Running Tax Reports
Overview
Tax reports in Simplifi & Quicken Business & Personal help you summarize your income and expenses in tax-ready formats—including reports aligned to common IRS tax schedules. You can use these reports to review your totals, plan ahead, and share organized information with a tax professional.
Quicken does not file taxes, but it can help you stay prepared by turning the transactions you’ve tracked into clear, usable reports.
This is for you if you track personal spending, self-employment income, business expenses, or rental property activity and want a clearer view of your tax-related totals.
Why Run Tax Reports?
Running tax reports helps you stay tax-ready and avoid last-minute cleanup.
When you run tax reports, you can:
Reduce manual work by summarizing your totals automatically
Improve accuracy by using categories mapped to tax lines
Spot issues early (like Uncategorized transactions or missing expenses)
Support estimated tax planning by checking year-to-date totals
Share cleaner information with your accountant or tax preparer
How Tax Reports Work
Tax reports are built from the transactions you’ve recorded in Quicken Business & Personal. As long as your transactions are categorized consistently, Quicken can roll up your totals into tax-friendly summaries.
Your reports update as your data changes, so running them throughout the year helps you stay current—not just at tax time. Many people run tax reports quarterly to catch issues early and stay ahead of deadlines.
What Affects Report Accuracy
Tax reports are only as reliable as the information you’ve tracked. For best results:
Categorize every transaction (especially income and deductible expenses)
Review Uncategorized or miscategorized items before sharing or using your totals
Split mixed business/personal purchases so only the deductible portion is counted
Track deductible mileage and attach receipts when needed for documentation
Confirm your date range matches the period you’re reporting on (typically the calendar year)
Tip: If your totals look off, the most common cause is missing categories or business expenses recorded under personal categories.
Common Tax Reports You Can Run
Depending on what you track, you may use different reports. Choosing the right report depends on how you file and what type of income you track.
Personal Tax Summary
Summarizes personal income and deductions by category.
Schedule C (Profit or Loss from Business)
Summarizes business income and expenses for self-employed users and sole proprietors.
Schedule E (Supplemental Income and Loss)
Tracks rental property income and expenses.
Schedule F (Profit or Loss from Farming)
Summarizes farming income and expenses. (Availability may vary by platform.)
Tax Summary / Tax Detail views
Provides a tax-focused view of categorized income and expenses and can help you validate totals before filing.
How to Run a Tax Report (Quick Steps)
Open Reports, then select Taxes.
Choose the report you need (such as Tax Summary, Schedule C, Schedule E, or Schedule F).
Set the date range (typically January 1–December 31).
Choose your accounting method (Cash or Accrual, if available).
Apply filters (such as Accounts, Tags, or Categories) if needed.
Run the report to view your totals.
Tip: If totals look off, review Uncategorized transactions and category accuracy before sharing or exporting.
Examples
Example 1: Preparing your own taxes
Lena is a freelance designer who files a Schedule C. She runs the Schedule C report to review her totals and confirm her business expenses are categorized correctly.
Outcome: Faster filing and fewer missed deductions.
Example 2: Working with an accountant
Marcus owns two rental properties and tracks income and expenses throughout the year. He runs a Schedule E report to organize totals for each property.
Outcome: His accountant receives clean, organized totals and can prepare the return more efficiently.
Example 3: Staying ahead of quarterly taxes
Tina runs a small service business and checks tax reports quarterly to monitor profit trends and spot category issues early.
Outcome: Better cash planning and fewer surprises before estimated payments are due.
Best Practices
Run tax reports quarterly, not just at year-end
Keep categories consistent and fix Uncategorized transactions early
Attach receipts and track mileage for stronger documentation
Separate business and personal activity to improve reporting clarity
Review totals before sharing reports with a tax professional