Independent Contractor Expenses Spreadsheet
Spreadsheets can feel like kryptonite if you’re not familiar with them and/or have to make one from scratch. When you’re an independent contractor, it’s always useful to keep a running list of expenses on a spreadsheet.
Thankfully, there are many tools out there that can help you whip up and organize a spreadsheet all by yourself, with no tax or excel wizard needed.
Microsoft Excel and Google Sheets usually have pre-existing templates you can use to track your costs as a freelancer. From this spreadsheet, you can sort and filter your financial data and perform calculations with formulas and functions.
Each independent contractor expenses spreadsheet should include the following columns:
- The date of the purchase
- The name of the expense
- The merchant you bought it from
- The cost of the expense
- The type of the expense
It’s a good idea to keep this spreadsheet up to date because you’ll need a system for tracking your expenses to determine what you can invest in your business and what you need to file in taxes. If you're a WorkMade user you don't need a spreadsheet at all. Every time you make a purchase, the app will track categorize it for you.
An independent contractor expenses spreadsheet is also helpful for identifying saving opportunities. It will allow you to see -based on the filtering setting you choose - where you can cut expenses monthly and yearly.
And when tax time rolls around, you’ll be thanking yourself for keeping on top of this spreadsheet because it’ll help you claim tax deductions an potentially save thousands of dollars on taxes. Don't be one of the many people overpaying the IRS because they are scared of spreadsheets!
Each individual and business tax situation is different and unique so WorkMade does not provide specific tax advice, only supplying general information based on information published by various taxing authorities, which may change over time.