Tax Planner for Quicken Business & Personal: Share your feedback here!
We'd love to hear from our Quicken Business & Personal users on the new Tax Planner feature! Let us know of any suggestions or issues by commenting below.
Here is the announcement for this feature:
-Coach Natalie
Comments
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Thank you for this update. This will be a great tool for small business owners working more than one gig.
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Unfortunately, I ran into a personal situation where I wound up not having full data for this calendar year, but I just set up the tax planner and I like how it works, it is currently showing estimated taxes of $0, due to deductible expenses being more than income (which is probably true for the year).
I am now going to try to go back and log in, month-by-month, my business income from Apple App Store, but I have no idea what certain other 'non-employee compensation' that ends this year will be.
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Rob Wilkens - RobWilkens.com0 -
Would be great if we could separate out by business if you have more than 1 business. Right now, it is putting them together and calculating them as 1 entity. I don't see a way to make it distinguish between individual business accounts that I can find. I feel like it should work just like the Reports where you can just check on and off which business you want it to display the calculations for.
Looks like a great development, though! Definitely valuable for people who are sole props and LLC's who have to calculate their own quarterly taxes.
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Thank you for the feedback. Let us know if you run into any issues or limitations once you get into it.
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The way we calculate business income and deductible expenses is by running a tax report behind the scenes, so our numbers reflect the transactions you have in Quicken Business & Personal. We then do a simple projection for your entire year by using the existing transactions, but you can always override this and put in your own numbers. We're really interested in what people think. Currently, our calculator looks at everything annually and then simply divides by 4 to get the estimated taxes. We'd like to hear if that works for most people or if some need more granular estimated taxes. RobWilk, let us know what you find. We're still working through some bugs that we're uncovering, so if you find something that looks odd, please report it here.
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Thank you for the feedback. Can you provide more details on why you would want it broken out? The Tax Planner is mostly to help you figure out the estimated tax you need to pay, which is typically a single amount for all businesses and personal income, and deductible expenses. If you're trying to figure out what to fill out for the Schedule C, E, and F forms, then using a tax report might be a better option. Are you primarily interested in seeing what percentage of each business is contributing to the overall estimated tax? In any case, it would be great to hear more about your use case.
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Yes, I would like to see the income/deductions/estimated tax broken out individually by company instead of all jumbled together. If you have separate businesses and pay taxes on them separately, you need to see their numbers broken out individually.
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It would be helpful to include state tax for states, like New York, which require estimated tax payments.
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Please see our update on the Tax Planner!
-Coach Natalie
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Thanks for this feedback. As you might guess, supporting State taxes is a lot more complicated, but we can look into that next stage once we feel we've completed the current Federal feature. I still feel we have work to do to make it great for most people's needs.
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If you pay taxes on them separately, are they C corporations or another entity with a separate tax rate structure not supported in Simplifi?
Businesses with pass-thru income reported on Schedule C are supported.
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No they aren't C corps, just single member LLC's. This is my first year having a second LLC so I am still trying to figure out how that works for tax purposes. Even if it all gets paid as one entity, I would still like to see the breakdown from each business in the tax planner. Like, if I select Business A, this is the income/deductions/estimated tax for it… and if I select Business B, same thing for it… and then I can select them both together to get the final lump sum for payment. Maybe just a toggle at the top to select those different focuses like in the Reports section.
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I'm not sure estimating the taxes separately will give you the information you want.
If you estimate the tax for each business separately, you will end up underestimating the total tax burden. Because of the way the graduated income tax works, a taxpayer pays a lower tax rate on the first X dollars earned, then a higher rate on later dollars.
Treating the businesses separately gives both of them that "first X dollars" break, and that's not how it works. You are the taxpayer here. So, the earnings from Business B will get stacked on top of the earnings from Business A, making up your individual total income. This results in higher taxes than if each were taxed separately.
DryHeat
-Quicken Classic (1990-2020), CountAbout (2021-2024), Simplifi (2025-…)1 -
Yea, maybe Coach Marcus's original idea of being able to see what percentage/dollar amount of each company is contributing to the overall estimated tax would work though. So the tax planner is still calculating the total tax amount, but we can have visuals that break down that total by each company.
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