The US. Tax code is so confusing that 82% of taxpayers pay for help. Only around 22% of taxpayers use some form of tax-prep software. Nonetheless doing your own taxes is still the most tedious work. Besides keeping track of your income, you also need to keep track of expenses and receipts gathered throughout the year. All thanks to the technology and user-friendly mobile apps, it’s now simple to keep track of those expenses on the go. Let’s take a look at some of the apps on iOS/android and how they ease the burden of tax time.
Turbo Tax is a free mobile app you can use on both iPhone and Android devices. With an incredible user-interface, TurboTax app is a tax return filing haven for freelancers and even professionals. Furthermore the app allows access to qualified tax professionals who can give answers to your questions.
This app has built-in feature to file returns from within the app and makes it convenient to e-file state taxes. TaxSlayer Go requires you to complete your details, fill-in a questionnaire and then document the form. Normally, the e-filing of federal returns is free of cost but the details could vary with state. However, the mobile app is not a feasible option if you have to deal with interest, dividend or retirement income.
This app was originally designed to be used for the clients of the accounting firm but they later made it available for everyone else. H&R Block Tax Preparation is an app that actively helps to answer tax-related queries regarding annual tax filing. It is an app that is available for free on iPhone and iPad. Users of this app can estimate their refund, e-file their returns and contact H&R Block’s tax experts
This is more of a tracking app that allows users to save receipts, track time and save the details of expenses throughout the year. The app also offers you to import credit card transaction information and scan any other receipts to create a report. Hence the purpose of Expensify is to find deductible expenditure of an individual throughout the year. The app however, does not help with tax returns e-filing.
This is a special case app that records and tracks tax deductible for business travel. You can create custom drive and vehicle categories, log parking details and tolls, and export your drive logs to FreshBooks, Concur, CSV or PDF. MileIQ is known as the freemium mileage tracker that can also be upgraded to premium subscription hence removing the 40 trips per month limit.
This app keeps you updated about the latest tax rules from different categories including charitable deductions, dividends and alimony. Besides that, you can access app archives and ask specific questions from the CPA’s in your local area. It does not only help the tax filers but also the accounting students, small business owners looking for answers to their tax queries.
This is a tax calculator for users with relatively simple taxes and not more than one jobs. You don’t have to sign up to use it. All you need to do is enter your annual wages, marital status, other earnings, and deductions and the app will give a quick estimate of the refund you might receive.
It’s a personal finance service geared to keep track of finances and expenses throughout the year. Mint integrates with your bank accounts to give you a detailed analysis of all expenditures and analyzing your spending habits on areas such as utilities, entertainment and food. Furthermore, the app allows you to set low balance alerts and export the report of your expenses.
It covers the most common tax situations, regardless if you’re dealing with unemployment compensation or a basic W-2, and even automatically imports information from an image of the latter so you don’t have to manually punch it in. The app also tracks the status of your IRS refund and notifies you when it’s been processed.
This tax reference is a handy mobile guide to tax rates and schedules that has a built-in tax calculator. It comes with sections for individual and corporate tax calculations, standard tax deductions, estate and gift tax rates and more. While dry and oriented more toward the finance pro doing quick estimates while talking to clients, the app still packs in a lot of useful estimators in a mobile format.
Mobile apps are rapidly becoming the problem solvers in every industry and same is true for finance. All thanks to these tax preparation apps, the most overwhelming job is not getting simplified. They allow you to keep track of your receipts and expenses throughout the year so that tax filing is not a burden and as a bonus you can manage your finances smartly.