Overview
The Tax Planner allows you to plan for quarterly estimated tax payments. This is beneficial for business owners or sole proprietors to determine their tax liability, and is also useful if your business circumstances have recently changed. Let the Quicken Business & Personal Tax Planner take the hassle out of planning your estimated tax payments!
Note: The Tax Planner is for estimation purposes only and is not to be used for official tax filing.
How It Works
The Tax Planner guides you through setup by having you:
Choose your filing status
Enter your expected W-2 income
Select deductions
Choose the account you’ll use to pay taxes
Quicken Business & Personal then calculates and displays your estimated tax payments.
These payments appear as reminders, generated from a quarterly recurring series. You can manage each reminder by:
Linking it to a downloaded transaction
Using it to create a manual transaction
Dismissing it if it’s not needed
You can also edit any reminder or the recurring series directly in the Tax Planner.
Once setup is complete, the Tax Planner displays:
Tax Year - see the tax year you're viewing and change it if needed, as well as see your estimated annual taxes for the year
Summary – progresses from Q1 to Q2 and so on, as quarterly payment reminders are marked as paid
Payments & Reminders – lists the estimated payment reminders for each quarter
Taxable Business Profit – shows your taxable profit to date, along with your projected remaining profit
Personal Income & Tax Profile – lets you view and edit your filing information
Setting Up the Tax Planner
When you first launch the Tax Planner in Quicken Business & Personal, you will be walked through setting everything up.
Instructions for Web
Hover over the panel on the left-hand side and select Tax Planner.
Click the Get Started button and then click Got It.
Select your Filing Status.
If you have W-2 income (wages from an employer), click the Yes option and then enter your Annual W-2 income.
If you are 65 years or older, or if you're legally blind, select the boxes to the left of each option that applies.
Click Continue.
Select the Account you expect to make your estimated tax payments from.
Click Finish.
Instructions for Mobile
Tap the Menu (three-line) icon.
Select Tax Planner.
Tap the Get Started button and then tap Got It.
Select your Filing Status.
If you are 65 years or older, or if you're legally blind, select the boxes to the left of each option that applies.
If you have W-2 income (wages from an employer), tap the Yes option and then enter your annual W-2 income.
Tap Continue.
Select the Account you expect to make your estimated tax payments from.
Tap Finish.
Marking Payments as Paid
Once you have your quarterly estimated tax payment reminders presented for the current year, you will want to mark them as paid as each payment takes place. You can do this by linking the reminder to a transaction or by creating a manual transaction from the reminder. If you don't need the reminder, you can also dismiss it.
Instructions for Web
Locate the payment reminder and click the three dots at the end of it.
Click Link to transaction.
Select the transaction in the list.
Click Link.
Note: Creating a manual transaction from the estimated tax payment reminder can only be done per quarter from the Summary section. To do so, click the arrow to the right of the Mark As Paid button, and then click Add Manual Transaction.
Instructions for Mobile
Locate the payment reminder and tap on it.
Scroll down and tap Link reminder to transaction.
Select the transaction in the list.
Tap Apply.
Note: Creating a manual transaction from the estimated tax payment reminder can only be done per quarter from the Summary section. To do so, tap the Mark As Paid button, and then tap Add manual transaction.
Editing Payment Reminders
You can easily edit any of the estimated tax payment reminders to change the date or the amount, as well as to exclude it from Reports and/or the Spending Plan.
Instructions for Web
Locate the payment reminder and click the three dots at the end of it.
Click Edit Reminder.
Make the necessary changes and click Update when done.
Instructions for Mobile
Locate the payment reminder and tap on it.
Make the necessary changes and tap Update when done.
Dismissing Payment Reminders
If any of the estimated tax payment reminders are not needed, you can easily dismiss them.
Instructions for Web
Locate the payment reminder and click the three dots at the end of it.
Click Dismiss reminder.
Click Dismiss Reminder to confirm.
Instructions for Mobile
Locate the payment reminder and tap on it.
At the bottom of the screen, tap Delete Reminder.
Tap Delete to confirm.
Customize Your Taxable Business Profit
Customize your income and deductible expense estimates for the remainder of the year directly from the Taxable Business Profit card. You can restore the default estimates whenever you like by using the Projected profit toggle.
Instructions for Web
From the Taxable Business Profit card, click Edit.
Turn the Projected profit toggle off and then click Confirm.
On the Rest of year row, click on the amount displayed for Income and/or Deductible Expenses.
Type in the custom amount and then click Update.
Instructions for Mobile
Tap the Details tab at the top.
Tap the Taxable Business Profit card.
Turn the Projected profit toggle off and then click Confirm.
On the Rest of year row, click on the amount displayed for Income and/or Deductible Expenses.
Type in the custom amount and then click Update.
Edit your Personal Income & Tax Profile
If your filing details change at any time, you can easily edit them!
Instructions for Web
From the Personal Income & Tax Profit card, click Edit.
Make the necessary changes and click Update when done.
Instructions for Mobile
Tap the Details tab at the top.
Tap the Personal Income & Tax Profile card.
Make the necessary changes and tap Update when done.
If you need any assistance using the Tax Planner in Quicken Business & Personal, our Support Team is happy to help!