DMV Registration Fee - how to track licenseFee for incometax deduction
dmv registration is due every year, and part of it aka "license fee" is income tax dedutible.
Wonder what is the best way to add this in YNAB, so that when tax preparation time comes, it is easy to pull all income tax related itemization?
I tried with split categories , so that i can add memo, but wonder if someone has a better organized approach on this tax deductible tracking?
-
I just pull out my car registration paper and grab it off that but it would be nice to get it out of YNAB. Yeah, I'd think the split transaction would be the best way to do it. I think I might start doing that. Might even go back and modify it now...
-
I just wait until I get to that page in the tax software, open YNAB, and search "DMV". 🤷♀️
-
Vibrant You can't write off the entire registration fee.
-
-
Memo: #tax (license fee: $xxx.xx)
No split.
-
dakinemaui Done. Thanks. Although I'm not even sure I get the write off with the new tax laws.
-
-
Even though I don’t put the exact details of what will be tax deductible in the memo - although that does sound like a good idea. I usually use the Flag functionality (I use a red flag) for all expenses that might have a tax-related impact (home office expenses, computer equipment, etc.) so I remember to review them at tax time.
-
I've seen this done a few different ways and it comes down to how you prefer navigating your budget. You can have a category group for tax deductible expenses, to organize by category. You can also use the flag feature to flag tax deductible transactions a certain color (then search for the flag color in All Accounts), or use the Memo to include details about the tax deductions.
-
I use a memo as well, but I also include the tax year the deduction is for.
