Within the desktop version, the Deductions section allows you to view and manage your expenses, although the functionality is limited compared to the Keeper app. It's nothing to worry about, our team is always working on updating and adding new features so you can have the best experience possible!
Let's take a look at each of the features currently available in the web dashboard below.
Year
When you click on the year, you can toggle between your deductions for this year and the previous year.
📝 Please keep in mind that we currently only support the current year and the previous year.
Navigation: Deductions -> Year
Search expenses by name
This section will let you search your transactions by merchant's name. (e.g. Netflix)
Navigation: Deductions -> Magnifying glass
Manually adding an expense
The "+" icon in the top right corner is where you can manually add a business expense.
Navigation: Deductions -> Add expense
All you need is:
- The name of the purchase
- Date
- Amount spent
- Category
Don't forget to hit Save so it gets added to your deductions.
Navigation: Deductions -> Add expense
Deleting a manually-added expense
If you need to remove a manually added expense, navigate to the Deductions tab, locate the expense you want to delete, and then tap on 'Delete' at the bottom of the page.
Navigation: Deductions -> select manually added expense -> Delete
Create a rule
The 'Rules' button in the top right corner of the Deductions page is where you can manually create a rule for your recurring expenses.
This will bring a pop-up window where you can create rules. If you already created a rule, you'll see that rule listed on this page.
When creating a rule, all you need to enter are:
- Merchant name
- Deduction status
- Category
You can also choose to apply the rule to past purchases. By selecting this option, all expenses with the specified merchant name will be automatically updated according to the rule you’ve set.
Navigation: Deductions -> Rule icon
Export your deductions
Within the web dashboard, you can export a spreadsheet of your deductions by clicking on 'More' next to the 'Rules' button in the top-right corner. Make sure you select the correct year under the Deductions tab before exporting.
Navigation: Deductions -> More -> click on 'Export'
Link another account
Additionally, you can link another bank account or card by selecting "More." Just click on "Link another account," and you'll be instantly directed to the Settings tab of your dashboard to complete the process.
Navigation: Deductions -> More -> click on 'Link another account'
Estimated tax savings
The amount you see here is an estimate of the money you'll get back from the government at tax time, either as a tax refund or a bill reduction.
Keeper does the math so you don't have to. For those who want to know, the value is determined by multiplying your tax rate by the dollar value of your total tax deductions.
📝 The tax rate used to compute your estimated tax savings is based on the income and personal details you've provided in your tax profile. You can always update your tax profile within the Settings tab of the app.
Navigation: Deductions -> Estimated Tax Savings
Deductions Overview by Category
If you click on Estimated Tax Savings, a pop-up window will appear with a breakdown of your total deductions X your tax rate and your total estimated tax savings.
This is where you'll also see a list of all your deductions per category. And where you can view, manage, and edit them.
By tapping on the category, you’ll see all the added expenses for that category.
Reviewing these sections is a great way to stay organized and ensure all your expenses are tracked!
Navigation: Deductions -> Estimated Tax Savings
Sorting Expenses
Below estimated tax savings, you can see a list of all your expenses that you can filter by:
- Date
- Merchant
- Account
- Status
- Category
- Amount
Navigation: Deductions
Filter by transaction status
If you tap on Status, you’ll be able to filter your transactions by:
- Suggested
- Deductions
- Not deductible
Navigation: Deductions -> Status
Under "Suggested," you'll find a list of expenses that need categorizing. You can mark each expense as either a "deduction" or "not deductible."
Checking this section frequently to correctly mark each expense is a great habit to develop.
More deductions equal more tax savings!
Navigation: Deductions -> Status -> Suggested
Editing an Expense
Selecting an expense in the "Deductions" tab opens up a list of tools to help you micro-manage the transactions that are added to your list of deductions.
You can click on a specific purchase to:
- Mark the purchase as a deduction or not deductible
- Edit the expense category
- Adjust the business-use percentage for that particular expense
You can also add a note to your expenses. This is helpful if you'd like to add extra documentation for your transactions, especially business meals, such as who you're with or what the meeting was about.
Navigation: Deductions -> Select the expense
Bulk edit
The bulk edit feature lets you update multiple transactions at once. First, filter for the specific expenses you want to edit. Then, select the checkbox in the header row to choose all filtered transactions. You can uncheck any individual transactions you don't want to edit.
You can edit the selected expenses by adjusting the following:
- Status: This option lets you mark all selected expenses as either "Deductions" or "Not Deductible."
- Category: This allows you to assign a category to all selected expenses. You can choose from the available categories, but please note that only one category can be applied to all selected transactions.
- Split Amounts: Use this feature to adjust the business-use percentage for the selected transactions.
- Note: Add the same note to all selected expenses.
If you prefer to manage your expenses on the app, feel free to check out this article about the app's Deductions tab!