Tiller has just updated our free Quarterly Estimated Tax Spreadsheet to automate and simplify quarterly tax estimation directly in Google Sheets.
Many of Tiller’s most devoted users are small business owners, freelancers, consultants, and side hustlers.
They use spreadsheets to manage both personal and business finances. Of course, for small business owners, the line between personal and business finances is often blurry. This causes major headaches when it’s time to estimate and pay small business taxes.
That’s because freelancers, sole proprietors, and consultants don’t have taxes withheld from their paychecks.
Instead, they owe the IRS quarterly estimated tax payments. If those payments aren’t properly made, small business owners can get hit with IRS fines and penalties.
Rule of thumb: Plan to make estimated quarterly tax payments if you file taxes as a self-employed individual or sole proprietor and will owe more than $1000 of taxes.
We realized we could make life easier for the many Tiller customers who need to track estimated tax payments
To that end, we’ve built a powerful new tool called the “Quarterly Estimated Tax Dashboard for Google Sheets.”
Spreadsheets already provide a natural advantage for tracking tax exposure. The Quarterly Estimated Tax Dashboard greatly improves on that advantage. And it’s very easy to use.
“The #1 thing you can do to make your taxes easy for is to get your data into a spreadsheet. All your transactions in one place.Read: Using Spreadsheets for Self Employed Tax Preparation
How the Quarterly Estimated Tax Spreadsheet Works
The Quarterly Estimated Tax Dashboard calculates your small business’s net profit and estimates and tracks your tax liability in real-time.
Use it to estimate taxes due, track standard and itemized deductions, deduct mileage and home office expenses, and more – all in a Google Spreadsheet.
- Track and make income/expense adjustments – for example, if you accidentally put $1,000 of business expenses on your personal credit card.
- Home office deductions – rent or mortgage interest (prorated to the footprint of your home office), utilities, property taxes, and insurance expenses can be allocated to the business.
- Business Mileage – based on the IRS’s standard rate for the tax year. You can also itemize your vehicle expenses.
- The dashboard is great for forecasting tax exposure – you estimate business income and expenses or start with last year’s profit to understand liability based on 2023’s tax law.
- The Quarterly Estimated Tax Dashboard uses tags to seamlessly extract relevant business income and expenses from your transaction log— even when mixed with personal expenses— in real-time.
- And it works across all filing statuses.
Our spreadsheet is the nerve center of our taxes every year. I can see our income to confirm we have the right 1099s and W2s. We can see our medical and charitable expenses for deductions. We can see any work-related expenses. We also have rental income and expenses. It’s all there, it’s all ready for me to review, and with a single click I can share it with our accountant.”– Tiller founder Peter Polson
Get the Quarterly Estimated Tax Spreadsheet
Find the newly updated Estimated Quarterly Tax sheet in the Tiller Community Solutions add-on for Google Sheets.
- Read more about the Tiller Community Solutions Add-on
- Read about the Estimated Quarterly Tax sheet in the Tiller Community
Use this tool in conjunction with your tax advisor
The Quarterly Estimated Tax Dashboard for Google Sheets is intended to be used with a tax professional. They will love you when they see your tidy, organized transactions all ready to file in this new dashboard.
Note: the following illustrations provide a glimpse of our work-in-progress on the Quarterly Estimated Tax Dashboard. The final product will look different.