Free freelancer tax set-aside sheet
Type in each client payment when it arrives. The sheet holds back the tax percentage you picked, and the Summary tab keeps a running year-to-date figure for what is left to spend. This is not tax advice. The percentage is yours to set, ideally with an accountant, because what you owe depends on where you live, your deductions and whatever else you earn.
Summary idea (your numbers)
| Line | Meaning |
|---|---|
| Income YTD | Sum of the income log |
| Set-aside YTD | Income × your estimated % |
| Leftover | What is left after parking the set-aside |
Leftover is the cash left after the set-aside. It is not your taxable profit, which comes after deductions.
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What's in the file
Four tabs, Google Sheets or Excel
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Tab 1
Start here A short read on the sheet's limits and how the other three tabs connect.Read · first
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Tab 2
Set-aside Your estimated tax % in one cream cell. The sample 25% is a placeholder to replace.You type · your %
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Tab 3
Income log Date, client, amount, category; set-aside calculated on each row.You type · each payment
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Tab 4
Summary Income YTD, set-aside YTD and leftover after parking the set-aside.Calculates · spendable cash
Choosing a percentage
Some US guides suggest putting aside 25 to 30% of net profit as a starting point. That is a budgeting rule of thumb, not an IRS or ATO figure. In the US, self-employment tax alone is 15.3%, income tax comes on top, and estimated payments are generally needed if you expect to owe $1,000 or more. In Australia, sole traders may pay PAYG instalments, usually quarterly. An accountant can give you a number for your situation.
One detail of the sheet matters here. It applies your percentage to each payment you log, which is income before expenses. A percentage meant for net profit, applied to income, puts aside a little more than it needs to whenever you have business costs. That errs on the safe side, but it is worth knowing when you read Leftover.
Figures checked October 2026.
Set it up
- Import into Google Sheets or open in Excel.
- Ask your accountant what percentage to park; put that in Set-aside.
- Log each payment as it lands. Read Summary before you spend the leftover.
Questions
Is this tax advice?
No. Treat it as a cash-planning sheet, not tax advice: you choose a percentage and it does the multiplying. What you actually owe depends on your country, your deductions and your other income, and the US and Australia work quite differently. An accountant can give you a number for your situation.
Why is the default 25%?
It is an editable example. Some US guides suggest 25 to 30% of net profit as a starting point, but that is a budgeting rule of thumb, not an IRS or ATO figure. US self-employment tax alone is 15.3%, with income tax on top. Change the cell to the percentage your accountant gives you.
Does it file quarterly estimates for me?
No. In the US, estimated payments are generally needed if you expect to owe $1,000 or more for the year. In Australia, sole traders may be put on PAYG instalments, usually quarterly. The sheet only shows how much to put aside; the deadlines and forms are between you and the IRS or the ATO.
Google Sheets or Excel?
Both. It only uses formulas that Excel and Google Sheets share.
What else should I use with this?
The free invoice template to bill clients, the free bookkeeping template for income and expenses, and the freelance pricing calculator so your rate already includes a tax set-aside.
Also useful
- Invoice templateBill clients so payments have somewhere to land.
- Bookkeeping templateFull income and expense record for your accountant.
- Freelance pricing calculatorBuild tax into your hourly floor.
- Project quote one-pagerScope and deposit before the invoice.
Updated