spreadsheets for monthly expenses reddit

SPREADSHEETS FOR MONTHLY EXPENSES REDDIT PRO

Then deduct associated business expenses in Part II of Schedule C. Additionally, you must calculate the cost of goods sold and report that on Schedule C, line 4. Business income – If you’re a sole proprietor, like an independent contractor, you’ll report the income on Schedule C (Form 1040), line 1 and any returns or allowances on Schedule C, line 2.Hobby income – You’ll report your gross hobby income on Schedule 1 ( Form 1040) and include the Form 1099-K’s issuer’s name and EIN.

Here are the 1099-K instructions for a couple of common scenarios. How you report the income will depend on why you received it. How do I report 1099-K income on my tax return? Generally, if you’ve made a profit, it’s possible you’ll owe taxes. This will largely depend on your situation. If you received Form 1099-K for items you’ve sold (like a vintage record or grandpa’s antique watch), goods related to your hobby, or goods or services related to your business, there’s a bit more math and review involved. No matter what triggers your form, H&R Block can help you report income from your 1099-K. The other will go to the IRS as a record of your transactions.Īdditionally, it’s good to keep in mind not all 1099-K transactions are alike, and the tax treatment can vary. One is for you, so you can prepare your taxes. The platform or app you used will send two copies of your 1099-K information. What is a 1099-K used for? What do I do with it? Depending on the options available from the platform, you may receive the 1099-K electronically or in the mail. The form will cover all transactions made during the previous tax year. Platforms will send your 1099-K by January 31 each year.

SPREADSHEETS FOR MONTHLY EXPENSES REDDIT PRO

If you look over the formulas I've added to this copy it should get you going to finish the rest of the categories.File with a tax pro When are 1099-K issued? Where you would change Data!$B2 to reflect the correct category as you drag it down Expenses (because the headers on Expenses mean the rows don't line up with Data) and change Data!$D$2 to reflect the correct month as you drag it across Expenses.

=sumifs(Transactions!C:C,Transactions!B:B=Data!$D$2,Transactions!E:E=Data!$B2) Or if you want to leave the category drop downs as they are, you just need to tailor the formula for each section. In the Expenses sheet and just drag it down and across to autofill the Expenses sheet. =sumifs(Transactions!C:C,Transactions!B:B=D$2,Transactions!E:E=$C4) If you change the values in the drops down on Transactions to match the labels in expenses then you could use this formula: =sumifs(Transactions!C:C,Transactions!B:B,'=January',Transactions!E:E,'=Children - Activities' If you change the drop down box texts then you can use cell references instead of hard coded values. This will work (this would go in the Expenses sheet for each respective month and category) but is kind of tedious. =SUMIF(Transactions!C:C,AND(Transactions!B:B=D2,Transactions!E:E=C4)) If you change the select box options from Transactions to match the categories and months in Expenses then you should be able to use this formula.

Spreadsheets for monthly expenses reddit