How to Organize Your Taxes With Spreadsheets and Tiller Money

Tracking down your financial data is one of the most tedious parts of preparing to file your taxes.

However, if you use Tiller Money, most of the required financial information is already at your fingertips.

That’s because Tiller Money automatically collects your personal and small business bank data throughout the year, and keeps it organized in easy-to-share spreadsheets.

If you stay on top of categorizing transactions throughout the year, your tax reporting prep will take just a few minutes instead of a few hours.

Here are a few Google Sheets workflows to help you prepare for tax time with both personal and self-employment income.

Organizing Your Personal Taxes in Google Sheets 

First, categorize your transactions for taxes.

If you’re brand new to Tiller Money, you’ll notice it imports about 90 days of data. To get a full year’s worth of transactions, you’ll need to manually add the rest of your data.

You can easily do this by exporting a CSV from your bank, and then using these steps to format and organize it for use in your Tiller Money transactions sheet.

Expenses By Category

Once you’ve got your historical data in your Transactions sheet it’s time to start categorizing it.

If you haven’t refined your categories yet, spend a little time on your Categories sheet thinking through how you spend and earn.

If you’re in a pinch to prep your data for your accountant, just focus your categories on how they break out into tax-related spending/earning.

Once you’ve got all the relevant data categorized, it’s time to build your reports.

Itemized Deduction Reporting via Category Rollup Template

Category Rollup Report - MacBook

If you prefer to use an itemized deduction amount on your tax return vs the standard deduction you can use the Category Rollup report to get a detailed analysis for your tax-deductible spending. 

  1. Tag your tax-deductible categories as “Tax” on the Categories sheet.
  2. Run the Category Rollup report with the “Only categories tagged Tax” option

This will generate a report that summarizes your transaction details organized by type (Income, Expense, Transfer), Group, and then Category for a selected date range for all your transactions using categories tagged as Tax.

If you’re not sure if you should itemize, consult with an accountant or tax advisor. You can easily export or print the report to send to your accountant (see below).

Learn more about the Category Rollup report →

Visualize Your Yearly Category Spend with an Easy Pivot Table

If you need to quickly see the total amount spent or earned for a specific set of categories for the entire year for tax reporting, you can do this easily with a pivot table by year in a Google Sheet.

You can easily filter this pivot table to show you only what you need to see for your tax preparation and share this report with your accountant.

How to generate an annual pivot table for reporting taxes with Google Sheets→

Organizing Self Employed & Small Business Taxes in Google Sheets

Tiller Money also offers workflows for helping you keep track of your tax-related small business expenses and business-related itemized deduction expenses.

Estimated Quarterly Taxes Template

If you’re a sole proprietor, freelancer, or consultant with a simply structured business, Tiller Money can also help you estimate your quarterly taxes with the Estimated Quarterly Tax sheet

Your estimated quarterly taxes will be based on real-time spending data as it flows into your Transactions sheet, plus any manual adjustments you include.

You can also use this template to project estimated taxes for each quarter.

More about the Estimated Quarterly Tax Sheet →

Share your spreadsheet with your tax preparer or accountant

Accountants love spreadsheets because they’re easily editable. It’s trivial to pull additional insights such as a quick sum of your entire year’s spending in a category.

When you’re happy with the output, you can Download As a PDF or Excel workbook and send to your accountant, or simply share your Google Sheet.

Visit the Tiller Money Community to learn more about managing taxes with spreadsheets.

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