Prepare for tax time

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Using category (A label that you assign to each transaction so that you can see spending and income patterns in MoneyÆs reports. Examples are Bills, Food, and Insurance. Using categories consistently helps you better track your spending.) and subcategory (A subset of an income or expense category. For example, for a category called Bills, you could have a water subcategory and an electricity subcategory. The subcategory field is located just to the right of the category field.) simplifies preparing your taxes. If you use Money's Standard Categories, all your tax-related transactions will automatically be included in your tax reports.

• If you modify the Standard Categories in the Categories place, you can change the tax status accordingly.
• With MoneyÆs Standard Categories, the tax status of each category is already specified for you.
• Then at the end of the year you can print a Tax-Related Transactions report that lists all your tax-related income and expenses.
• You can also create a Tax Software Report. This report associates categories and subcategories with specific Federal Income Tax forms and tax form lines. If you plan to use a tax preparation software program, you can export (To copy the information or data from a report or file into a different file format. For example, you can export your Money file as a QIF data file. You can also export a report as a tab-delimited text file, which you can then import into a tax preparation program, a word processor, or a spreadsheet.)navigation bar (The strip at the top of the Money screen where you can click to go to the different areas in Money.) this report directly into it. You can also print the report to help you complete your tax forms manually.

How do I export to a tax preparation file?