This spreadsheet helps you track everything you buy for work and groups them according to their appropriate tax category. You can use it to lower your self-employed income and, ultimately, save on your taxes.
Whether you're using this free template or taking advantage of the Keeper app, it's the perfect time to get organized. You might never love doing your taxes, but you can make it fast, cheap, and headache-free.
The Department allows retailers with two or more sites (locations) to file state-administered sales tax electronically using an approved Microsoft Excel spreadsheet if you do not already use an Approved Sales Tax Software Vendor. This spreadsheet service is available as part of Revenue Online.
Some of these spreadsheets track specific company expenses, while others provide a simple, high-level summary of your expense history. For example, a travel expense spreadsheet tracks travel-related expenses, like lodging and meals. A monthly expense spreadsheet provides an overview of your total monthly spending.
When you have a standardized spreadsheet for tracking expenses, you can save time by using built-in formulas to calculate totals and averages. This lets you focus on your financial goals instead of crunching numbers.
Not all expense tracking spreadsheets are complex tools with dozens of columns, categories, and formulas. Sometimes all you need is a simple list of your expenses and this is where a basic expense spreadsheet comes in handy.
A travel expense spreadsheet is designed to track all spending related to business travel. This might include airfare, hotel costs, car rental, food, credit card purchases, and any other expenses incurred while traveling for work.
The great thing about travel expense spreadsheets is that they often come with pre-built formulas that automatically calculate totals for each category as well as the overall trip cost. This makes creating a travel expenses report quick and easy.
An annual expenses spreadsheet usually includes two main sections: income and expenses. The income section lists all the money your business brought in over the year, while the expenses section lists all the money your business spent.
If you are looking to find out if you will get a tax refund or if you owe money this year, here is a simple Excel spreadsheet that can help you estimate federal and state income taxes before you file your return in 2021.
Over the years I have fine-tuned my Excel spreadsheet to require as little input as necessary, especially when it comes to correctly calculate my income tax withholding, based on the various brackets.
Each state has radically different tax rates. I personally keep out 25% because my husband has a full-time job. However, some people keep out as much as 50% and pay quarterly. This is not something I am going to explain here since it varies so much for each person. This spreadsheet is set for 30% taxes.
As you use this spreadsheet, please remember that it is just a tool! It cannot substitute research and education on tax law (especially since taxes can change from year to year!). It is your responsibility to file taxes correctly. If this is a struggle for you, then you may want to look into getting a certified tax specialist to help you.
Are you looking for a straightforward, IRS compliant Excel mileage log template? Using a mileage log is the best way to ensure that your manually-tracked mileage is consistent and your records contain all the information required by the IRS. Using the Standard Mileage Rate, this template will calculate your deduction per trip, making it easy to calculate your total deduction when it comes time to file your taxes on your Schedule C tax form.
When you connect your bank account or credit card to Everlance, the app will automatically log your expenses, recording the date, time, amount, and corresponding transaction information. This way, you avoid hanging onto a shoebox full of receipts and the end-of-the-month scramble to enter your data into a spreadsheet.
Whether you use the Everlance app, our Excel mileage log template, or even a notebook, the key to getting the most out of your mileage deduction is to track every single trip and maintain detailed records of your mileage.
Prepare your Federal Income Tax Return with the help of these free to download and ready to use ready to use Federal Income Tax Excel Templates. These templates include Simple Tax Estimator, Itemized Deduction Calculator, Schedule B Calculator, Section 179 Deduction Calculator and much more.
We have created a simple and easy Adoption Tax Credit Calculator Excel template with predefined formulas and formatting. Enter your actual incurred expenses for the adoption process and it will automatically calculate the claimable adoption credit for you.
Tax Practitioners may strive for a high-performing tax department, but the tools they use may be preventing them from getting there. In this blog, we explore the challenges in using spreadsheets as the primary tool.
Tax, like many parts of any organization, is always looking to improve; where can we do it faster and reduce risk through automation of routine tasks. One of the more regular activities in the tax function, the tax provision immediately comes to mind and is often the first process considered. The tax provision process of most multijurisdictional companies employ Excel spreadsheets to collect, process and consolidate the information required to prepare the tax provision. With such extensive use of Excel, there is always a risk of errors in the process.
The tax provision process typically makes extensive use of Excel spreadsheets and includes extensive use of formulas and/or advanced functions to move data within the template and calculate the provision. Most tax professionals are the template owners and they know their spreadsheets and are intimately familiar with the formulas and functions used. Some of these templates are getting better at documenting the calculations and explaining how data is calculated in a visual manner. No matter how familiar someone is with their template there still exists a risk of an error in formula.
Various studies have been performed to look at the risk of errors in Excel spreadsheets and based on the different studies it is consistent that 85-95% of all spreadsheets have errors in them (Powell, Baker and Lawson, Journal of Organizational and End User Computing, Sept 2009). The main factors that create the errors is the use of formulas, advanced functions used and size of the spreadsheet.
All three of these contributing factors are used extensively in tax provision templates which increases the risk of an error in the tax provision. This applies to any tax provision process built using Excel spreadsheets.
Tax provision templates uses various approaches to bring data into Excel spreadsheets, such as the month end financial results. The process of updating the latest consolidation data uses an extract of the latest month end actual data which is often copied and pasted into the template by the user or tax professional. Sometimes this will require some adjustments to the format due to changes in structures, such as a new account.
More advanced tax provision templates have integrated the ability to pull directly from their ERP, financial reporting tool or consolidation software using an Excel Add-in or direct connections to the data source.
The challenge is there is no control or validation of the latest changes in data that is loaded into the template. Often the tax professional is left having to review the financial data at the last minute to ensure the numbers are updated and if numbers have changed, identify what specifically has changed to confirm there is no tax impact in the change. This has to be managed in all the spreadsheets, as there is no central monitoring process to track the updates in the tax provision process and identify where were the latest changes impacted. With multiple tax provision Excel templates, the risk associated with updating the financial data could never be eliminated.
The challenge is with more maintenance changes the risks of errors increase. During regular maintenance, errors in the tax provision templates often are related to changes impacting the formulas and advanced functions used. As new columns and rows are added or removed in the tax provision templates, the references used (ie. cell based references) are not automatically updated correctly causing errors in the formulas or functionality. Some errors are not always readily identifiable.
Typically, the ability to share a template with others in your local tax department is not an issue as the templates are stored on a central network or cloud storage. The challenge becomes more apparent in a multinational organization which require the sending and receiving of Excel spreadsheets.
With the tax provision Excel templates, security is managed based on restricting access to the file storage location to the identified tax professionals. There is often no security employed in the individual spreadsheets or at the data level in the spreadsheets.
The audit of the formulas and understanding how calculations and data are used is a common challenge for tax templates. Most template owners know their spreadsheets and can walk someone through it. With some organizations, the documentation in the tax provision templates is more complete and thorough to capture the specific steps of the calculations and using visual clues to help users interpret the data calculations and flows.
We have offered a downloadable Windows application for calculating mortgages for many years, but we have recently had a number of people request an Ex