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FREELANCE MONTHLY BUDGET TRACKER
SoloStack — solostack.madethis.app
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Instructions: Copy this into Google Sheets, Excel, or Numbers.
Each row = one month. Adjust the example numbers to match your own.
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MONTHLY BUDGET TRACKER
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| Month    | Income  | Actual  | Fixed   | Variable | Taxes  | Net     |
|          | Goal    | Income  | Expenses| Expenses | (25%)  | Profit  |
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| Jan      | $4,000  | $3,200  | $620    | $340     | $800   | $1,440  |
| Feb      | $4,000  | $4,100  | $620    | $280     | $1,025 | $2,175  |
| Mar      | $4,500  | $5,200  | $620    | $520     | $1,300 | $2,760  |
| Apr      | $5,000  | $4,800  | $620    | $410     | $1,200 | $2,570  |
| May      | $5,000  | $6,100  | $620    | $600     | $1,525 | $3,355  |
| Jun      | $5,500  | $5,900  | $620    | $450     | $1,475 | $3,355  |
| Jul      | $5,500  | $4,400  | $620    | $310     | $1,100 | $2,370  |
| Aug      | $6,000  | $7,200  | $620    | $780     | $1,800 | $4,000  |
| Sep      | $6,000  | $6,800  | $620    | $540     | $1,700 | $3,940  |
| Oct      | $7,000  | $7,500  | $620    | $620     | $1,875 | $4,385  |
| Nov      | $7,000  | $8,100  | $620    | $900     | $2,025 | $4,555  |
| Dec      | $7,500  | $6,400  | $620    | $480     | $1,600 | $3,700  |
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| TOTAL    | $67,000 | $69,700 | $7,440  | $6,230   | $17,425| $38,605 |
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FIXED EXPENSES BREAKDOWN (monthly)
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Adobe Creative Cloud / Figma / Design tools  . . . $55
Project management (Notion, Asana, etc.)  . . . .  $15
Website hosting + domain  . . . . . . . . . . . .  $25
Accounting software (Wave, FreshBooks, etc.)  . .  $20
Phone (business line or partial)  . . . . . . . .  $50
Professional liability insurance  . . . . . . . .  $60
SoloStack membership  . . . . . . . . . . . . . .  $19
Cloud storage (Google Drive, Dropbox)  . . . . .   $12
Email marketing tool  . . . . . . . . . . . . . .  $19
Miscellaneous subscriptions  . . . . . . . . . .   $25
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TOTAL FIXED (example)  . . . . . . . . . . . . .  $300–$620/mo

VARIABLE EXPENSES BREAKDOWN (track monthly)
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Advertising & paid promotion  . . . . . . . . . .  $___
Subcontractors / freelance help  . . . . . . . . .  $___
Office supplies / printing  . . . . . . . . . . .   $___
Meals with clients  . . . . . . . . . . . . . . .   $___
Software licenses (one-time)  . . . . . . . . . .   $___
Training / courses / books  . . . . . . . . . . .   $___
Travel (client meetings, conferences)  . . . . .   $___
Equipment & hardware  . . . . . . . . . . . . . .   $___
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TOTAL VARIABLE  . . . . . . . . . . . . . . . . .   $___


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ANNUAL SUMMARY
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Total Revenue  . . . . . . . . . . . $___________
Total Fixed Expenses  . . . . . . .  $___________
Total Variable Expenses  . . . . .   $___________
Total Taxes Set Aside  . . . . . .   $___________
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NET PROFIT (before personal tax)  .  $___________

Effective Tax Rate  . . . . . . . .  ____%  (taxes ÷ revenue)
Profit Margin  . . . . . . . . . .   ____% (profit ÷ revenue)


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FREELANCE TAX TIPS
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QUARTERLY ESTIMATED TAX DUE DATES (IRS)
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Q1 (Jan–Mar income)  . . . . . . . . April 15
Q2 (Apr–May income)  . . . . . . . . June 16
Q3 (Jun–Aug income)  . . . . . . . . September 15
Q4 (Sep–Dec income)  . . . . . . . . January 15 (next year)

Miss these and you may owe a penalty at tax time even if you
pay in full in April.

HOW MUCH TO SET ASIDE
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Conservative (low income or heavy deductions): 20–25%
Standard (most freelancers):  25–30%
High earner (>$100k net profit):  30–35%

The safest approach: open a dedicated "tax savings" account.
Every time a client pays you, move 25–30% into it immediately.
Treat it as untouchable until quarterly tax time.

TOP DEDUCTION REMINDERS
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1. Home office — if you work from home, you can deduct a
   portion of rent/mortgage, utilities, and internet.
   (Square footage of office ÷ total home sq ft = deduction %)

2. Health insurance premiums — 100% deductible for self-employed
   individuals who aren't eligible for employer coverage.

3. Self-employment tax deduction — you pay 15.3% SE tax on net
   earnings, but can deduct half of that on your 1040.

4. Retirement contributions — SEP-IRA allows up to 25% of net
   self-employment income (max ~$69,000 in 2024).

5. Business mileage — track every business drive.
   IRS standard rate: 67 cents/mile (2024).

6. Education & professional development — courses, books,
   conferences directly related to your current business.

NOTE: This is general guidance, not tax advice.
Consult a CPA or tax professional for your specific situation.

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