Tiller also offers workflows for helping you keep track of your tax-related small business expenses and business-related itemized deduction expenses. Organizing Self Employed & Small Business Taxes in Google Sheets Now you have the data you need to fill in those sections when filing your taxes. How to generate an annual pivot table for reporting taxes with Google Sheets→ You can easily filter this pivot table to show you only what you need to see for your tax preparation and share this report with your accountant. If you need to quickly see the total amount spent or earned for a specific set of categories for the entire year for tax reporting, you can do this easily with a pivot table by year in a Google Sheet. Learn more about the Category Rollup report → Visualize your yearly category spend with an easy pivot table Pivot Table Spending Chart Google Sheets You can easily export or print the report to send to your accountant (see below). If you’re not sure if you should itemize, consult with an accountant or tax advisor. This will generate a report that summarizes your transaction details organized by type (Income, Expense, Transfer), Group, and then Category for a selected date range for all your transactions using categories tagged as Tax. Run the Category Rollup report with the “Only categories tagged Tax” option.Tag your tax-deductible categories as “Tax” on the Categories sheet.If you prefer to use an itemized deduction amount on your tax return vs the standard deduction you can use the Category Rollup report to get a detailed analysis for your tax-deductible spending. Itemized Deduction Reporting via Category Rollup Report Simply hit the first letter of the category, hit return, and voila, the category is entered and you’re onto the next row. For example, with the Foundation template, you can categorize transactions with a keystroke. Manual categorizationĮven for hundreds of transactions, manual categorization can be surprisingly fast. Tip: If you’re in a pinch to prep your data for your accountant, just focus your categories on how they break out into tax-related spending/earning. To read more about using tags in your Categories sheet, visit this thread in the Tiller Community. If you need a more granular way to organize your transactions (for example you want an itemized deduction amount on your tax return), you can also optionally add tags to your Categories sheet. Read about this in 4 Tips for Choosing Your Budget Categories (Plus Suggestions). You can add a total of 200 categories, but for most people, fewer categories are better. The Transactions sheet is where you assign your transactions to a categoryīy default, the Foundation template includes 20 sample categories that you can rename or delete.The Categories sheet is where you create and edit your preferred categories.If you’re using the Foundation template (mentioned above), you have two sheets that handle categorization logic: Tip: Unlike any app, when you track expenses in a spreadsheet you have complete control of naming your transaction categories. Once your data is updated in your Transactions sheet, it’s time to categorize it!Ĭategorizing your transactions for tax prep Here’s an overview of how to manually import your data from Tiller’s Help library. To get your full year’s worth of transactions, you’ll need to manually add the rest of your data. If you’re brand new to Tiller, you may only have a couple of months of data in your spreadsheets. Just clear out the demo transactions in the Transactions sheet, and ignore or hide the other sheets besides “Transactions” and “Categories.” If you don’t want to use Tiller, you can organize and categorize your finances with this free non-automated version of Tiller’s Foundation Template. But even if you cancel, you’ll keep any data you’ve imported and categorized. You can use Tiller free for a month before you’re charged. That’s because Tiller automates your daily financial transactions and balances into Google and Excel spreadsheets. If you’ve been using Tiller for the past year, most of your data will be ready to go. Getting your past year of finances into a spreadsheet is, of course, the first step to organizing your taxes in a spreadsheet. The goal is to get a total of your deductible spending, such as home repairs, business expenses, charitable giving, medical expenses, and many other common deductions.
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