I had already setup a parent category called Business and then a bunch of sub categories to reflect the various business expenses I incur and matched them the appropriate tax line item. For your accountant, just provide an Income/Expense report and only include the Business category with subcategories. I find reporting on categories itself to be easier, quicker and a cleaner solution. I would avoid using Tags in your situation. You can apply for a business or another card through the same bank as your personal credit card.and probably use both accounts for your miles rewards. What is provided in Quicken is what you get.īut I also agree that you should use a separate credit card just for business and not comingle your personal charges with your business charges. Quicken does have assignment of Schedule C: Other business expenses. Such as Business:Meals, Business:Hotel, Business:Insurance, etc.Įach Business subcategory can then be assigned to a Tax Line item (Schedule C). Create one Business category, and then subcategories underneath that Business category. I had my own business for 36 years and used Quicken for the vast majority of those tracking both business and personal income and expenses. The goal is to produce a year end report I can simply hand my accountant with all of my business expenses by category etc. What do you all recommend for this? I was really hoping not to have to create a whole new category but perhaps this might be the only way?Īlso, for business expenses where Quicken doesn’t have a tax line item matches the type of expense, is there any way of creating a custom line for “other business expenses”? For consistency purposes, it would be nice to continue that. The reason I’d look to do it this way is that when I budget for meals & entertainment, I budget a total for both business and personal as one large amount and have been doing it this way for years. Is there a way I can continue to use this one category and simply specify perhaps through a tag which ones are business expenses and which ones aren’t? I use this category for any dining out expense regardless if it’s for business or personal. I have a category that I use called Meals & Entertainment. I’ve been thinking about simply using Quicken for this purpose since I already subscribe to it. I’ve been using a separate app to track all my business expenses and snapshots of invoices that go with those expenses for tax purposes.
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