So I'm preparing all of my receipts for tax-return time of year and the line of work I'm in means that I get to count pretty much every expense as a tax deduction. The trouble is, I need to supply all of my receipts etc. and determine exactly how much I'll be claiming. I've been doing it in an excel spreadsheet in recent years to minimise the amount of actual adding and percentages that I have to do, and allow the computer to do it for me (isn't that what it's for?!) but I've run into a few complications that I believe a slightly more excel-whizzy person may be able to help me with.
There are certain aspects of the deductions which are not 100% deductible, for example I use my personal car for my work. Through the log book method, I've determined that 80% of car use is work-related. This means that 80% of all car uses are a tax deduction.
Where I'm up to:
Well I've input all of the receipts for the financial year so far and have a running tally of how much is being deducted in total (with a simple 'sum of' formula).
Where to from here:
I'd like to expand the running total (into separate totals) with the following basic idea; if the 'category' (expense type) is 'Car', then it automatically removes 20% before adding the $ amount to the running total OR moves it into a separate running total (e.g. 'total car expenses + total phone expenses etc. = total expenses).
The basic idea of it is that I can simply continue to input the categories, the dollar amount etc. and have it automatically work out the running total.
What do I need from the users of 'How-To Geek'?
Well if anyone has a pre-tested formula, then that would be fantastic! Otherwise, any general comments would be greatly appreciated!
Thank you in advance for your assistance, I look forward to your thoughts.