You will learn to create an annual budget on an Excel spreadsheet that is sensitive to many Income Tax Schedule A itemized deductions, as well as Schedule C for a small business (which applies these days to a lot of people). The included example is designed primarily for a couple in semi-retirement, both working; it thus includes accounts for younger and older citizens pertinent to their inclusions and deductions on their annual 1040 and state tax returns. If you follow the steps below to set up your budget, you can tweak the inputs depending on your needs, and create a plan suited to your specific case.