On the calendar, tax season is almost over, while in reality, tax season is never really over.
Tracking finances throughout the year in a spreadsheet greatly
Once you have your data in a spreadsheet, here’s what you need to know about organizing it for tax preperation.
Spreadsheets are the perfect tool for prepping your data for tax time.
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.
Luckily Tiller makes it super easy to pull these insights together yourself and make tax time even easier and faster.
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In this demo video we demonstrate how to get going with Tiller for easy tax time reporting in a spreadsheet.
If you’re brand new to Tiller you’ll notice that we pull about 90 days worth of data.
In order to get a full year’s worth of
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 transactions sheet. The video also covers how to do this is detail.
Categorizing spreadsheet transactions for taxes.
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 you can focus your categories on how they break out into
Auto-categorization with AutoCat
When you’re ready to start categorizing you can do this more quickly by using AutoCat.
Check out our getting started with AutoCat guide to get going with it, but the video above also gives a demo on how to easily identify recurring transactions in your Transactions sheet.
Once you’ve got all the relevant data categorized, it’s time to build your reports.
If you’ve used Tiller consistently for the past year and already have last year’s data categorized, this is where you’ll want to dig in (skip ahead to minute 11:49 in the video).
A quick way to get a yearly spending/earning summary is with a pivot table. It’s simple to add a “Year” column to your Transactions sheet and then easily build a pivot table to get the spending summary for all of last year. This alone may be sufficient for your accountant for tax filing.
If you want a little more detail, you can add the Tag column to your categories sheet, tag a few categories as “Tax,” and then run an Itemized Deduction Report (Category Rollup Report) using the Tiller add-on for Google Sheets and select the “only show tax related categories” option.
The output is 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.
There are also options to include or exclude hidden categories’ transactions and uncategorized transactions.
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.
The video also demos these steps, and you can follow along with this
All in all, with the help of Tiller you can trim your tax reporting time down considerably.
And if you consistently use Tiller to automatically import your data into a spreadsheet and stay on top of categorizing throughout the year, your tax reporting prep next year will only take a few minutes.