Add Transaction Calendar Backups Help
Welcome to the Cognito Money Demo! Explore with sample data.

Tax Report

Back to Accounting Print Report
Select Tax Year
Tax Summary for 2025
Total Income
$6500.00
Total Expenses
$3820.96
Net Income
$2679.04
Income by Source
Source Amount Percentage
Other Income $6500.00 100.0%
Expenses by Category
Category Amount Percentage
Groceries $1566.90 41.0%
Dining $139.83 3.7%
Entertainment $155.48 4.1%
Subscriptions $95.96 2.5%
Electric $278.12 7.3%
Internet $179.98 4.7%
Water $42.35 1.1%
Transportation $293.58 7.7%
Shopping $578.84 15.1%
Healthcare $59.87 1.6%
Utilities $279.36 7.3%
Personal Care $150.69 3.9%
Potential Tax Deductions
This section highlights expense categories that may contain tax-deductible items. Please consult with a tax professional for specific advice regarding your tax situation.
Category Amount Potential Deduction Type Notes
Healthcare $59.87 Medical Expense Medical expenses that exceed a certain percentage of your adjusted gross income may be deductible.
Tax Planning Tips
Record Keeping
  • Keep receipts for all potential tax-deductible expenses
  • Maintain a separate account for business expenses if applicable
  • Document charitable donations with receipts
  • Save medical expense receipts and statements
  • Keep records of education expenses and related tax forms
Year-End Strategies
  • Consider deferring income to next year if beneficial
  • Accelerate deductions into the current year when possible
  • Maximize retirement account contributions
  • Review investment gains and losses for tax harvesting opportunities
  • Consider charitable giving before year-end