, this detail is still required. We<br>
have to file no later than 15 April.<br>
Hope this helps.</p></div>fejfaradtag:infinitekind.tenderapp.com,2009-01-14:Comment/488406382020-11-19T22:26:41Z2020-11-19T22:26:41ZReports to use in filing federal taxes<div><p>I'm a fellow user.</p>
<p>VAT and GST are totally different to what you are talking about here, I do not see any use for these.</p>
<p>This is something you are going to have to do some experimentation with I feel.</p>
<p>For most Taxation reporting Income and expense reports - both summary and detailed provide the information that is needed, of course this means you have to have suitable categories created.</p>
<p>For some of what you need this may be a bit too much though so it may mean that the use of Tags with some tag sub-reports may be a better option.</p>
<p>The Australian tax system does not get into this much detail so just using categories works for me.</p>
<p>Unless someone in the US has some direct experience you may need to set up a data set with some dummy data and just see the results you get taking different approaches.</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/488406382020-11-22T01:20:08Z2020-11-22T01:20:08ZReports to use in filing federal taxes<div><p>I must not be the only IS user who itemizes US Income deductions, Schedule A; For medical and charitable deductions, I need Category subtotaled by payee. How do you do this without another accounting system. It was easy with Quicken, but getting costly, That was the reason I went to MoneyDance. A Report to do this would be straightforward for someone knowing the data base.<br>
What do USA income tax tilers do?</p></div>fejfaradtag:infinitekind.tenderapp.com,2009-01-14:Comment/488406382020-11-22T02:15:15Z2020-11-22T02:28:47ZReports to use in filing federal taxes<div><p>just a user</p>
<p>I create categories that represent the different lines for tax forms</p>
<p>I do a schedule c - for example, and don't just have a "business expense" category for everything, I have a business expense: inventory, a business expense:just about anything i need.</p>
<p>the income/expense (detail) report works extremely well when you do this.</p>
<p>Works for Schedule A as well.</p>
<p>Of course, it works best if you do this as you go, versus trying to do this after the fact.</p>
<p>I did the above in the 20 years I used quicken as well. it was very convenient, and items were characterized, and i could also use quicken's methodology of assigning tax categories. Although MD is more "worldwide", it still works well here.</p>
<p>ps - im not saying that there isn't a report in MD like the one you asked for, i'm just telling you what i do.</p></div>dtdtag:infinitekind.tenderapp.com,2009-01-14:Comment/488406382020-11-22T02:30:50Z2020-11-22T02:30:50ZReports to use in filing federal taxes<div><p>If I remember correctly the transactions reports are the only ones that total by Description (payee) but they do not group by category.</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/488406382020-11-22T02:46:12Z2020-11-22T02:47:19ZReports to use in filing federal taxes<div><p>"I need Category subtotaled by payee. "</p>
<p>Although I think there were reports in quicken that did this, they always seemed incomplete. I went back to my tax reports out of Quicken from the previous few years, they all were subtotal by category, not subtotal by category AND payee.</p>
<p>But maybe I just didn't need the secondary subtotal. Re-reading your message, it would have been nice to have my weekly church contributions subtotaled separately from the other charitable contributions, but I never looked up if I could do that in Quicken. I just printed out the report, then used a calculator.</p>
<p>Again, this is quicken, not moneydance. If you had a better methodology, I should have figured it out.</p></div>dtdtag:infinitekind.tenderapp.com,2009-01-14:Comment/488406382020-11-22T16:24:53Z2020-11-22T16:24:56ZReports to use in filing federal taxes<div><p>Wow, somebody posted their entire tax return with SSN, address income all visible to all.</p></div>mwdtag:infinitekind.tenderapp.com,2009-01-14:Comment/488406382020-11-22T16:58:10Z2020-11-22T16:58:10ZReports to use in filing federal taxes<div><p>Thanks for the comments.</p>
<p>i just did a transaction report, and must have done something wrong<br>
setting up MoneyDanace account.For a given transaction, I get 2<br>
transactions. One is with the correct Account and Category with the<br>
correct negative Amount, and the next one with the Category as an<br>
Account, and the Account as a Category with the incorrect positive<br>
Amount. WHAT DID I DO WRONG AND HOW DO I FIX IT. The Accounts with<br>
Transfers and everything else works as expected.</p></div>fejfaradtag:infinitekind.tenderapp.com,2009-01-14:Comment/488406382020-11-22T17:40:45Z2020-11-22T17:40:45ZReports to use in filing federal taxes<div><p>From: sprimost [I'm a fellow user.]</p>
<p>Best not to use "...transfer...." You will then see the single transactions.</p>
<p>Typically, I will run the report and then export it to a spreadsheet to<br>
sort within each category (or sub-category). The easiest way is to "copy<br>
to clipboard" and then paste into a "sheet". I have been doing this for<br>
years.</p></div>sprimosttag:infinitekind.tenderapp.com,2009-01-14:Comment/488406382020-11-22T18:04:22Z2020-11-22T18:04:22ZReports to use in filing federal taxes<div><p>I have an attachment on 19 Nov message. Please delete the message with<br>
the attachment.</p></div>fejfaradtag:infinitekind.tenderapp.com,2009-01-14:Comment/488406382020-11-22T18:09:53Z2020-11-22T18:09:53ZReports to use in filing federal taxes<div><p>Transfer works fine when paying a CC form the checkbook. I don't see<br>
how the transfer connect the transaction to the transfer? You just do 2<br>
separate transactions to pay the CC?</p></div>fejfarad