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Categorizing Tax Payments

kfordkford Member Posts: 1

Hello,

I was importing my first set of transactions and one of them was an estimated payment to the IRS for quarterly taxes. I'm not finding a category for that item. Am I missing something or what category do I assign this to?

Also, can wave give me an estimate for taxes, such as self employment and such? I didn't find that if it is present immediately.

in Accounting Technical Support

Comments

  • Finn_KingslandFinn_Kingsland Member Posts: 19

    @kford, Wave's not a tax software, so it won't help you much with your taxes (although the sales tax stuff is nice). Plus, I can imagine it'd be a bit of a nightmare account for taxes in almost every country out there. Honestly, when it comes to taxes, you're always better checking in with an accountant if you're unsure about anything.

    To pay your taxes, you'll have to create some expense accounts on your chart of accounts for whatever taxes you pay. Once that's done, just categorize your expense to that account.

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