The request reminded me that tax season is upon us with a looming deadline that is just a few weeks from now. I have designed a Business Tax Template for a few of my friends that are independent contractors and sole-proprietors. It is similar to very expensive software used for larger companies but is handy and easy to use when working with a smaller company. The purpose of the template is to have a single place to view your expenses so that you know where you are spending your money as well as having your numbers in one place when you sit down to do your taxes and calculate your deductions.
In order to use this template effectively you need to make sure you enter your totals at least once a week. This template will help you in a very small way if you are ever audited so you still need to keep track of your receipts whether that is stuffing them in a manila envelope, a shoe box or keeping them neatly organized (unlike me) in file folders.
This template provides you with an easy overview that can help you establish or adjust your coming year budgets appropriately. The template gives you a history of your actual spending so that you can budget responsibly for things that are harder to assign amounts to such as business lunches, clothing, office supplies, date nights, etc. It can also be used for individuals wanting to track personal expenses but would need a little tweaking in order to make it more functional.
Below is a picture of the overview/summary page which auto-populates when you enter your information in the individual sheets and a picture of one of the individual sheets. If you need help setting this up or tweaking it in any way, feel free to contact me via email. Happy budgeting!
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| Itemization Summary Page |
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| Individual Entries for Business Entertainment |
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