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Why we do not like digging through Quicken files looking for tax deductions
Clients occasionally give us copies of their Quicken data to review for possible tax deductions. In mild terms, we aren’t really fond of doing this for a number of reasons.
People are wildly inconsistent in using categories to classify transactions. For instance, sometimes we see personal property tax charged to “taxes.” Sometime it is charged someplace else in the same set of data. Also, we cannot see into the transactions to determine how much is for the non-deductible decal fee and how much is the actual tax.
In another example, we see many types of transactions showing up as charitable contributions in Quicken data. We see gifts to friends, political contributions, and all kinds of other things showing up in the category. In addition, some people attempt to enter non-cash contributions in their Quicken data. That creates quite a mess!
Finally, in digging through Quicken data, we never seem to come up with the same amounts our clients do. Everyone’s time is wasted when we have to ask the exact same questions we would have asked without the Quicken data.
Thanks for reading!!
Frank
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