Tracking Charitable Contributions

Any suggestions on how to track items that are tax-deductible charitable contributions across different categories? I use the Giving category for direct contributions, but if I buy a family membership to the local museum (which is tax-deductible), I want to categorize it as Fun Money. Sometimes I also have items that I want to categorize under Giving that are NOT tax-deductible - for example, purchases at a silent auction. I previously used Quicken which had both categories and tags that helped with this...I'm a little worried I'll be scrambling at this time next year. (That is, if the tax changes even still make it worthwhile to track contributions!)

11replies Oldest first
  • Oldest first
  • Newest first
  • Active threads
  • Popular
  • Have 2 category groups. 1 for Giving (Deductible) and one for Giving (Non-deductible). Create categories below them for whatever your awareness needs are.

    Categorize the museum membership to a category in your Giving (Deductible) group, perhaps "Fun Money (Deductible)" and move money from your Fun Money Category to that one.

     

    We bought family memberships to  the Lower East Side Tenement Museum and the American Museum of Natural History last year. That how we handled it.

    Like 1
    • nolesrule thanks for the suggestion, this would definitely work but I am trying to keep my categories consolidated so the list doesn't get too long.

      Like
  • You could use the flagging to designate stuff that is tax deductible and when the time comes, in your All Accounts view, search by flag color. I also don't rely on YNAB to be the definitive tracker for me. On January 1 I create my tax folders for the year in Dropbox, including one for deductible receipts and everything gets saved there immediately.

    Like 1
      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 2 yrs ago
      • Reported - view

      jenmas Yeah, I don't use YNAB as my definitive tracker for tax data either. I use spreadsheets to track everything individually with all the relevant information and keep a folder for receipts.

      But I still like to use YNAB for ballparking, and I do that using the method above.

      Like
    • jenmas Thanks for the suggestion! I hadn't thought of using flags...I haven't used them at all yet. Is there a way to associate a definition with a particular flag color, or do I just need to remember that a blue flag=Tax deductible?

      Like
      • LarryinLA
      • Larryinla.1
      • 2 yrs ago
      • Reported - view

      jenmas 

      Flags are a good idea, too.  I just can't seem to get into the habit of using them, because I have to remember what each color stands for, and I don't use them enough to be able to do that.

      Like
  • I put "tax deductible" in the memo column for all transactions I wish to keep track of for such purposes.  I do use YNAB for this because it tracks all transactions I make, so any tax deductible ones are guaranteed to be there.

    Like 2
      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 2 yrs ago
      • Reported - view

      LarryinLA And that is another perfectly valid way to track it.

      Like
    • LarryinLA Thanks, if I go with the flagging method it certainly wouldn't hurt to list it in the memo field as well, along with the description I typically enter. Backup in case I forget what the flag means!

      Like
  • Like LarryinLA  I put a note in the memo. For me, it's #tax

    Like
  • I put it in the memo as well, but  I include the tax year (don't have to, but it simplifies the search)

    Like
Like Follow
  • 2 yrs agoLast active
  • 11Replies
  • 935Views
  • 4 Following