Tax.1040.'file' expenses as I go

Ask Anything
1

Hello! I’m just getting started with Tiller and am enjoying it so far.

I’m working on gathering tax info. My thinking is that if I know this amount (either income or expense) belongs on Form 1040, Line 1 (I know that’s not accurate, but hopefully you get the idea), I’d like to make a Category for that. That way, when tax time rolls around, all my data is ready! Plus I could ‘track’ it as the year goes along.

I’ll also mention that I have little ‘official’ accounting training and am happy to hear other (simpler) ideas on how to get to the end result I’m looking for.

Thank you in advance for any help you can provide!

2

Best bet is to use the Paycheck Deduction Transaction Generator for your paycheck, this tracks all your income from a job, as well as the expenses of taxes, etc.
However, 1040 Line 1 would usually be ALL income, so any category you have that is income would most likely fall into that.

1 Like