Useful Excel Templates To Assist You In Preparing Federal Income Tax Return
We have created some useful excel templates to assist you in preparing your Federal Income Tax Returns.
Filing your return right is very important. There are two ways to do this: Either hire a tax consultant or do it yourself.
These templates can help you determine what is your tax liability. It also helps you save the excess money paid.
Such excess money is paid in taxes due to less knowledge of certain Tax deductions, Tax Exemptions, and Tax Credits.
The below-mentioned templates are simple, easy to use, and above all, they are free. Just download and start using it.
Download Federal Income Tax Calculator 2021 in Excel, OpenOffice Calc, and Google Sheets to calculate your tax liability or tax refund.
Just enter your applicable amount and this template will calculate the Federal Income Tax liability for you. Moreover, it consists of maximum deductions and credits to lower your tax liability or even get a tax refund.
This template can be useful to individuals and couples who are willing to calculate federal income tax on their own. Furthermore, Tax Agents and Tax consultants can use this template for the initial evaluation of their clients.
2. Itemized Deductions Calculator
Download Itemized Deduction Calculator 2021 or Schedule A Calculator in Excel, OpenOffice Calc, and Google Sheets to slash your 2021 Tax liability.
Moreover, this template consists of 50+ claimable medical expenses and many other deductions that can help you decrease your taxable income.
Furthermore, this template can be helpful to individual taxpayers, married filing jointly, heads of household as well as tax consultants/accountants.
3. Child Tax Credit Calculator
Download Child Tax Credit Calculator 2021 in Excel, OpenOffice Calc, and Google Sheets to easily calculate Child Tax Credit for 2021.
With the help of this template, you can check your eligibility for Child Tax credit based on your Modified Adjusted Gross Income(MAGI) and also calculate the amount of Child Tax Credit.
Moreover, this template consists of calculations of the first and second phaseout for Child Tax Credit based on your MAGI score.
4. Adjusted Gross Income Calculator
Download Adjusted Gross Income Calculator 2021 in Excel, OpenOffice Calc, and Google Sheet to calculate AGI for Federal Income tax purposes.
AGI or Adjusted Gross Income is the remainder after deducting allowable adjustments from your gross income. Moreover, AGI helps to define many tax thresholds and the eligibility of tax credits.
Furthermore, AGI helps to calculate the Modified Adjusted Gross Income (MAGI) which defines the contribution as well as deduction amount for Traditional as well as Roth IRAs(Individual Retirement Accounts).
5. MAGI — Modified Adjusted Gross Income Calculator
Download MAGI Calculator 2021 in Excel, OpenOffice Calc, and Google Sheet to calculate Modified Adjusted Gross Income for Federal Income tax purposes.
With the help of this template, you can calculate both AGI and Modified AGI. If you know your AGI amount and respective line items to derive your MAGI.
Moreover, IRS determines the eligibility of Roth IRA contributions as well as other IRA deductions are also based on your MAGI. Moreover, MAGI also determines eligibility for several tax credits.
6. Section 179 Deduction Calculator
Download Section 179 Deduction Calculator 2021 in Excel, OpenOffice Calc, and Google Sheets to easily calculate the Section 179 deduction amount and evaluate your potential tax savings in 2021.
Just insert the cost of equipment, your taxable income, and type of business and it will automatically calculate the Section 179 Deduction for you.
Moreover, this article consists of complete details related to Section 179 Deduction for the year 2021 like definitions, eligibility criteria as well as phaseout limits.
7. Adoption Tax Credit Calculator
Download the Adoption Tax Credit 2021 Calculator in Excel, OpenOffice Calc, and Google Sheets to easily calculate the eligible adoption tax credit.
This template allows you to sum up all the expenses you have made during the year of finalization of adoption and calculate the claimable credit amount for 2021.
Additionally, this article consists of complete information for Adoption Tax Credit 2021. It includes eligibility criteria, credit amount, income/dollar limitations, MAGI phaseout limit, eligible expenses, and time rules.
8. Employee Retention Credit Calculator
Download Employee Retention Credit Calculator 2021 in Excel, OpenOffice Calc, and Google Sheets for businesses affected by COVID-19 in the US.
With the help of this template, you can check eligibility for ERC as well as calculate Employee Retention Credit for each quarter of Tax Year 2021.
To claim the new Employee Retention Credit (if eligible), total qualifying salaries and related health insurance expenditures for each quarter must be calculated and subtracted from your Form 941.
Download Traditional IRA Calculator 2021 in Excel, OpenOffice Calc, and Google Sheets to easily estimate the future value of your Traditional IRA.
Moreover, this template also displays the schedule of payments along with interest earned during the contribution period. It also displays the withdrawal schedule during the retirement period.
Additionally, this article consists of other important information about the tax-deductible contribution limits as well as Modified AGI limits for Traditional IRAs.
10. Recovery Rebate Credit 2021 Worksheet
Download Recovery Rebate Credit 2021 Worksheet in Excel, OpenOffice Calc, and Google Sheets to easily calculate the amount of Recovery Rebate Credit.
With the help of this worksheet, you can calculate Recovery Rebate Credit for Individual taxpayers, Married Filing Separately, Married Filing Jointly, and Head of Household.
Just insert the number of dependents and the amount of 3rd Economic Impact Payments if it was partially received and the worksheet will calculate the Recovery Rebate Credit amount for you.
11. IRS Compliant Mileage Log Template
IRS Compliant Mileage Log Template in Excel, OpenOffice Calc & Google Sheets to record and claim IRS tax deductions of mileage expenses.
With the help of this template, you can manage monthly records of mileage as well as prepare a yearly report of total mileage expenses during the year for IRS tax deductions.
Moreover, it also consists of a blank printable IRS Compliant Mileage Log to carry wherever you go. Just insert the details in the spreadsheet and it will calculate the rest for you.
Furthermore, you can also find other free excel templates related to Accounting, Financial Analysis, HR & Payroll on our website www.MSOfficeGeek.com.
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