How do I look for deductions?

Quicken offers two tools to help you find tax deductions that you may not know about or may not think apply to your tax situation.

• The Deduction Finder contains a list of available deductions and helps you determine if you might qualify for them. It also maintains a list of the deductions for which you could be eligible, describes the deductions, tells you which tax form or schedule to use for each deduction, helps you create new categories so you can track expenses that you might later be able to deduct, and explains the types of records you should keep for tax time.
• The Itemized Deduction Estimator helps you determine the actual impact taking these deductions might have on your tax bill. Once you identify deductions you might take using the Deduction Finder, you can use the worksheets in the Itemized Deduction Estimator to enter the amounts you spend in these areas and determine how much you could deduct.

Be sure to investigate any deduction thoroughly before you take it. The deduction tools in Quicken can only help you identify deductions you may have missed or haven't considered; it can't confirm that you're indeed qualified to take the deduction. Check with the Internal Revenue Service or your tax professional for complete details and information.

1. Click the Planning tab.
2. Click the Tax Center button.
3. Choose Tax Tools > Deduction Finder.
4. In the Choose a deduction type field, select a deduction type.
5. In the Choose a deduction field, select a deduction.
6. Answer the questions Quicken displays to see if you're eligible.
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     Based on your answers, Quicken lets you know if you're likely to be eligible for that deduction.

     If you're eligible, you see a green check mark next to the deduction in the Choose a deduction list on the left. If you're not eligible, you see a red X next to the deduction.

7. For more information about a particular deduction, click More Information.
8. To create a category to track a deduction you may be eligible for, click Create Category, and then click OK to have Quicken create the proper category.
9. Click the Summary tab to see a summary of the number of deductions available for each deduction type, the number you answered questions for, and the number you may be eligible for.
10. Click the Action Plan tab for information about each deduction you may be eligible for and the steps you should now take.
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      The action plan provides details about each deduction you may be eligible to take. You can also review the actions you should take.

      You should consult your tax advisor to confirm that you're eligible for each deduction and the exact amount for each deduction.

      Criteria	Briefly outlines the basic requirements you need to meet to take this deduction.
      Limits	Discusses the limits imposed for the deduction. For example, the Deduction Finder states that one limit for business gifts is $25.00 per year per recipient.
      Paper Trail	Suggests the records you should keep about the deduction. For example, the Deduction Finder suggests that the records you keep for a business gift should include: A description of the gift. Your cost. The date the gift was made. Information establishing your business relationship with the gift's recipient. The reason for giving the gift.
      Tax Forms	Explains which tax form to use and which ones not to use. For example, if you're self-employed and make business gifts, the Deduction Finder instructs you to deduct the business gifts as Other Business Expenses on Schedule C and not to use Form 1040A or Form 1040EZ.
      More Info	This section provides additional details about the deduction and directs you to particular IRS publications for specific information. For example, for business gifts, the Deduction Finder states that items costing $4.00 or less that are imprinted with the taxpayer's name as well as signs, display racks, or other promotional materials used on the business premises of the recipient aren't considered gifts. The Deduction Finder also suggests reviewing IRS Publication 463 for more information.

11. Click Print to print the information on a selected tab. (Optional)

1. Click the Planning tab.
2. Click the Tax Center button.
3. Choose Tax Tools > Itemized Deduction Estimator.
4. Select a worksheet from the list on the left.
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     These worksheets cover different types of deductions—for example, medical or charitable deductions, as well as your basic filing information and the amount of tax you've paid.

Which worksheet did you select?

Medical, Taxes, Interest, Charitable Contributions, Miscellaneous, Other

Adjust Basic Information

Tax Payments

Assign Tax Line Items