- How do i create a tax report for only a fraction of the year?
- How do i create a multi-year tax report?
- Why would i need a tax report with custom dates?
If you’ve ever had any of these questions about time-based tax reports or tax reports with custom dates, this article is for you. In this article, we will try to answer these questions and more.
Creating a Time-Based Tax Report, like any other tax report, requires an active license. Licenses are active for 365 days since the date of purchase, and you can even get started with a basic license for FREE.
Creating the Time-Based Tax Report
Whether you want a multi-year or a fractional year tax report, you would create them in the same way. To create a tax report like this, you just need to give it a custom date. You can do so by doing the following;
- Go to the “Tax Report” section of your dashboard
- Select “Custom Dates” under the tax year.
Below is an example of what this looks like.
Next, all that’s left is selecting your desired time frame, your desired preparation option, and set your country settings.
Use Cases for a Time-Based Tax Report
There are multiple use cases for needing to create a time-based report. While I can’t list them all, some example use cases are listed below.
- Multi-Year Report – for recording your profit/losses for multiple year period.
- Fiscal-Year Report – for recording your profit/losses during your chosen fiscal year.
- Monthly Report – for recording your profit/losses for a single month period.
- Fractional-Year Report – for recording your profit/losses made while in a different country.
As you can see there are plenty of different ways creating a tax report with custom dates can be useful.
By now, you should have a decent understanding of how time-based tax reports work and what they are used for. Just in case you skipped over the article, you just select “Custom Date” to create the report. And while there are many use cases for needing custom dates in your tax reports the most common would probably be to choose your fiscal year when recording your profit/losses.