The tax accounting cheat sheet

The sheet fits on a letter page: 15 terms, 15 common forms, and the US filing calendar. Print it, or keep it open during tax season.

Download the PDF The PDF is free. You do not need an account.

Letter size. 1 page.

LedgerBox made this sheet free because tax work uses W-2s, 1099s, and bank statements. LedgerBox extracts the rows from those documents.

What is on the sheet

15 Terms Each definition is one or two lines, from gross income to safe harbor.

15 Common forms The list goes from the W-2 to the K-1. One line says what each form reports and who files it.

7 Filing deadlines The calendar goes from Jan 15 to Oct 15 and includes the extension dates.

The dates are for calendar-year filers. A deadline on a weekend or federal holiday moves to the next business day.

Jan 15: Q4 estimated tax for the prior year.
Jan 31: W-2s go to employees and the SSA. 1099-NECs go to contractors and the IRS.
Mar 15: Partnership (1065) and S corp (1120-S) returns. K-1s go to owners.
Apr 15: Individual (1040) and C corp (1120) returns. Q1 estimated tax.
Jun 15: Q2 estimated tax.
Sep 15: Q3 estimated tax. Extended 1065 and 1120-S returns.
Oct 15: Extended 1040 and 1120 returns.

These are 8 of the 15 terms. The PDF has all 15.

Adjusted gross income: Gross income minus specific adjustments. Many deduction and credit limits depend on AGI.
Taxable income: AGI minus the standard or itemized deduction. The tax brackets apply to this number.
Deduction: An amount you subtract from income before you compute tax. At a 22% marginal rate, a $1,000 deduction saves $220.
Credit: An amount you subtract from the tax itself. A $1,000 credit saves $1,000.
Marginal rate: The rate paid on the last dollar of income. It sets the value of a deduction.
Effective rate: Total tax divided by total income. It shows what you actually paid.
Pass-through: A business whose profit is taxed on the owners' personal returns. Examples are partnerships, S corps, and most LLCs.
Estimated tax: Quarterly payments on income that has no withholding. The safe harbor rule sets the minimum.

This is a general reference. It is not tax advice.

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