The spreadsheet functions as a simple bookkeeping system and a quarterly tax estimated calculator. You will be able to not only record and keep track of your income and expenses, but you will also be able to calculate your federal quarterly estimated taxes.
If you already use an outside bookkeeping system, like Quickbooks Online, but the system you use is not able to calculate your quarterly estimated taxes, you can use the spreadsheet as a calculator ONLY. You do not have to use the spreadsheet to track your income and your expenses in order to use it to calculate your quarterly estimated tax payments.
The spreadsheet is set up to track your income and expenses from 2017 through 2024. Each year has its own sheet.
You can also use the spreadsheet to project future growth rates using built-in growth rate percentages
The spreadsheet is limited to the following people:
1) Your tax filing status at the end of the year is single, and you make $157,500 or less a year
2) Your tax filing status at the end of the year is Married Filing Separately, and you make $157,500 or less a year
3) Your tax filing status at the end of the year is Married Filing Jointly and together you both make $315,000 or less a year
4) Neither You nor your spouse if you are Married Filing Jointly, receive W2 income from an employer
5) Your income can only be derived from self-employment or investment income