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Guide on Tax Organizer Template Excel
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How to Download and Use Tax Organizer Template Excel

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A small business owner recently told me she wanted to create a tax organizer. She asked me if I had any tax organizer templates for Excel. I did, and I shared them with her promptly. However, it got me thinking, and I realized that many small businesses and self-employed individuals still have to look for the template and spend an hour or a half searching for it.

This inspired me to create this guide on tax organizer Excel template and how to use it to gather your tax information.

Tax Organizer and Tax Organizer Template

The tax organizer helps self-employed individuals and businesses keep all the necessary tax forms and information in one place.

What is a Tax Organizer?

Often, business owners and self-employed taxpayers don’t remember to collect the support documents, tax forms, and expense receipts. Moreover, the self-employed and businesses often delegate the tax preparation to a third party. In such instances, the tax service provider needs crucial information and documents to prepare the tax returns. Tax organizer allows the business to gather and store necessary tax information and documents and share the same with the tax accountant.

Let us get to know all the information you need to complete the tax organizer. Moreover, we will also see how tax organizer templates can simplify the overall tax preparation.

Do You Really Need a Tax Organizer?

Suppose you delegate your tax preparation to an accountant or a firm. In this scenario, there is no way around it. Your accountant will send you a tax organizer demanding the necessary information and documents. However, you don’t always have to fill in everything mentioned in the tax organizer.

You can connect with your accountant to know which parts you must fill in. Use the tax organizer as a guide to collect and send tax information; for the documents mentioned that you don’t have, you can write that you don’t have them in the tax organizer.

Tax organizer, in this case, plays a crucial role in simplifying the communication between the client and the tax preparer. This also speeds up the process so your tax return is generated quickly.

However, if you use a tax organizer to collect and prepare your taxes, the organizer will be your precious guide. With its help, you can ensure you don’t miss important tax information when preparing to prepare your taxes yourself.

Tax Organizer and Tax Proforma

Often, we get to hear the term tax proforma. You might wonder what tax proforma is. Is it the same thing as a tax organizer? Or is tax organizer and tax proforma different things?

Let us take a comparative approach to answer the same. The tax service provider requires the client to fill in the tax organizer before they go ahead and prepare the tax returns. Tax organizers are different for individuals and businesses. The tax proforma is commonly used in the tax preparer’s office.

You might also come across pro forma tax returns. Pro forma tax returns are completed on a “what if” basis, using projected income and expenses to see the tax ramifications of a hypothetical scenario.

How Can I Create a Tax Organizer?

There are two major ways you can create your tax organizer. You can create your tax organizer from scratch on a spreadsheet or MS Excel.

You can alternatively download a tax organizer template for Excel or a spreadsheet. Moreover, you can edit the same depending on your requirements.

What is a Tax Organizer Template?

The tax organizer template helps small businesses and self-employed individuals make their tax organizer. You can thus download a tax organizer template and customize it according to your business tax requirements.

If you have questions about where to find and download a tax organizer template and how to fill it out, you don’t need to worry. Keep reading.

Where Can You Get a Tax Organizer Template?

There are different ways you can get a tax organizer or its template. Firstly, if you work with a tax service provider or tax accountant, they will mail the tax organizer to you directly.

You can also download the tax organizer directly from the internet. Moreover, you can download a tax organizer template and customize it per your business requirements.

Tax Organizer Template

Everyone Who Might Need Tax Organizer Template

Every taxpaying entity needs a tax organizer to prepare and file taxes or share this information and documents with a tax service provider.

This includes:

  • Individuals who are employed and file their taxes separately
  • Individuals who have multiple sources of income
  • Self-employed individuals
  • Freelancers
  • Business owners of the businesses that file their taxes in the owner’s name
  • Businesses that file their taxes in its name, not the business owners.

How to Fill Your Tax Organizer Template

Filling out the tax organizer template might be the most tedious process after preparing the tax return. This is why we wish to guide you through every step of it and walk you through the filling process.

  1. You can create your tax organizer from scratch on the spreadsheet or Microsoft Excel or download the tax organizer template from the internet.
  2. Save it on the computer or device you use to carry out accounting.
  3. Once done, open the downloaded template file.
  4. Enter the required information, such as business or your name, SSN, etc.
  5. Now, navigate to the income section and lodge in the income and wages, as the template asks. It is important that you enter the accurate amount.
  6. Afterward, head to the deductions section and enter the deductions you can claim and are eligible for. This might require you to have some necessary documents, so make sure to collect them, too.
  7. The next is the tax credit section, where you can benefit from the tax credits you might be eligible for. Some examples of tax credits are the Earned Income Credit and the Child and Dependent Care Credit. You will need to provide supportive documents for the same.
  8. Now, move on to the next sections and see if there are specific instructions or information required. Fill them in.
  9. Once you finish filling it, deliver it to your tax accountant.

Tax Organization Resolutions All Self-Employed Individuals Must Take

Although the tax organizer template will greatly simplify the tax preparation for you and your accountant, there is a loophole. You see, it is quite difficult to streamline, simplify, or untangle something you first tangle, pile up, or scatter around. Is that the story your expense receipts, invoices, and tax information tell?

Most small businesses and self-employed individuals have this habit of storing expense receipts in boxes here and there. This is sometimes also the case with the necessary documents and business information. Therefore, we advise you to chant the centuries-old mantra, “Prevention is better than cure,” and keep your tax information organized from the beginning.

To help achieve this, we are listing down some crucial tax organization resolutions you must take.

1.   Organize the Receipts and Paperwork

You can organize your paperwork and records for small businesses in two ways. Firstly, you can use business system filing categories to ensure that data and documents are stored in the right location. Moreover, you can use accounting software and cloud storage to reduce your needed space. It reduces the time and effort taken in repetitive tasks to organize the data. This also ensures your data is secure, and you can’t lose it easily.

2.   Issue W-2 and 1099 Forms Well in Time

If your business has few employees, you must run payroll operations and calculate and file payroll taxes. This needs the help of W2 and 1099 forms you must issue your employees and independent contractors before the deadline. Therefore, don’t complicate the situation by delaying it; working things out at the last moment can become challenging.

Moreover, in the forms you issue to the employees, you must cross-check and verify the name, address, social security number, paid time off, number of exemptions, total wages, healthcare, and retirement contributions. However, for the forms you issue to the independent contractors, you must verify the name, address, taxpayer identification number, and total wages paid.

3.   Plan Your Deductions Beforehand

Small or large businesses are all eligible for tax deductions, credits, and breaks. However, to get the maximum benefit from deductible business expenses, you must plan them at the beginning of the financial year and start to keep these expense receipts.

4.   Get Essential Documents Ready

An accountant or business owner knows that they need to provide support documents to claim tax deductions and credits. In a similar manner, you might need many documents when you file tax returns. Therefore, check all the documents that would be required for filing tax returns and make sure you get them ready well in advance. Remember not to push this to the last week or month.

5.   File Estimated Tax Returns Regularly

You might have quarterly or yearly tax obligations. However, depending on your business type and income bracket, you must file estimated tax returns regularly to avoid penalties. Check with your tax accountant on how often you need to file the taxes.

6.   Cooperate with Your Tax Preparer

Perhaps you are already working smoothly with your tax preparer, but we are writing it to ensure you don’t miss it. Remember that cooperating with your tax preparer will go quickly and smoothly. This will make the work easy, and they will get the important information and documents at once so that they can prepare your tax return shortly.

However, this starts with collecting and preparing important information year-round before you wish to delegate your taxes to a third-party accountant.

Summing It Up

This was all on tax organizer templates and how to use them to make tax preparation easy. If you find planning, preparing, and filing your taxes a hassle, you can opt for outsourced business tax services. These services plan and prepare your taxes and conduct high-quality tax research at an affordable rate. This saves the small businesses costs and time on tax returns and takes the burden off their shoulder.

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