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It’s tax time in Tucson! If you’re wondering how to fill out a tax organizer, we’ve got you covered with our 2020 tax organizer! Keep reading for a full walk through of how to fill out our simplified tax organizer to help your process of filing taxes this year.
Step one, download our FREE tax organizer here:
Your tax organizer will be emailed to you directly for download.
Personal information about you and your spouse – Page 2
Firstly, do not share your 2020 Tax Organizer via email; always share through encryption to ensure that your data remains safe. The first page of our tax organizer asks for the personal information of you and your spouse. If you are single or filing separately, you can leave spousal information blank. You will need to provide the following information:
- Social Security Number
- Date of birth
- Phone number
- Email address
- Complete mailing address
Dependents – Page 3
Qualifying children must be your child, stepchild, eligible foster child, sibling, step-sibling under the age of 19, or 24 if disabled. They must have lived with you for the last year, providing less than half of their own support. For relatives, they must not be yours or anyone else’s qualifying children and must have lived with you for 1 year or be related to you. They must have a gross income of less than $4,150 or provide less than half of their own support. Information you will need for this section on your 2020 Tax Organizer:
- Dependent’s Legal name
- Social security number
- Relationship to you
- Months in home
- Income earned
- Identify which, if any, of the dependents are disabled
- Identify which, if any, of the dependents were full-time students for at least 5 months during 2020.
- Report dependents’ income for 2020.
*divorced parents claiming non-custodial dependents must fill out form 8332.
Income – Page 4
You must provide all W-2 and 1099 forms to your tax preparer along with this 2020 Tax Organizer. In addition, list all names and companies you receive these forms from on the provided lines.
Income Forms – Page 6
There are a variety of 1099 forms you could receive based on your different types of income. Use this page of the 2020 Tax Organizer as a checklist to ensure you have gathered all necessary forms.
Medical and Health Savings Account Contribution – Page 7
If you make contributions to an HSA or MSA account, please fill out this form with the following information:
- Dollar amount of your total HSA or MSA contributions in this tax year
- The number of months in qualified high deduction health plan this tax year
- HSA Contributions made by you, your spouse, employer, and HSA dispersement.
- List of your qualified and unqualified medical expenses. Make sure you keep all receipts for qualified medical expenses paid from an HSA.
Itemized Deductions – Page 8
Use this page of the 2020 Tax Organizer to deduct medical expenses such as medication, hospital fees, hearing aids, and more. Your medical expenses do not include the pre-taxed amount paid by your Tucson or other employer-sponsored plan or amount entered elsewhere. You can also deduct education expenses such as books and tuition. Keep receipts of these deducted expenses in case of a future audit by the IRS.
Taxes Paid – Page 9
For the taxes paid section, here is where you will list your taxes relating to your home, auto/boat, land, and personal property taxes. You will also list your interest expenses such as your mortgage, home equity, and more. Make sure to provide all 1098 forms, mortgage statements, and refinance settlement statements.
Charitable Contributions – Page 10
Any charitable contribution of cash, check, or another monetary gift requires a written record (receipt) of the contribution in order to claim the contribution on your 2020 Tax Organizer and tax return. Individual contributions of $250 or more must include a written acknowledgment from the charity to claim the contribution. You can also deduct charity-related expenses or non-cash contributions based on the original cost and fair value.
Business Information – Page 11
If you own a business and plan to file your business taxes on a Schedule C that is factored into your 1040 return, this 2020 tax organizer is for you. You will need the following information about your business to get started:
- Your business name
- EIN Number
- Category (business type)
- Business Address
- Your accounting method; cash, or accrual
Income – Page 11
Next, you will begin to fill in information about your income and expenses in your 2020 Tax Organizer. The organizer will ask you on this page if you made any payments in 2019 that would require you to file a 1099; you will need to file a 1099 if you paid at least $600 to rent, other income payments, or payments to an attorney. The additional information you will need to provide regarding your income is as follows:
- Gross receipts or sales (all the money coming in)
- Returns, refunds, credits
- Cost of goods sold
- Other income
Business Expenses – Page 12
Here is where you will list your business expenses; if you have used and accounting software where you were able to categorize your expenses, now is the time to use it. You will fill in expense information such as advertising, contract labor, insurance, office expenses, utilities, repairs, and more.
Asset Purchases – Page 13
Asset purchases include those of computers, software, furniture and equipment. You will need to include the date of purchase, and the cost. The reason this information is needed is because these assets can be depreciated over multiple years.
Expenses for the Business Use of Home – Page 14
If you are operating out of a home office in Tucson, which in 2020…most of us are, this page is for you. You will need to know the square footage of your whole home, as well as the square footage of the part of your home that you use for your business. This will help us to calculate what percentage of your home-related bills and expenses can be deducted.
The last bit of information for your 2020 tax organizer is your home expenses. From your mortgage interest, to rent, to your internet & more. List this information so that the proper deduction can be calculated by your tax professional.