Taxes for the Self Empolyed

As a new year arrives, so does a new tax season. Now, this isn't the most fun or glamorous part about being self-employed (unless you in fact love organizing like me...) but it is highly necesarry. Now, I'm not an accountant. This is simply a guide that I use and find helpful. For sure go to tax information sessions, you can usually find them for free for artists and yoga teachers: chat with your community, to gain accurate and up to date information on what the laws are in your region.

I went to a tax info session a few years ago and the woman hosting the session offered us a spreadsheet to help keep track of our income and expenses. I've been working with a spreadsheet for about three years now to fill out my own taxes and this is what I have come up with. 

I have tailored this spreedsheet to my needs. I keep track of my yearly income and totals on the first page. So self-employed earnings, earnings from employers who take taxes off my paycheck, my expenses that I can claim and then my total expenses. 

I mark on my receipts and save them in an evelope each month. I also save my online or emailed receipts in their appropriate folders. I used to only save and keep track of expenses that I could claim but later found out I should keep everything. It's also good to know where your money is actually going...

I also keep track of the previous few years for my own knowledge and in case I ever go over the GST mark (*note; these numbers are not my actual income or expenses, just examples). 

The first page has all of the categories that I could expense but I only keep the ones that I use on my monthly sheets.

So the next tab is January, where I keep track of all of my ingoing and outgoing money. I like to list what I pay for ,when, and place it in it's category. Then I tally everything at the bottom. I also list what money I expect to make, from where, in my farthest left collumn, then when the money is received, I move it over one. It's a good way for me to keep track of what is outstanding and easily know who owes me how much. 

I keep my self-employed and employed money seperately. I technically don't have to write down what I make from my taxing employers, but I like to know everything. Note, I also keep track of all of my non-expensable items and total them up. Things like rent and utilities go in another section, as well as car expenses. Rent for studio space goes in this format though. It can get pretty finicky but you get the hang of it after a few years.

Feel free to download my template here:

sarah_bella_tax_template.xlsx
File Size:	55 kb
File Type:	xlsx

Download File

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Play around with the spreadsheet and make it work for you. This is not the best way but it is my way. I also like the colours!! ​

If you end up using it, send me a note or write in the comments how it's going for you. I'm also happy answering any questions as I know what makes sense in my head doesn't always make sense to others.

Happy taxing!! 
​xox