Create Your Taxi Invoice Template for Planning Easily and Efficiently

Taxi invoice template for Planning

hey everybody welcome back to the Financial Freedom show my name is uh Rob berer today we're going to talk about what I call the onepage financial plan it's something that I set up every single year and it helps me to first of all remember all the things that I'm supposed to do as it relates to our finances including taxes like make that IRA contribution or uh you know that third quarter estimated tax payment uh but it also helps me know that I actually did it and where I can find the proof frankly that that I did it which is very helpful at tax time I will uh give you a link to the templates that I'm showing you below this video frankly they're very simple you can create them without using the template but if you want to have access to it a link will be available below the video so let's get started so this is uh what the spreadsheet looks like again this is a template these are not my numbers uh but it's uh shows you sort of how I set this up and uh let's just walk through it on the far left all I do is a very quick summary of our investments and then a very high level net worth statement um I divide our investments between these five categories uh cash and here I mean cash in a taxable account and then taxable Investments traditional retirement Roth retirement and then we have hsas and these are just hardcoded just typed in the numbers uh and you can update it once a year or once a quarter I use personal capital sort to sort of keep a real time uh tally of all of this and then I just sum up uh the totals and then for net worth I bring in the totals for Investments and then uh I tend to only add our real estate to that I don't really keep track of anything else and we use Zillow for an estimate and then if you have any liabilities and you could add to this of course student loans or what whatever you have these are again just summing up the totals and then you get your net worth uh so that's the leftand column of this spreadsheet in terms of the actual sort of financial planning and tax preparation uh parts of this spreadsheet which is pretty much everything else the first thing I do is I start with all of the contributions that I'm going to have to make myself as opposed to those that that uh if you work for an employer they will make so for us that would be IRAs and hsas now you may have HSA contributions come out of your out of your paycheck but for the things I have to do I want to keep track of it uh could also be a business retirement account like a seira and what I do is I indicate the limits actually for us the IRA limits because we're older than we're 50 or older would be 7,000 but whatever the limits are for you you could put them in this column just as a reminder and then when I make the contribution uh I I do two things uh we'll we'll use this as an example I put in the amount of the contribution so let's assume I don't know in April I contribute $6,000 but here's the important thing and what I really think sets this process apart I want proof that I did that because I know myself come come October and I look at the spreadsheet without anything else but that number I'm going to be wondering wait did I really did I make that contribution and or or I remember doing something but it could have been for 21 was it for 22 I can't remember so here is how I deal with that I use Google Drive and um for those not familiar uh Google gole drive and you get to it at just drive.google.com is uh your sort of think about it as your hard drive in the cloud it's where you can save all of your Google Sheets like this one Google Docs like this one which we'll talk about in just a minute you can save PDFs uh so for example if you get an email you want to save you can export it to a PDF and save it right here in drive by just dragging it uh to this window and so what I do is I each year will create a folder let's do that now we'll call it 2022 I call it tax data and there it is and if I double click it takes us into that folder so in in our hypothetical of making a $6,000 IRA contribution I would take either usually the email confirmation that I get from my broker uh could be a a statement sometimes they mail you the confirmation I I would scan it or you could even just take a picture of it but i' would get it into a PDF form and I would drag it into my 2022 tax data uh folder and then I would grab a link to that folder or or to that file and I would link this $6,000 now how does that work how do we actually do that well let me show you I'm going to get rid of this link and I'll show you how to do that we'll use instead of an IRA contribution confirmation we'll come back to the drive and I'll use this 2021 tax information document that we're going to talk about in a moment if I open that up and actually I can just go here to do it if you click share and I can just copy the link right here that's one way to do it and I can come over and we'll again we'll use this as an example I highlight the the the cell and I click this link you could also hit command K but if I click that I can simply uh paste that link in hit enter and there it is and now if I click that box I get a preview of whatever I've linked and of course if I click on it I can then go to the document or a receipt a PDF whatever I've linked so back to our financial plan I will link this $6,000 to uh the PDF of the email confirmation or whatever proof that I have that I've actually made that contribution and that serves a couple of important things it's not one is it tells me I actually did it when I come to this sheet and I actually see the link because it'll turn blue like it does down here and I can even click on it and see a preview of the file I know yep I did it you you you remember correctly rob you actually made that contribution but here's the other thing that's helpful I can use that at tax time to collect all of my documents at one place and I will show you how that works in a minute so I'll do that for the contributions if you're married and you have a spouse and they contribute I would do the same thing I do that for uh uh HSA contributions which we have to make on our own again the same process now one neat trick that I want to show you is is what happens if you don't contribute all 6,000 at one time maybe you do 1,500 uh each quarter and so you have four receipts four email confirmations how do you link all four of them to this one number and how how do you record that so the way I do it is when I make the first contribution if it's 1,500 that's what I would put there and if I know I'm going to make more I would come into my 2022 tax data and I would create a new folder and I might call it in this case IRA contribution so this is a subfolder if we go into the subfolder you can see uh the hierarchy here and I would drop the IRA contribution receipts or email confirmations into this folder uh as I make them and what I can do is I can create a link not to an individual file but to this folder so again if I just come over here and I click this share button I can copy the link and I'll come back to my financial uh plan and I'll do the same thing but now I'm linking instead of an individual file I'm linking a folder in fact you can see it there there's my IRA cont contribution folder good enough and then what happens is when I make the the next contribution say a 1500 I'll just change this to 3000 and actually if I go back I can do this in a way that doesn't uh remove the link just by doing it this way and we'll do it one other way there we go there may be an easier way to do this but you get the idea there we are so now I know I've I've contributed 3,000 for the year I can click on this link there's the folder I can go to the folder and of course it should have if I'm doing things properly two confirmations for my two contributions so that's how I do it if I'm if I want to link more than one thing to a a single cell and that really is the magic of this onepage financial plan how else do I use it well because we don't have a mortgage we have to make our own uh payments for for real estate taxes and so I kind of do the same thing I'll have a folder for real estate tax taxes it's always going to be inside of my 2022 tax data folder and what I do for this is I'll record the date so let's imagine I make the first payment I think it's in in uh July I'll put the date I made the payment and just like we saw with the IRA contributions up here I'll link either to a folder if that's what I end up creating or the individual receipt for that specific payment and I'll do it for the second payment which I think is normally in December now you can use this strategy for all kinds of things if you're already at the age of taking required minimum distributions you can plan that you can put in here how much you're going to take for the year if you take it all at once you can link to the the the confirmation when you took the rmd maybe you take it periodically again you can use the folder structure you can use this for your small business so for me I I always am forgetting you know did I did I pay my business license fee did I pay my LL C fee to the Commonwealth of Virginia did I pay the tax that I have to pay on personal property used in a business and where all the receipts for that I can never remember so along the lines I just showed you I create line items for each of those and when I've paid it the receipt goes into the Google Drive I link to it in the appropriate place on my onepage financial uh plan and I'm good to go so you can really use this for a lot of different things if you pay estimated taxes you can see I've got this set up this is almost exactly what mine looks like and I keep both 2022 and and the previous year because right now we're gearing up to file our 2021 tax returns and we'll need this information so what you see here are the due dates you'll notice by the way in Virginia your first payments actually due May 1 not April 15th but whatever your state requires and again as I make them just like I showed you I'm going to link the receipt to each of these dates and so I can very quickly look at this and if I see that these are all Linked UP great I know I've paid them and if I have any doubts I can hover over them just like I can hover over this and see the receipt so that tracks all of my estimated tax payments now uh I do that for tax returns although I don't save my tax returns in Google Drive just for extra security they're all password protected uh but you can link to these on your hard drive perhaps or in perhaps something like iCloud which some view is a little more secure uh but I do that as well I just don't use Google Drive and then the last thing I do and this is really important and it gets back to this document I mentioned earlier uh that we linked here I do a a tax document this is a Google doc not a not a spreadsheet for every tax year and if we open this up and again as you can see I link to it in my spreadsheet as I open this up this is why do I do this if I've got all the information here why do I bother doing it here and the truth is you could choose one or the other um but the reason I do a separate uh Google doc is because I am going to share this doc with my tax preparer when it comes time uh to uh actually do our our our tax returns so when they send me our signed engagement letter and it's fully executed I put it right in Google Drive for our our our this would be 2021 tax data but whatever tax year and then I link to it right here just like i' I've walked through I have links to all of our tax payments and it's very easy to do if this were linked I could just uh hit uh could copy that and bring it over and paste it right in here and I'll show you that of course if if it had been linked the link p pastes as well so would link to the do the document or the receipt so I have all of our tax payments I've got one more to add here as I can see I have in our case it's Virginia but any state tax payments you have to make I have state and local so for us that's going to be you know real estate taxes uh in Virginia we have car taxes so again I'm going to have the date that I paid them and a link to the receipt um any contributions that uh our accountant is going to need to know about like hsas Ira roths if we do a Roth a Roth conversion as you can see here I'm going to have the receipts for that um we would also add to this by the way if you're particularly if you're itemizing I would have a section on charitable contributions and I would do the same thing I would Link in this case typically create a folder for them put all of the receipts in one folder and then just total the amount and have the amount so it would look something like this let's say we gave I don't know $5,000 and I would highlight it link it just like we we showed before and I would link to the folder and so I have all of our uh relevant tax receipts and data all in one place I share that with our tax preparer when it's time to do the returns and I can also share this 2022 tax data um oops let me go back to my drive here we go I can share this with our tax preparer as well and that will in turn give him or her access to all of the subfolders so we've just created one for Ira contributions but we may have one for charitable contributions right uh sometimes I'll create a folder for all of sort of my W2s and 1099s and drag them in here as well and so I have all of the tax data all in one place I share it with my accountant I share the tax information Google doc with my accountant and they have everything they need to do our taxes there you go that's it that's uh I know I've kind of walked through a lot here at the end of the day it's really pretty simple and straightforward but it's been a lifesaver for me in Remembering have I done everything I'm supposed to do or not have I forgotten was that contribution in March was it for that tax year or this tax year it helps me keep all of that straight uh straight and it makes tax time even frankly if you're doing the taxes on your own it'll make it a lot easier because you've gathered all of the relevant documentation and organized it along the way and it's right there in in a single uh folder on a Google Drive and you've got references to it either in the spreadsheet that's what I like to use or the Google Doc uh if you prefer that or you could even use both so I hope you find that useful I've really found it helpful again I'll uh leave a link to these templates such as they are very easy to create on your own if you want but I will leave a link to those so that you can at least start with those templates if you'd like to hey I hope this proves really helpful to you if you have any suggestions maybe you're looking at this and saying rob there's a lot easier way to do something or we could add to it would love to hear it uh hear about those ideas or any questions you have just leave them in the comments uh below below and uh there you go hope you have a great day and until next time remember the best thing money can buy is Financial Freedom