Start Using This Complete Tax Worksheet Now to Be Prepared for Next Year
It’s time to file your taxes by April 15, 2025. If you’ve already done this, congratulations! Now you can relax and wait for your refund, right? Of course, but your relief will be short-lived. Once tax season rolls around next year, you’ll once again be frantically searching for receipts, statements and other documentation needed to file an accurate return.
Instead of settling for yearly confusion, you can get ahead of the game by using a spreadsheet to keep track of all your tax information throughout the year. And there’s no better time to start than right now—while your tax knowledge is still fresh—by putting together a spreadsheet and starting recording data for next April.
Create your own table or download this template.
I’ve created a basic template to get you started here . What I mean by the basic option is for people who essentially just want to convert their Form 1040 into a spreadsheet so that all of your yearly information is in one accessible and editable place. I’ve included different tabs depending on what you want to track and how closely you want to track it.
For example, the first tab is a simple table that turns the different lines of your Form 1040 into rows of data, making the information easily accessible from year to year. Another tab allows you to clearly list your income and deductions throughout the year. I’ve even included a tab dedicated to home office expenses if that applies to you.
Depending on your personal situation, there may be some overlap or glaring omissions, so I encourage you to take what I’ve given you and let it flow. These are different strokes for different people, different tables for different… freaks. (This is a slant rhyme.)
Basics to include in your tax worksheet
You can expand on the template above or start from scratch – whatever allows you to get the most out of this system. Give it a clear name, such as “2025 Tax Returns,” so you can easily refer to it later. Remember, the goal is to have a single file where you can enter and update information, and keep everything centralized.
To get started with a simple tax tracking spreadsheet, create separate sections or tabs for different categories of tax information. At a minimum, you will need sections for:
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Income . This will track income from jobs, self-employment, investments, pensions, etc.
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Deductions . List anything you plan to itemize or claim as a deduction, such as mortgage interest, charitable donations, medical expenses, etc.
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Tax benefits . Track estimated expenses that may qualify for a tax credit, such as education expenses, child care, etc.
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Tax documents for the previous year . Keep a record of the details of last year’s tax return and any carryover items.
How to use the tax table
In each section, create rows and columns to keep track of the details needed to pay your taxes. For example, in the Income section, you might need columns for:
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Date received
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Source of income/employer
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Amount earned
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Tax liens
For deductions, you could have columns like:
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Payment date
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Category of expenses (medical, mortgage interest, charity, etc.)
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Quantity
Make updating your information a habit
Since you receive income throughout the year, be careful to enter the information in the income section immediately while it is still fresh. Do the same for potential deductions as you incur these expenses. You can update your spreadsheet weekly, monthly, or whenever you want, as long as you stick to the routine.
Keep digital copies of all your documents
Every time you receive tax documentation, such as W2s, 1099s, donation receipts or mortgage interest statements, save digital copies and attach or link them in a spreadsheet file. This creates a convenient archive of all your tax reports in one place.
Using a spreadsheet to carefully track your tax information throughout the year will save you the inevitable time and stress of having to retrieve it all at the last minute. While staying organized takes diligence, these small efforts go a long way when tax season rolls around. You will appreciate these detailed records in the future. From the most detailed travel plans to excruciatingly detailed journals and complex to-do lists , if you have a goal, that goal needs a spreadsheet.