Tax Preparation & Reports in Money Pro
How Money Pro organizes your finances for tax time, estimates your quarterly obligations, and connects you to filing.
Overview
Tax time doesn't have to be a scramble. If you've been using Money Pro throughout the year, your expenses are already categorized, your income is tracked, your mileage is logged, and your reports are ready to generate in minutes. That's the whole design: do the bookkeeping a little at a time throughout the year so April isn't a crisis.
Money Pro organizes your business finances around IRS Schedule C — the form sole proprietors and single-member LLCs use to report business income and expenses on their personal tax return (Form 1040). Every expense category in Money Pro maps directly to a Schedule C line. When you run a tax report, you get a clean breakdown that matches what your accountant or tax software needs.
For businesses ready to file, Money Pro integrates with Column Tax (also referred to as April Tax Solutions in some parts of the platform) — a DIY tax preparation service that auto-imports your Money Pro data, walks you through your federal and state returns, and lets you e-file directly. Federal + 1 state return is included with your Money Pro subscription.
If you're self-employed, the IRS also requires quarterly estimated tax payments four times a year. Missing these can result in penalties. Money Pro's tax dashboard estimates what you owe each quarter in real time based on your actual income and expenses in the system.
Disclaimer: Money Pro is bookkeeping software, not a tax advisor. Nothing in this article is tax advice. Consult a qualified CPA or tax professional for guidance specific to your situation.
Setting Up Your Tax Profile
Accurate tax estimates require a complete tax profile. Set it up once and update it when your situation changes:
- Go to the Taxes section in Money Pro
- Click Tax Profile and enter:
- Federal and state filing status (Single, Married Filing Jointly, etc.)
- Expected W-2 income — if you have a salaried job in addition to your business
- Expected 1099 income — freelance or contractor income from outside Money Pro
- Deduction preference — Standard Mileage Rate or Actual Vehicle Expenses (you can toggle both to compare)
- State-specific exemptions — if you're in a state with no income tax (e.g., Texas), set exemptions to zero
Money Pro uses your tax profile combined with your actual Profit & Loss data to generate real-time quarterly estimates.
Understanding Your Tax Dashboard
Navigate to the Taxes section to access two views:
Annual Tab (Year-to-Date vs. Projected)
- Year-to-Date (YTD): The actual tax owed so far this year, based on real income and expenses entered to date
- Projected: Your estimated tax for the full year, extrapolated from your last 12 months of data
- If your projected annual tax is negative, the system will not generate quarterly estimates
Quarterly Tab
- Shows how much is owed each quarter based on the full-year projection
- Updates dynamically as your income and expenses change throughout the year
Quarterly Estimated Taxes
If you're self-employed, you're required to pay taxes as you earn — not just at year-end. The IRS charges penalties for underpayment.
Who needs to pay:
- Sole proprietors, freelancers, and independent contractors
- LLC owners whose business generates taxable profit
- Anyone who expects to owe at least $1,000 in taxes at year-end
How Money Pro calculates your estimate:
1. Total year-to-date business income (from transactions and invoices)
2. Minus year-to-date business expenses (from categorized transactions)
3. Equals net profit
4. Apply self-employment tax rate (15.3% for Social Security and Medicare)
5. Plus estimated federal income tax based on your tax bracket
6. Divided by 4 for the quarterly payment amount
2025 and 2026 quarterly due dates:
| Quarter | Income Period | Due Date |
|---|---|---|
| Q1 | January – March | ~April 15 |
| Q2 | April – May | ~June 15 |
| Q3 | June – August | ~September 15 |
| Q4 | September – December | ~January 15 (following year) |
Important: Money Pro's estimate is based only on data you've entered in Money Pro. If you have income from other sources not linked (a separate PayPal account, a side business), your estimate will be understated. Verify with your accountant before making quarterly payments.
Recording Quarterly Tax Payments
There are two ways to record that you've made a quarterly tax payment:
Method 1 — From the Expenses page:
1. Find the tax payment transaction in your Expenses
2. Mark it as a tax payment
Method 2 — Manual entry:
1. Go to Taxes → "+ Tax Payment"
2. Enter the date, amount, and type of payment
3. Use this method if you paid from a personal bank account that isn't linked to Money Pro
Making the actual payment: Money Pro does not connect to the IRS or pay EFTPS on your behalf. You must visit eftps.gov and set up an account to make your estimated quarterly tax payments directly to the IRS. You can also pay at irs.gov/payments.
Missed or partial payments: If you pay less than estimated, Money Pro rolls the remaining balance into the next quarter and updates your projections automatically.
Safe Harbor Rule — Avoid Underpayment Penalties
The IRS won't charge underpayment penalties if you meet one of these safe harbor thresholds for the year:
- 90% rule: You pay at least 90% of your current year's total tax liability through withholding and estimated payments
- 100% of prior-year rule: You pay an amount equal to your total tax from the prior year (shown on your prior-year Form 1040, Line 24)
- 110% rule: If your prior-year Adjusted Gross Income (AGI) exceeded $150,000, you must pay 110% of your prior-year tax — not just 100%
Which to use: The prior-year safe harbor is the easiest to calculate — look at last year's tax return and match that amount across your four quarterly payments. You're protected from penalties even if you end up owing more at filing.
Example: If your 2024 Form 1040 showed $8,000 in total tax and your AGI was under $150,000, paying $2,000 per quarter in 2025 gives you full safe harbor protection — regardless of how much your 2025 income grows.
Self-Employment Tax Deduction
Self-employment tax (15.3%) is calculated on your net profit, but the IRS allows you to deduct 50% of SE tax as an adjustment to income on Form 1040. Money Pro's quarterly estimates account for this deduction automatically.
QBI Deduction (Qualified Business Income)
If you're a sole proprietor, single-member LLC, or S corp owner, you may qualify for the 20% QBI deduction — a deduction of up to 20% of your qualified business income. This deduction reduces your taxable income but not your SE tax. Money Pro does not calculate QBI eligibility; confirm with your CPA whether your business qualifies and what income limits apply.
Reports Available in Money Pro
Access reports from Reports → Tax Reports in the Money Pro menu.
Schedule C (Draft) Report
A complete listing of your deductible business expenses organized by IRS Schedule C category for any date range. This is what your accountant needs to prepare your return.
Tax Details Report
A full breakdown of categorized income and expenses. Helpful for CPAs preparing your filing. Note that this report shows the full amount spent on meals regardless of the 50% deductibility rule — the Schedule C Report shows the IRS-allowed deduction amount. These two totals will differ for businesses with meal expenses or COGS.
Profit & Loss Statement
Total income, total expenses, and net profit for any period. Required by lenders, accountants, and partners. A standard financial statement.
Mileage Report
Business trips with dates, destinations, purposes, miles, and the calculated deduction. Required for the business mileage deduction on Schedule C.
To generate any report:
1. Go to Reports in Money Pro
2. Select the report type
3. Set the date range (January 1 – December 31 for annual tax prep)
4. Click Download — PDF for sharing, CSV for spreadsheets or accounting software
Tax Season Checklist
Before handing anything to your accountant or starting to file, run through this:
- [ ] Categorize all transactions — filter for Uncategorized and clear the queue. Uncategorized transactions are excluded from expense reports and tax estimates.
- [ ] Review personal transactions — scan for any personal purchases in your business account and reclassify as Personal or Owner's Draw
- [ ] Reconcile invoices — verify all paid invoices have payments recorded. Check Invoicing → Paid and confirm amounts and dates look right.
- [ ] Log missing mileage — review your calendar for business trips not yet logged; backdate entries as needed
- [ ] Attach receipts — for equipment, travel, and business meals over $75
- [ ] Download your reports — Schedule C, Profit & Loss, and Mileage for the full calendar year
Filing Your Taxes: Column Tax Integration
Money Pro includes free federal + 1 state tax filing through our integrated tax partner, Column Tax (also accessible as April Tax Solutions within the platform).
What's included:
- Your Money Pro income, expenses, and mileage auto-import — no manual re-entry
- Federal return + 1 state return per subscription year
- Step-by-step guided filing
- E-file directly from the platform
- Support available via chat within the filing experience
How to access:
1. Go to the Taxes tab in Money Pro
2. Click "File Taxes" — available starting January 1 each year
3. The IRS opens for filing approximately January 29 — that's the official start date for submitting returns
4. Your Money Pro data (business name, income, expenses, mileage, W-2 income) auto-imports into your return
5. Follow the prompts to complete and e-file
Tax filing deadline: April 15 for most filers. Extensions (to October 15) are available but don't extend the time to pay any tax owed — estimated taxes are still due by April 15.
Current limitations:
- Supports single-member LLCs (personal + Schedule C business taxes)
- Does not support multi-member LLCs, S-Corps, or C-Corps
- You are not required to file through Money Pro — you can use the reports with your own accountant or tax software
Column Tax / April Tax: Both names refer to the same integrated tax filing partner. You may see either name in the Money Pro interface.
Working With Your Own Accountant
If you prefer to work with a CPA rather than filing yourself:
- Generate your Schedule C report and P&L for the full year (PDF + CSV)
- Generate your Mileage Detail List for the full year
- Share these with your accountant — they have everything needed to prepare your return
If you need help choosing the right filing path for your business type, our support team can help.
Frequently Asked Questions
Does Money Pro file my taxes for me?
No. Money Pro organizes your records and generates tax reports. The actual filing is separate — through the Column Tax integration inside Money Pro (free with your subscription), ZenBusiness Tax Services, or your own accountant or tax software.
What's the difference between the Tax Details Report and the Schedule C Report?
Both show your business expenses, but they calculate two line items differently. Deductible meals: Tax Details shows the full amount spent; Schedule C shows the IRS-allowed 50% deduction. COGS: Tax Details groups it with total expenses; Schedule C separates it in Part I, Line 4. If your totals don't match between reports, this is why.
Can I file both my personal and business taxes through Money Pro?
Yes, if you have an eligible single-member LLC filing Schedule C. In that case, the Column Tax / April Tax integration can support both your personal Form 1040 and your Schedule C business filing. Multi-member LLCs, S-Corps, and C-Corps are not supported in the Money Pro filing integration.
When can I start filing my taxes?
The "File Taxes" button becomes available January 1 each year. The IRS officially opens for e-filing around January 29. You can complete your return before that date and it will be submitted when the IRS opens.
Am I required to file my taxes through Money Pro?
No. You have full access to all your tax reports and can file any way you choose — your own accountant, TurboTax, H&R Block, or any other method. The included Column Tax filing is a free option, not a requirement.
How do I pay my quarterly estimated taxes?
Money Pro calculates the amount but does not make the payment for you. To pay, visit eftps.gov to set up an EFTPS account and submit your quarterly payments directly to the IRS. Then record the payment in Money Pro so your projections stay accurate.
What if I have income that isn't tracked in Money Pro?
Money Pro only knows about income that flows through your linked bank accounts or is recorded as paid invoices. Income from PayPal, Venmo, cash, or unlinked accounts won't appear in your reports. Add it manually through the Income page or adjust your totals before filing. Your total reported income on Schedule C must match all income you actually received.
How do I know if I'll owe an underpayment penalty?
The IRS won't charge a penalty if you meet the safe harbor threshold: pay at least 90% of this year's tax, OR pay an amount equal to 100% of last year's total tax (110% if last year's AGI exceeded $150,000). The prior-year method is the simplest — look at Line 24 on your prior-year Form 1040 and split that number across four quarterly payments. You're protected from penalties even if you end up owing more at filing.
Can I deduct my self-employment tax?
Yes — 50% of your self-employment tax is deductible as an adjustment to income on your Form 1040. This reduces your taxable income (but not your SE tax base). Money Pro's quarterly estimates account for this deduction automatically. You don't need to calculate it separately.
Does Money Pro work for S-Corps?
Money Pro's expense tracking and reporting features work for any business type, including S-Corps. However, the Column Tax filing integration supports only single-member LLCs (Schedule C). If you have an S-Corp, use Money Pro for expense tracking and P&L reports, then file Form 1120-S separately with your accountant. Confirm that Money Pro's reports meet your S-Corp filing requirements.
Still need help?
If you still have questions our support team is happy to help!