<topic sku="core" tNum="288317" author="sallyh" xmlns="x-schema:hhTopicSchema.xml"><index><title>Learn about estimating your taxes in Money</title><category>tax</category><klink type="cncpt">Tell me about estimating my taxes in Money</klink></index>
<content>
<p>Money uses the information in your file to estimate your tax liability. The more accurately you record information and assign correct tax categories to your transactions, the more accurately Money can project your tax liability.</p>
<p>If the Tax Estimator shows missing or incorrect amounts for some lines, check for any of these problems:</p>
<ul>
<li>Your Money file may be incomplete. Make sure you've entered all transactions. Don't forget transactions you made from different accounts, including cash.</li>
<li>Some categories may be linked to the wrong tax lines. Review your category list.</li>
<li>Some categories may not be linked to tax lines. Be sure all your tax-related categories are linked to a tax line.</li>
</ul>
<p>If you start using Money in the middle of the year and you want to estimate your tax liability, follow these steps to enter your information for the first part of the year:</p>
<ol>
<li>Collect your income and expense transaction records for the year before you started using Money and organize the transactions by category.</li>
<li>Go to the <emph>Tax Line Manager</emph>.</li>
<extend>
<tease><showme/></tease>
<reveal>
<p>On the <emph>Taxes</emph> menu, click <emph>Tax Line Manager</emph>.</p>
</reveal>
</extend>
<li>Click the tax category you want to update, click <emph>Go to Details</emph>, and then click <emph>Add</emph>.</li>
<li>Click <emph>Additional income or spending that's not in my Money file</emph>, and then click <emph>Next</emph>.</li>
<li>Enter a description, such as "Medicine adjustment", enter the total adjustment for this category, and enter a date during the tax year.</li>
</ol>
<p>Entering transaction information in this way does not affect your account register balances.</p>
<p variant="note">The Tax Estimator does not include all tax-related transactions for every tax situation. You can review your tax-related transaction report to check for other transactions that may affect your tax liability.<alink type="prcdr" href="printataxreport.xml"/></p>
