In this presentation we will discuss the personal tax deductions at tracking a problem that we hope to solve with our QuickBooks system. At the end of the year, we business owners typically need to work with tax professionals in order to complete tax returns. When working with tax professional, they often ask for a profit loss from the business if we are a sole proprietor that would be reported on a schedule C in the United States. And that's going to be something that QuickBooks is great at doing. We say that's no problem. We've got QuickBooks, here's the profit and loss, here's the whole file, you can take a look at that and fill out whatever needs to be done for the tax return related to the business, typically a Schedule C. But then we often are asked as business owners when our individual tax returns are being completed at that same point in time, what other deductions we have typically schedule a type deductions being included.

And we start to think well what our schedule a type deductions and we start piecing these things together. These are non business related items. So we have to go digging around and we start finding documentation for these items. And we start thinking as we get all this documentation, that it doesn't look as organized as we might think we're kind of putting this stuff together as best we can. Right when we think we're okay with that, then we have these other schedules, possibly schedule X, Y, and Z, other random stuff that we need to put together for the tax return that isn't necessarily business related, and therefore isn't in a nice tidy method for tracking within the QuickBooks system. And that of course can be frustrating.

So our goal here then is to set up the QuickBooks system to help the bookkeeper help the bookkeeper and the owner do more than just track the schedule. See, especially small businesses, especially sole proprietors, whose main primary purpose really with tracking in QuickBooks is not only for the business but also to organize some of the stuff to make life easier, especially at year end with tax preparation. So the goal then, of course, is to have QuickBooks help out with the Schedule C, but also help out with some of these other things that we know we have to track in a system that does tracking well, out most small business owners are going to track their QuickBooks file well for the business and probably maybe do a better job of it. Then other areas of their financial tracking, and other areas of the financial tracking then things we know that we need to track things we know we're gonna have to provide at the end of the year to the tax prepare our own kind of combined with everything else, and we're going to have to go digging and pulling that stuff out in order to figure out what we need to provide.

Whereas if we can put it into our QuickBooks system and track the payments we made for those items in a similar fashion that we do with the Schedule C business items, then we can provide a better information at the end of the year feel more secure about it. So whether we are a small business owner, and we're looking to do that to make life easier and record track more of the things that we need to track on more of what's necessary for my tax practice purpose at the end of the year, rather than just from a business related item to track business tracking, we want to try to do both, or whether we are a bookkeeper who wants to differentiate our services by being able to provide not just the bookkeeping for the Schedule C side, but possibly be able to help track some of these other areas which could make clients much happier.

Then these are methods that are designed to do that.