Time is ticking to file your taxes before April 15, 2025. If you’ve already done so, congrats! Now you can kick back and await that refund, right? Sure—but your relief will be short-lived. Once tax season rolls around next year, you’ll again find yourself frantically searching for receipts, statements, and other documentation needed to file an accurate return.
Instead of accepting the annual scramble, you can get ahead of the game by using a spreadsheet to track all your tax-related information throughout the year. And there’s no better time to start than right now—when your tax knowledge is fresh as can be—to make your spreadsheet and start logging things away for next April.
Make your own spreadsheet—or download this template
I’ve created a basic template to get you started here. And I mean basic—this is for people who essentially just want to convert their Form 1040s into a spreadsheet, so all your yearly info is one accessible, editable location. I’ve included different tabs depending on what you want to track and just how thoroughly you want to track it.
For instance, the first tab is a simple table that turns different lines on your Form 1040 into rows of data—making the information easily accessible from year to year. Another tab allows you to clearly list out your income and deductions throughout the year. I’ve even included a tab dedicated to home office expenses, if that applies to you.
There might be some redundancies or glaring omissions based on your personal situation, so I urge you to take what I’ve given you and run wild with it. It’s different strokes for different folks, and different spreadsheets for different…freaks. (It’s a slant rhyme.)
Basics to include on your tax spreadsheet
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 like “2025 Tax Records” so you can easily reference it later. Remember, the goal is to have a single file where you can input and update information and keep everything centralized.
To get started with a barebones tax tracking spreadsheet, create separate sections or tabs for different categories of tax information. At minimum, you’ll want sections for:
– Income. This will track income from jobs, self-employment, investments, retirement distributions, etc.
– Deductions. List out anything you plan to itemize or claim as a deduction, such as mortgage interest, charitable giving, medical expenses, etc.
– Tax credits. Track estimated expenses that may qualify for a tax credit, like education costs, childcare, etc.
– Prior year tax documents. Keep a record of last year’s tax return details and any carryover items.
How to use your tax spreadsheet
Within each section, create rows and columns to track the details you need for tax time. For example, under Income, you may want columns for:
– Date earned
– Income source/employer
– Amount earned
– Tax withholdings
For deductions, you may have columns like:
– Date paid
– Expense category (medical, mortgage interest, charity, etc.)
– Amount
Make updating your information a habit
As you earn income throughout the year, be diligent about entering the details into your income section right away, while it’s all still fresh. Do the same with potential deductions as you incur those expenses. You can update your spreadsheet weekly, monthly, or whenever is convenient, as long as you stick to a routine.
Keep digital copies of all your documents
Any time you receive tax documentation—like W2s, 1099s, donation receipts, or mortgage interest statements—save digital copies and attach or link them within your spreadsheet file. This creates a handy archive of all your tax records in one spot.
Using a spreadsheet to meticulously track your tax information throughout the year will save you the inevitable time and stress of having to reconstruct it all at the last minute. While staying organized requires diligence, that small effort goes a long way when tax season arrives. Your future self will appreciate having these detailed records ready to go. From the most thorough travel plans, to excruciatingly detailed journals, to elaborate to-do lists: If you have a goal, that goal needs a spreadsheet.
