Liberty’s free 2020 income tax organizer offers an easy way to keep your tax info up-to-date and organized for the tax season ahead.
Once you’ve downloaded the individual and business tax organizer, you have the comprehensive worksheet and reference guide to prepare for your 2020 return and maximize your tax advantage before the April deadline.
What is a tax organizer?
The Liberty tax® prep organizer is a convenient, easily accessible tool for storing all forms and information related to your US individual income tax return. Whether you’re an individual filer or preparing taxes on behalf of your business, this free tax resource provides an interactive, user-friendly guide for collecting the materials and info needed to complete your taxes and minimize your tax burden.
Our free income tax organizer is comprised of 3 unique sections to help you capitalize on personal exemptions, take advantage of itemized deductions and become a tax-prep all-star when it’s time to file.
1. Personal information
Keeping your family’s important personal info updated and in one place helps avoid the scramble of combing through everyone’s birth certificates, insurance policies and mortgage records at the last minute.
The 2020 tax organizer’s personal information section allows you to track and reference:
- Names, Social Security Numbers and vital contact info for yourself, your spouse and all dependents in your household.
- Family history info that includes names, addresses and contact information for immediate family and relatives.
- Names and phone numbers of attorneys, physicians and employers you currently rely on.
- Health, dental, life, home and auto insurance policy information presently in your name.
- Info on existing home and insurance loans you’re making payments on or have paid off.
With relevant personal info notated, organized and easily accessible, your tax prep pro has a solid foundation for starting your return—as well as to doublecheck and correct any inaccuracies down the road.
2. Financial information
Collecting and organizing financial records is key to maximizing transparency and identifying tax advantages you may use to reduce your 2020 tax bill.
And with our free tax prep organizer, you can track the banking, investment and expense info needed to capitalize on every credit, deduction and advantage available to you and your family.
The financial information worksheet includes sections for storing:
- Savings, checking and credit card account info
- Store charge account info
- Investment and brokerage accounts in your name, including info on IRAs, Roth IRAs and 401(k)s.
- Info on existing debts, including what you owe, interest you’ve paid and any outstanding liens.
- Info on assets you own, such as acquisition date, cost, and fair market value
- Salary, interest and investment income information, including short- and long-term capital gains
- Rental property and stock sales info
- Medical expense info for yourself, spouse and dependents
- Childcare and education expenses incurred over the past year
- Job-related vehicle mileage, maintenance and repair expenses
- Travel and moving expenses that may be tax deductible
- Detailed info on any homes you’ve sold during the past year
- Tax paid info, including estimated taxes, income taxes (federal, state and local) and property taxes you paid in 2019
- Info on charitable contributions your family has made during the last tax season
Filling out each financial info section completely and accurately ensures you’re fully prepared to file your US individual income tax return. With comprehensive financial info in one place, organized and easy to find, you’re better equipped to take advantage of the personal tax exemptions and itemized deductions available to your family—and to maximize your 2020 refund.
3. Business information
If you’re self-employed or work as an independent contractor, the business tax organizer worksheet makes it easy and convenient to record profits, track business expenses and tally any deductions you may use to lower your 2020 tax bill.
The business information worksheet offers straightforward sections for:
- Recording the business name(s), type and tax ID numbers you’ll need to complete your 2019 return.
- Logging any/all expenses that can reduce your business tax burden, including what you spent on inventory, advertising, utilities, insurance and more.
- Noting any other deductible expenses that may lower your self-employment tax bill, such as the costs of rent, utilities and maintaining the home-office space you use throughout the year.
Business owners and self-employed professionals face unique and often complicated challenges when it comes to getting ready for a new tax deadline. But with the Liberty tax® organizer, you can rest assured knowing your critical business tax info is in one convenient location, making it that much easier to complete and file your return before your taxes are due.
Additional tax documents you’ll need for 2020
As you track your tax info with the Liberty tax® organizer, it’s important to save and organize every tax document along the way. Whether you visit a tax professional or file your return online, keeping these materials together and accessible is key to simplifying tax prep, identifying missed opportunities and validating your information with the IRS.
Essential materials to maintain and bring to your tax interview:
- Personal information records, including Social Security cards, valid driver’s licenses and other forms proving identity for each family member.
- Records of income, such as all W2s, 1099s, rental income forms and retirement income forms showing what you’ve earned over the past year.
- Deductions/adjustment documents that detail any medical expenses, property taxes, charitable contributions, childcare costs and education expenses for which you qualify.
- Tax credit info, including childcare provider address or employer ID #s.
- Other documents outlining contributions to retirement accounts or adoption-related expenses.
And if you are planning to visit a tax preparer this year, it also helps to have a list of questions ready before the initial meeting. Getting answers about your return and the tax prep process right at the start can help avoid surprises and ensure the most rewarding experience possible.
Have questions about your 2020 return? Get answers by visiting your local Liberty Tax® pro today.