This is really neat. A couple things I've noted from doing mine:
- I split my tax expenses like
Expenses:Taxes:TY{tax-year}:Federal:(Income|Medicare|SS). I think this is
helpful especially if you either get a large refund or pay a large tax bill
when filing so you can allocate taxes paid to the tax year rather than
calendar year which they are paid or received.
- I see this as being really useful for helping you figure out around
the beginning of Q4 how much additional you need to withhold to get into
the income tax safe harbor in order to not pay a penalty if you will have a
tax bill due come April.
Thanks for another good use case Red!
On Friday, December 23, 2022 at 5:09:07 PM UTC-5 Red S wrote:
> Just wanted share that I did my usual end of the year ballpark estimate of
> taxes owed and tax bracket for planning. *It took me all of two minutes*.
> I used 2021's code for the python-taxes part, which is close enough for
> this part.
>
> Hope this serves as encouragement to get your own taxes-with-beancount
> setup.
>
> On Saturday, April 23, 2022 at 6:10:57 PM UTC-7 Red S wrote:
>
>> Here is the write-up.
>> <https://reds-rants.netlify.app/personal-finance/computing-taxes-with-beancount/>
>>
>> I hope this is useful. Constructive feedback appreciated.
>>
>> I'd also be interested in hearing about tax situations that you are able
>> to, or not able to solve by leveraging Beancount. Feel free to leave
>> questions and comments on that page (github account required), or post here
>> in this thread.
>>
>> On Wednesday, April 20, 2022 at 12:41:28 AM UTC-7 Red S wrote:
>>
>>> Great questions. It's all fundamentally very straightforward, but there
>>> are plenty of ideas and gotchas that would save time for anyone building
>>> this for the first time for themselves. I'll do a short writeup soon, and
>>> post here.
>>>
>>> On Tuesday, April 19, 2022 at 6:49:44 PM UTC-7 Chris Hasenpflug wrote:
>>>
>>>> I would be very curious to know more about how you've set up beancount
>>>> with all the appropriate categories to feed in as part of your script. I
>>>> imagine the W2/wage work is pretty straight forward, but things like
>>>> taxable investing (even without the foreign component) and LT vs . ST
>>>> would
>>>> be interesting to see how you've approached.
>>>>
>>>> On Monday, April 4, 2022 at 9:49:06 PM UTC-5 Red S wrote:
>>>>
>>>>> Just wanted to share, for users in the US:
>>>>>
>>>>> I've used this python-taxes code
>>>>> <https://github.com/davidcmoore/python-taxes> from user davidcmoore
>>>>> for several years now together with beancount, primarily to generate tax
>>>>> forms including a W2. The package includes several advanced federal tax
>>>>> forms (and California forms if you live there). I have a bridge script
>>>>> that
>>>>> passes on numbers from beancount queries as input to python-taxes.
>>>>>
>>>>> I don't use it to file taxes, but rather, to verify my taxes computed
>>>>> using other means, and to estimate taxes to make payments and such. In
>>>>> the
>>>>> last 3-4 years, this process has yielded with very little time spent,
>>>>> numbers that are the same or close enough to make it very useful in
>>>>> verification and estimation.
>>>>>
>>>>> Of course, there are fundamental limitations. Eg: foreign taxes paid
>>>>> via investments, qualified dividends, tax exempt interest, etc. are
>>>>> typically not stored in beancount. For these, a quick approximation based
>>>>> on past years works surprisingly well for the purposes of estimation.
>>>>>
>>>>
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