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Estimated Tax Worksheet | Spreadsheets Gone Wild

Estimated Tax Worksheet | Spreadsheets Gone Wild

Today, I'm excited to introduce a new series on the blog - Spreadsheets Gone Wild. Maybe it's my undergraduate degree in Economics and my background in corporate marketing, or maybe I was just born a nerd - but there's nothing sexier to me than a well-formatted and highly functional spreadsheet.

First up: this little gem will help you make a good, conservative estimate of that darling federal tax bill you're racking up throughout the year.

Before we move on, I must alert you:Magnoliahouse Creative does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Anyways, the conventional wisdom is that you should allocate about 25% of what you take home from your business in savings for your quarterly tax estimates and end of the year filings. But, because the only thing that really keeps me up at night these days is visions of the IRS looming over my head, I like to be a little bit more precise in my estimates. This worksheet is designed to help you estimate your tax liability no matter what your profits may be. I particularly like to use it for projections, so that I can get a better estimate of my take home pay for different levels of income as I set my financial goals for the year.

A few notes...

This is set up for a single person with no kids who has only self employment income. If you're married or have children, your number in cell B3 will be different. It's based on the projected US tax rates for 2015 - and you can see the brackets if you unhide the hidden cells - but if you want to change it for another year or another country, feel free to have at it. This does NOT include state estimates, because the great state of Texas doesn't have an income tax. Finally, the spreadsheet is definitely at it's sexiest in Numbers, but I included an Excel version in the download for all you non-converts.

And one more time for good measure, all together now: Magnoliahouse Creative does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

 

What other spreadsheets would make your life easier? Let us know in the comments and we'll get to building!

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