Check Goodbudget
It’s tax season again! And, we know it’s not always a breeze to figure out just how much you donated to your favorite charity, or paid the babysitter over the year. So, this tax season, when you’re preparing your taxes, instead of rummaging through your filing cabinet looking for old receipts, use the Spending by Envelope Report to tally up your spending on:
- IRA contributions
- Self-employment expenses
- College tuition & fees
- Charitable donations
- Moving expenses to take your first job
- Child & dependent care expenses
To see exactly how much you spent in each of those areas, head to your Spending by Envelope Report, and use the ‘To’ and ‘From’ fields at the top to set the dates to last year. Next, use the ‘Envelope’ dropdown to drill down into your ‘IRA Contribution’ Envelope to see exactly how much you set aside for retirement this year. Then, repeat those steps to see how much you spent from your ‘Charitable Donations’ Envelope, or ‘College Tuition’ Envelope, and so on.
Now, we can’t promise that filing your taxes will be a breeze, but we do hope it’s a little smoother this time round.
And, to help file taxes for next year, try using tags. Tags are especially helpful for expenses that are spread across several Envelopes, like #self-employment expenses.
Happy budgeting,
-The Goodbudget Team
1 thought on “Preparing your taxes?”
Thanks for the tax tips.
What I need is income by Envelope.
I have an envelope for occasional employment income and it would be helpful to punch in the date range and be able get a Report of Income by Envelope.
Thanks.