Running Tax Reports
Overview
Preparing taxes can be time-consuming, but Quicken Business & Personal simplifies the process by organizing your income, expenses, and deductions into IRS-aligned reports you can use year-round.
While Quicken Business & Personal isn’t a tax-filing tool, it helps you stay tax-ready by generating professional reports that can be:
Shared with your accountant
Used to prepare your own return
Exported directly to TurboTax or other professional tax software
Running tax reports keeps your financial data accurate, categorized, and ready when tax time arrives—saving hours of manual work and reducing the risk of errors.
This feature applies to everyone who tracks income and expenses in Quicken—whether you’re managing personal finances, self-employment income, or business operations. It ensures you have clear, organized documentation to file confidently and make informed financial decisions throughout the year.
Why Running Tax Reports Matters
Simplifies Tax Preparation
Quicken automatically organizes your data by IRS tax schedule, making it easy to review or transfer totals directly into your return.
Improves Accuracy
Avoid manual calculations and ensure each income and expense category appears on the correct tax line.
Saves Time
Generate detailed or summary-level reports instantly, with options to export directly to TurboTax.
Keeps You Organized Year-Round
Running reports quarterly helps you stay on top of estimated taxes and catch categorization issues early.
Supports Professional Review
Accountants can import your exported data for faster, more efficient tax preparation.
Before You Run Tax Reports
Accurate reports depend on accurate data. Review these steps before generating your reports:
Categorize All Transactions
Assign categories to every income and expense transaction.
Verify automatic categorizations for accuracy.
Set rules for recurring transactions.
Separate business and personal activity using tags or accounts.
Ensure Business Categories Map to IRS Tax Schedules
Quicken’s built-in categories align with Schedule C, Schedule E, and Schedule F line items.
Review mappings under Settings → Categories & Tags.
Common categories include Advertising, Car & Truck Expenses, Utilities, and Office Expenses.
Record Business Mileage
Use the Mileage Tracker to record dates, destinations, and trip purposes.
Mileage totals can be viewed in reports for deduction calculations.
Attach Receipts and Documentation
Link receipts directly to transactions for a clean audit trail.
Verify documentation before running reports.
Set Correct Date Range and Accounting Method
Match your report period to your tax year.
Choose Cash (most common) or Accrual basis under Settings.
Available Tax Reports
You can access all tax reports from the Reports section in Quicken Business & Personal.
Report Type | Description |
|---|---|
Personal Tax Summary | Displays income and deductions by category for personal finances. |
Schedule C (Profit or Loss from Business) | Summarizes business income and expenses for sole proprietors. |
Schedule E (Supplemental Income and Loss) | Tracks income and expenses for rental properties. |
Schedule F (Profit or Loss from Farming) | Available on Mac; summarizes farming income and expenses. |
Tax Detail / Summary Views | Consolidate income and expenses into IRS-aligned formats. |
How to Run and Export Tax Reports
To Run a Report
Open Reports → Taxes.
Select your report type: Tax Summary, Schedule C, Schedule E, or Schedule F.
Set your Date Range (usually January 1–December 31).
Choose Cash or Accrual basis in Settings.
Apply filters for Accounts, Tags, or Categories as needed.
Click Run Report to generate results.
To Export a Report
Click the three-dot menu in the top right corner.
Select Export, then choose a file format:
.TXF (Tax Exchange Format) for TurboTax
.TXJ (Tax Exchange JSON) for professional tax software
.CSV, Excel, or PDF for review or storage
Your file downloads automatically to your Downloads folder.
Tip: Save each year’s reports for your tax records and backups.
Understanding Key Reports
Schedule C (Business)
Detail View: Lists all business income and expenses by category.
Schedule Format: Aligns categories directly with IRS Schedule C (Parts I and II).
Schedule E (Rental Property)
Organizes income and expenses by property.
Calculates net income or loss automatically.
Schedule F (Farming)
Summarizes farm-related income and expenses for agricultural businesses.
Scenarios
Preparing Your Own Taxes
Lena, a freelance designer, runs a Schedule C report in January. By exporting it to TurboTax (.TXF), she imports her business income, utilities, and advertising deductions directly into her return—saving hours of manual entry and ensuring nothing is missed.
Working with an Accountant
Marcus owns two rental properties. He exports his Schedule E report as a .TXJ file and emails it to his CPA, who imports it into professional tax software. His accountant has all the data pre-organized and can file his return faster.
Year-Round Planning
Tina operates a landscaping business and runs a Tax Summary Report quarterly. This lets her project annual income, manage estimated tax payments, and catch miscategorized transactions before year-end.
Maximizing the Value of Your Reports
Review categories regularly to ensure accurate deductions.
Run reports quarterly to prepare for estimated taxes.
Export to TurboTax or share with your accountant for streamlined filing.
Keep receipts and mileage logs attached to transactions.
Verify all business and personal activity are properly separated.