Quicken lets you adjust your withholding (the amounts deducted from each paycheck ), set up alerts so you don't forget important tax dates, look for deductions you might have overlooked, minimize the tax liabilities associated with selling stocks, and even play What if to create alternate tax scenarios.
What can I do to reduce my taxes?
Frequently asked questions
- Can Quicken remind me about tax events?
Quicken uses alerts to keep you informed about general financial events that you might miss or forget. For example, alerts can remind you when it's time to order checks or notify you when an account reaches a specified balance, and they can keep you up to date with the latest news and quotes on your investments. Alerts can also remind you of important tax dates or notify you about the impact of tax-related transactions.
Tax alerts use your tax-related data as stored in the Tax Planner. Tax due or refund due amounts are calculated by the Tax Planner to determine whether criteria have been met to trigger and display the tax alert.
By default, tax alerts are enabled whenever you create a new Quicken data file or convert data from a previous version of Quicken, but you can turn them off and back on when you want. If an alert appears to display in error, review your tax information in the Tax Planner.
- How do I estimate my capital gains?
The Capital Gains Estimator lets you preview potential sales of your securities. From here, you can try out sales of different securities you own and get immediate feedback on how much you'll gain or lose and the estimated taxes you'll pay. The Capital Gains Estimator also helps you calculate your approximate net proceeds from proposed sales. You can set up as many as three different scenarios to compare proposed sales.
- How do I see how much interest I've paid this year on a loan?
One of the most significant ways to reduce taxes is to deduct the interest on a mortgage. You'll receive a report of your interest expenditures at the end of the year, but Quicken can track it for you all year long. If you set up an asset account for your house, plus an associated loan account for the mortgage, you can run a report that tells you exactly how much interest you've paid.