How MoneyThumb Can Help At Tax Time

MoneyThumb’s financial converter software is helpful all year long, but it really comes in handy when tax season rolls around. MoneyThumb can you help at tax time by getting all of your financial transactions into one program, which can then categorize and organize your finances. This also means that the information is stored and easily accessible in case you need it for reference or even an audit later on.

Import to Quicken or QuickBooks

Quicken and QuickBooks are two of the most popular options for personal finance software, and they offer a wealth of advantages for tax preparation. To utilize them, however, you first need to get all of your financial information into the program. Many Quicken and QuickBooks users have struggled with importing transactions that are six months or older.

Historical PDF Statements

Recent bank, credit card, or brokerage statements are usually in a format that Quicken/QuickBooks can recognize. Historical data statements (usually six months or older) are often only available in .pdf format, or sometimes .csv format. Quicken and QuickBooks do not natively accept imports of .pdf or .csv documents, so it would seem that the only option is to manually input the data, one transaction at a time.

Converting from PDF or CSV

This is where MoneyThumb comes in – our financial file converter software will take those documents and convert them into Quicken or QuickBooks format. Just see what types of documents you have to begin with, decide where you want to put them, and then pick the right converter software. If you’re not sure which software you need, our top 4 customer favorites are a good place to start.

Converting Bank Statements

Our converters work with historical transactions from such leading banks and financial institutions as:

• Wells Fargo
• Bank of America
• Chase Bank
• Citibank
• U.S. Bank
• Barclays
• Royal Bank of Canada
• American Express
• Discover
• Charles Schwab
• Fidelity
• Ameritrade
• PayPal
• …and more!

All of these allow you to quickly and easily get all transactions from the entire tax year into one place. This also reduces the chance of human errors like calculation mistakes or missed transactions.

Categorizing Transactions

Once you have the data imported, you can assign the transactions to different categories. Both programs already include most of the categories that you will need to track your tax-deductible expenses. They’ve also pre-linked those categories to the appropriate line items on tax forms. So, if you’re using a category for Charitable Donations, the software knows to map those transactions to the federal form for cash charity contributions.

Importing to TurboTax or H&R Block

All of this information can then be presented to your tax preparer, or imported at home into tax preparation software. The two big ones – TurboTax and H&R Block – can both automatically import from Quicken and QuickBooks. Again, this means less time spent and less chance of error. User ratings have noted some trouble importing .pdf format documents to both types of tax software, so MoneyThumb’s financial converter software may just save the day when you’re doing taxes. Having access to all transactions enables other handy features of the software, like the Missing Deduction Finder (Quicken) or Income Tax Preparation Report (QuickBooks).

Converting to CSV or OFX

But what if you don’t need your files in Quicken or QuickBooks format? No problem! We also have converter software that enables you to convert from virtually any source into .csv format or the financial industry’s .ofx format. The .ofx format is used by such personal finance platforms as:

• GnuCash
• Moneydance
• iBank
• AceMoney
• Microsoft Money Sunset Edition

Multiple Types of Financial Converters

This means that MoneyThumb can help those that track everything in their own personal spreadsheet, those that use well-known programs like Quicken, or even those that use software or phone/tablet apps for their finances. If you’re experiencing trouble with just one section – say, getting your PayPal transaction history into QuickBooks – we have a converter to help with that also!

Accessible Electronic Records

There’s another benefit to preparing taxes with the help of MoneyThumb – accurate, easily accessible records. No one wants to think about an audit, but they do happen on occasion. Prepare in advance by storing all of your financial transactions and statements electronically, in a unified format. This will allow you to find and submit any applicable information if the need arises. Having this type of preparation in place will make your tax filing experience easier and less stressful.

Preparing for Next Year’s Taxes

Once tax season is over, you can keep utilizing MoneyThumb’s converter software to update your records throughout the year. The longer you do this for, the easier your taxes become.

How does MoneyThumb help with your taxes? Comment and let us know which converter you’ve used, and how it streamlined the tax filing process for you.