Two things are guaranteed in life, and one of them is taxes. Every year, the time rolls around for you to submit 365 days’ worth of information and you know you have deductions. Keep track of them with the Tax Expense Template, a simple Excel sheet to record your deductions throughout the year.
How to use the Tax Expense Template
Download the template from the link at the bottom of this page and open it in Excel. The template is a simple, one page layout for you to record your tax expenses in. Start by including your name and the start and end dates for this expense journal.
Below is an easy guide to entering your tax expenses. Mark the date of expense, a short description (Donation to Food Bank, etc), what type of deduction it is, and finally the amount. As you add your expenses throughout the year, the row at the bottom will automatically calculate the total.
The space for notes at the end of each expense can be used to remember where receipts are placed or how to mark it off on your taxes. Some deductions require extensive proof, so note everything you need to hold onto in case you are audited.
Tips for using the Tax Expense Template
- If you have numerous tax expenses split between State and Federal taxes, create two templates to track them.
- When taxes are due, print these sheets off as an easy way to reference your deductions.
- If you use an accountant, make sure they always have a current copy of your tax expenses. This way, throughout the year you will have a pretty good idea of what your taxes will look like.
Template courtesy of Microsoft
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