Planned

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Specifying expenses/deductions as percentages of other things

It would be good to allow Tax Deduction to be a percentage of an expense or as a percentage of income. Additionally allowing expenses to be percentages of income or other expenses.

19 votes

Tagged as Suggestion

Suggested 03 February 2022 by user Nadav

Moved into Planned 08 February 2022

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  • 03 February 2022 Nadav suggested this task

  • 03 February 2022 Kyle Nolan approved this task

  • 08 February 2022 Kyle Nolan moved this task into Planned

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    It would also be good to allow a deduction to be a percentage of income with a value cap

    21 February 2022
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    If you want to go advanced with this, the current “Advanced” mode can be set to be a changing percentage of an income or expense over time. For example, early in life I want to spend 5% of my income on vacation, but have that grow over time to 10%.

    02 June 2022
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    Would love to be able to direct 10% of all income to the “charity” expense.

    17 August 2022
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    I’m in the same boat as Taylor

    07 September 2022
  • 22 December 2022
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    It would be great to have this % of income as an option in the tax analysis, and have the ability to set a max amount (also be able to increase by inflation).

    This will fit perfectly to tackle Canadian Employment Insurance (EI) and Canada Pension Plan (CPP) premiums. These two are deducted based on a percentage of income, up to an annual maximum amount.

    31 December 2022
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    +1, I’d like to be able to direct 10% of income to donations and exclude donations from “total expenses” when calculating what 25x of expenses is for the FI target

    27 July 2023
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    More ideas: - target bonus as % of base salary - employer pension or share ownership match as a percent of individual match

    17 October 2023
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    I was just about to add a request to allow expenses to be a percentage of some other known value such as an Income source, but I found this request.

    11 January
  • avatar

    This would be a nice feature. I’d like to set tithe expense as percentage of income or taxable income. I think I can get around this by setting individual expenses happening at specific years for each year depending on income range, but there’s some pretty volatile years post fi where I am working on a Roth conversion strategy and this would be fairly manual/error prone. Ideally, this feature would pair with using a specific account (eg pretax ira) and marked tax deductible so it will capture the fact that I wouldn’t be taxed on the money. I think these items already seem to exist depending on your implementation though.

    Ps: this software is absolutely awesome.

    27 February