How to use the tax summary report

How to use the tax summary report

Morgan AI's tax summary gives you a year-end overview of your income and expenses, exactly what you need for filing your taxes or briefing your accountant.

Accessing the tax summary

1. 1Go to Reports in the bottom navigation
2. 2Tap Tax Summary
3. 3Select the tax year (calendar year, April to March, or custom)

What the tax summary includes

The tax summary report shows:

• Gross income: total revenue from all sources
• Card processing fees: deductible business expense
• Business expenses by category: materials, fuel, equipment, etc.
• Net income: your gross income minus expenses
• Total tax collected (if you track HST/GST)
• Total tax remitted (if applicable)

Sharing with your accountant

Tap Share report to:

• Export a PDF for emailing or printing
• Export a CSV for importing into accounting software
• Share directly via email or iCloud Drive

Most accountants can work directly with the PDF version. The CSV works well with QuickBooks, Wave, and similar tools.

HST/GST tracking

If you're registered for HST or GST, you can enable tax tracking in Settings > Tax Settings. Once enabled, Morgan AI tracks the tax you charge on invoices and the tax included in your expenses, giving you an estimate of what you owe or can claim back.

When to generate your tax summary

Generate your tax summary after December 31 (for a calendar year return) or April 30 if you're using the government's April-March fiscal year. Keep a copy for your records.

Important note

The tax summary is a helpful tool, but Morgan AI is not a tax advisory service. Always consult with a qualified accountant or tax professional to confirm your filings are accurate.

Pro feature

The full tax summary report, including expense categories and HST/GST tracking, is available on the Morgan AI Pro plan.