As annual tax time approaches, our product displays a Tax Checklist on the home page and the Annual Taxes page. The checklist lets you know about upcoming deadlines and reminds you to complete various tasks.

The checklist is a handy way to ensure that you're tracking and claiming every deduction you're entitled to. The checklist will remind you to:

  • Review transactions: If you have any unreviewed transactions from the year, you may be leaving money on the table. Be sure to designate transactions as business or personal. For business expenses without a category, be sure to assign one so your deductions are accurate.
  • Review mileage: Mileage can be one of the biggest write-offs for self-employed folks. Review your mileage log to make sure you logged all the driving you did for your self-employment.
  • Double-check your tax profile. Your tax profile is the most important way to ensure your estimated taxes are accurate. You should review it every year or if you go through a life event like marriage or having a child. Make sure it has the most current info before you file your return.
  • Double-check vehicle info. Your vehicle info needs to be up to date to claim vehicle expenses. You'll need to enter the total number of miles driven for the year-both business and personal.
  • Double-check business assets. Assets aren't like standard expenses. They usually last a long time (more than a year), and are larger purchases ($200+). Examples of business assets are manufacturing equipment, cash registers, computers, and tools that wear out over time. Check that any of these types of expenses you had are categorized as business assets.
  • Import missing transactions. If you accounted for every expense and bit of income for the calendar year, you may be able to skip this step. But if you have transactions from before the time you subscribed to our product, you should consider importing any missing data.
Note: The tax checklist will not appear in the mobile app. You can still review your mileage and transactions in the app, but you will need to log into the web experience to finalize for year-end.