Taxes are complicated, but Track aims to make that way easier. We hope this quick guide will get you up to speed on the few simple items you need to know about Track to make it as useful to you as possible.
The summary is a quick at a glance recap of where you are tax-wise. The focus of this page is the current year and previous year breakdowns:
Track gives you an easy to read snapshot of the top elements that comprise your taxes. The green text will take you to the relevant sections of Track. The biggest takeaway here is, if Track determines you should set aside more for taxes, you will be presented with a big green button that will help you accomplish that. 😊
Here you can update the information you would normally put down for your taxes.
Make sure these values are correct and up to date for the current year. Having the wrong Filing Status (Single, Married Filing Jointly, Married Filing Separately or Head of Household), or Filing State can have drastic impact on your taxes at the end of the year.
The Settings section of Track lets you add different integrations (most often your bank). The Integrations are what allow Track to analyze your data and determine your taxes for you. If you use FreshBooks, this would be the place to add that too.
For every Integration, you will have a matching list of accounts to select whether Track should analyze it for Income, Expenses, both or neither. A quick check of a box and Track will take it from there.
You can also change the way in which Track responds to new Income.
We want Track to be as helpful as possible but also give you control over what happens. Here, you can choose whether Track will automatically withhold for your taxes based on new income (always alerts you first) or just notify you to withhold on your own.
This is completely a personal preference. A lot of our members really love the Automatic setting and how it just "takes care of it" for them. Even some self-prescribed "control-freaks" told us how much they liked the Automatic setting. The fact Track sends an email notice with the option to cancel a withholding if needed, gives users the control they want without having to worry about it.
Here you will find the transactions Track used to determine your Business Income.
If you find a transaction that should be Business but Track tagged it otherwise, make sure to update it. Track will learn from your choices and adapt to future transactions. You can also add manual transactions by clicking the "Add Income" button in the top right. This could be for Income you may have received from other sources not connected to Track.
Any Income transactions (manual or not) which is tagged as Business Income (toggling a transaction to "Yes") will make Track account for it in the taxes breakdown and update the amount Track determines you should withhold. Track will create a "Suggestion" for it as well.
Suggestions are the steps Track provides for your path to Tax success. By accepting these withholding suggestions, Track will withhold the amount for your taxes. Nifty!
Expenses is one of the favorite pages for some of our members. This is because they have found they can save substantially on their taxes by categorizing their expenses.
Similar to Income, any transaction marked as "Business Expense" will be considered by Track. The categories provided here are the categories recognized by the IRS. Definitely make sure to use these and categorize your expenses as some categories will have an impact on the value of the expense (i.e. Meals & Entertainment).
Here you will find a history of your withholding transactions. If a transaction is in Pending, Track will offer you the option to cancel this transaction if you need to.
As always, if you have any questions, issue or concerns. Feel free to reach out to us. We're here for ya!
-- Track Team