Tuesday Tax Tip #4

It's getting colder here in Michigan, and I've been sitting under a blanket on my couch for the past few days, which means another tax season is just around the corner.

Many of us receive non-employee/contractor compensation during the year. Generally, this means we'll receive a 1099-MISC for that income to include in our tax returns. Tuesday Tax Tip #2 contains a lot of helpful information regarding allowable deductions related to this income. Everyone has different ways of tracking these deductions, and I have put together a tracking template to hopefully help make things easier throughout the year and during tax prep time!

Here is the document in Excel form. The green tabs are if you want to track expenses by month/day, and the blue tabs are if you prefer by project/gig. The Summary tabs are linked to the detail tabs (let Excel do the number crunching), and anything that's filled in already is just a placeholder or example (you can delete those). Save the document to your computer or phone, and start tracking! I recently downloaded the Excel app for my phone and am maybe a little too excited about it.

Excel Workbook - Schedule C Tracker

Here is the same document as a Google Sheet for those that like using Google Drive, which can also be accessed by computer or phone. Please duplicate the doc to your own drive, or reach out and I can send you a private doc.

Google Sheet - Schedule C Tracker

Let me know if there's anything that's unclear or if you have any recommended changes. These documents will also be accessible under the Planning Docs section of this site. Additionally, if you would like me to create a custom template for your unique situation, I'm happy to help :-)

Happy Tracking!

- Jaclynn