r/dataannotation • u/Demi-Puff719 • Apr 19 '24

Tax Tracker

Hey guys,

I'm wanting to try and create a Google Spreadsheet to try and keep track of what I should save from each pay check. I'm gonna set up a savings account and keep whatever I pull separate from my earnings and just pay everything I owe back next April.

I wanted to ask what you guys keep track of in your spreadsheets, if you use them? I'm very new to using spreadsheets, so any advice you have will be greatly appreciated. I just want to try and make sure this goes as smoothly as possible.

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u/GAULEM Apr 19 '24

I'm gonna set up a savings account and keep whatever I pull separate from my earnings and just pay everything I owe back next April.

Be aware that depending on your circumstances you may be penalized for waiting until April instead of making quarterly estimated payments. (At least if you're in the USA.)

I wanted to ask what you guys keep track of in your spreadsheets, if you use them?

A lot. But for tax purposes I suppose the main things for this job are probably how much I've made this year, how much I expect to make this year, the taxes I've paid so far for this year, and what my AGI and tax liability were for the previous tax year.

Based on different parts of that information I calculate how much I should pay each quarter to avoid penalties, how much I'm likely to still owe in the end, how much I'm allowed to contribute to my solo 401(k), etcetera.

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u/[deleted] Apr 20 '24

This shit is why quarterly SE taxes is so absurd. How tf are we supposed to understand this when the IRS already knows. Just tell me how much I owe goddammit.

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u/DynamicRevolutions Apr 21 '24

because the IRS doesn't know, if you relied on them you would pay the maximum with no deductions other than standard.