Ivy wants to help you stay up-to-date about everything surrounding your business, especially tax reporting. Whether you pay taxes on a monthly, quarterly, or annual basis, Ivy has a report to help you determine what exactly you owe. Take a look at this video: 

To dive in, let's first start with HOW Ivy's tax reporting structure works. Ivy's tax reporting is accrual based, not cash-based, meaning that Ivy will calculate the taxes you owe based on the total value of invoices created in a specific tax period, including invoices that have not yet been paid or sent to your client. By the way, this is why we recommend collecting deposits on proposals and converting your proposal to an invoice only when you're ready to do so, working with retainers, and progressively invoicing.

Ivy's tax reporting is ONLY based on invoices, because invoices are official documents of income. You will not see any numbers here related to your proposals. 

There are three different types of tax reports you can pull on Ivy, which you can think of from broad to specific:

1. Taxes Liability Report (Company) - This report will pull the TOTAL taxable product/service amount on your invoices, and will tell you the total taxes you owe to the specified tax agency. You can specify the date range for which to pull this report (the dates correspond to the date of the invoice), and whether this report is pulled for all projects or an individual project.

2. Transactions/Invoices Report (Document) - This report will pull the taxes you owe on a document level. You can specify the date range for which to pull this report (the dates correspond to the date of the document), and whether this report is pulled for all projects or an individual project. You are able to also select from all of your other document types, including Proposals, Purchase Orders, and Retainers, and the status of these documents, but for tax purposes, make sure to choose "invoices."

3. Project Tracker Report (Item) - This is the most granular way to report taxes on Ivy, as it gives you a detailed breakdown of every product or service, and its taxable state. You can specify the date range for which to pull this report (the dates correspond to the date of the invoice), and whether this report is pulled for all projects or an individual project.

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