Understand possibly deductible business expenses

Quicken helps you identify business transactions that may qualify as tax deductions. To do this, it needs enough information about each expense—such as the category and a clear memo. When a transaction is missing key details, Quicken can’t determine whether it qualifies for a tax deduction.

To help you fix these entries, Quicken lists them as Possibly Deductible in the In/Out/Profit/Loss section of the Business tab. This allows you to easily review and correct the transactions so they can be properly categorized and included in tax reports.

What does "Possibly Deductible" mean?

The Possibly Deductible amount reflects business expenses that appear to be deductible but lack enough detail to be classified with certainty. For example, a transaction with no category or one assigned to a personal or uncategorized type may be flagged.

This amount appears below Tax Deductible in the summary on the Business tab.

Review and update flagged transactions

To resolve these transactions:

1. Go to the Business tab.

2. In the In/Out/Profit/Loss section, locate the Possibly Deductible amount and click it.

   Quicken opens the Possible Tax Deductible Business Expenses window.

3. Review the list of transactions shown under Recorded Possible Deductions.

4. Click each transaction to open it in the register and assign a business category, add a memo, or make other needed corrections.

5. Once updated, the transaction is removed from the Possibly Deductible list and counted toward the Tax Deductible total instead.

This feature requires Quicken Business & Personal. Learn how you can upgrade Quicken in minutes.