![]() ![]() Simply enter the date using the following format: MM/DD/YYYY. Date: Keeping track of your expenditures lets you trace your expenses to the penny.Let’s take a look in more detail at how to populate your numbers: Here, you must select an item from the dropdown menu of categories. To produce a summary of your expenses, you need to input the specifics of your costs into the Schedule C Category column. This is a sum of all the tax-deductible amounts of the categories listed. Tax Deductible Amount: The numbers here are automatically calculated by multiplying your gross amount per category and business use percentage.Īnother handy feature you’ll see once you scroll down the template is the Total Tax Deductible Amount.If you leave it blank, it defaults the value to 100%. You can modify this column by inputting the equivalent percentage you used solely for business purposes. % Business Use: Some expenses you make may be partially for your business operations, like your auto costs.Take note that it presents the sum for each category. Total Amount: This column automatically gets updated as you list your expenditure numbers under the Expenses tab.This column organizes your expenses more clearly, letting you know where to save money. Schedule C Category: The categories in Schedule C determine what you can and cannot write off from your taxes.Its purpose is to let you navigate your costs more quickly to ensure that you’re putting the right amount in the correct category. Line: The numbers under this column correspond to the various categories of Schedule C.There’s no need for you to edit this section, as the spreadsheet formulas will automatically do the calculations for you. This tab features five columns, presenting a quick overview of your costs as an independent contractor. Let’s explore these in more detail below. There’s also the Expenses tab where you can enter the figures of all your payments and purchases. After opening your copy, you’ll see the Summary tab, which includes the total amount per category and the possible tax deductions you can take. Our template is simple, containing only two tabs that you need to use to track your business expenditures. ![]() Get the template here for free: Independent Contractor Expenses Spreadsheet Exploring Our Free Independent Contractor Expenses Spreadsheet So, don’t forget to save a copy of our template for stress-free expense tracking. ![]() Our self-employed expenses spreadsheet template features these characteristics alongside built-in formulas that will make the work easier for you. You may also want to include a column for your digital receipts, allowing quick referencing. Having these fields well-organized will allow you to record your costs more accurately and in greater detail, ensuring you’re not adding up the wrong values.
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