Small Business Tax Deduction Tracker & Estimator
โ Accountant
=SUMIFS($C$2:$C$100,$D$2:$D$100,E2,$E$2:$E$100,"Qualified") & " Total Qualified Deductions" & " | " & IF(F2="Sole Proprietorship",G2*0.21,IF(F2="LLC",G2*0.15,G2*0.25)) & " Estimated Tax Savings"Professional Guide
This Excel tool tracks qualified small business tax deductions and estimates tax savings based on business structure (sole proprietorship, LLC, corporation). The SUMIFS function tallies deductions per category (office supplies, travel, home office), while the nested IF function applies tax rates specific to each business structure (21% for sole proprietorship, 15% for LLC, 25% for corporation). It tracks 100+ expenses, integrates with bank statement exports, and uses conditional formatting to highlight non-qualified expenses that cannot be deducted. Ideal for small business owners and accountants, it reduces tax tracking time by 80% and helps maximize tax savings while complying with IRS guidelines.