Federal & State Income Tax Workbook
Easily jump-start your tax planning throughout the year with this easy-to-use spreadsheet. This workbook allows you to estimate your total federal & state income taxes and calculate quarterly estimated payments. It includes sheets to help you calculate your business and rental income, the new QBI deduction, capital gains and losses, determining your withholding allowances and more!
This spreadsheet focuses on:
- calculating your federal tax liability
- comparing 2 scenarios to analyze the impact of tax strategies
- calculating your state tax liability based on a customizable template
- determining the proper amount of federal withholding and allowances
The best thing about it? The "tax inputs" sheet makes it easy to update tax brackets, phaseouts and limits for a new year so you can use this spreadsheet for multiple years!
Note: this workbook assumes you are familiar with tax law. It provides a template to estimate taxes based on common situations, but may not provide all of the necessary calculations if you have a complicated tax situation (such as more than $1M in income) or qualify for lower-income credits (such as the Earned Income Credit, etc.).
This workbook is completely and easily customizable. All formulas, cells, rows, columns, etc. are viewable and editable.
This is included in the Personal Finance Bundle workbook that covers everything from cash flow, debt management, income tax planning, retirement and college planning, and more! The bundle integrates the cash flow throughout the year with the tax planning to minimize manual entry and make it fast and easy! Check that bundle out here.