Introducing the Quarterly Estimated Tax Spreadsheet, a powerful new tool to automate and simplify quarterly tax estimation directly in Google Sheets.
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.
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
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.
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
Find the newly updated Estimated Quarterly Tax sheet in the Tiller Community Solutions add-on for Google Sheets.
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.
Marketing Lead at Tiller. Writer. Spreadsheet nerd. Get in touch with partnership ideas at edward @ tillerhq.com.
