While taxes are regarded as an imperfect cost of living, they are one of the most important foundations to a successful economy. Although they may decrease the disposable income that each person has, wealth is distributed to the growth of the overall society and these reasons, there is a high correlation between the tax rate and the quality of life that a country has. Despite this, there are several apps that are available to effectively reduce the amount of taxes paid without the need to hire expensive accountants or tax attorneys which this article explores.
For business owners, reducing taxes can significantly contribute to higher profit levels. Several different methods can be applied to reduce these taxes with Hurdlr which accurately tracks business expenses. By being able to automatically track the amount that is spent on the business as well as identifying the associated deduction that can be received, users can easily see their tax reductions. For larger businesses or individuals who make a significant number of purchases, entering each purchase into the app can be tedious process that deters many from using the app. However, Hurdle streamlines this by being able to integrate with major banks so that all of the transactions can automatically be tracked without the need for the user to input data. By distinguishing the various tax levels while also using the GPS to track distance traveled for mileage tax, Hurdle is a comprehensive tax app that can significantly increase the profit that is retained by a company or individual.
Hurdlr seamlessly tracks all of your income streams, expenses, and tax deductions in real-time, on the go – saving you valuable time and maximizing your profit.
Instead of having to hire an expensive tax attorney or accountant to prepare and file tax returns, Taxes To Go is a highly recommended app which makes the process of filing taxes more intuitive. As opposed to spending a significant amount of time manually searching for the documents as well as the information, Taxes To Go helps users store the relevant information and then provides the necessary forms so that the process is quicker and more efficient. In order to collect the information that is used to put into the forms, users can simply take a picture of their receipts at which point the information is automatically extracted and stored. Furthermore, when the documents and forms need to be filled, the relevant documents are presented so that there is no hassle associated with having to find them. The forms can then be signed right from the app and sent to wherever they need to go, ensuring an end-to-end solution for the user that does not require a significant amount of input. Given how much money the app can save for its users as well as the ability to increase tax returns, Taxes To Go is essential for optimizing taxable income.
This video gives users instruction on how to use the TaxesToGo mobile app for iOS and Android devices. TaxesToGo is a mobile app that allows you to send your tax information to your professional tax preparer from anywhere.
In partnership with TurboTax, one of the largest tax software businesses, Mint is an app which makes tax season simple for anybody without significant knowledge or resources in that realm. By being able to link up to bank cards, the app automatically receives the transactions that are done and then organizes them based on their category. In doing so, users do not have to manually go through each item themselves which can take hours if there are many entries. Furthermore, Mint automatically determines if the expenses are business related so that potential tax returns are maximized to ensure that users are not overpaying for any of their purchases. Beyond tax returns, Mint also assists in the process of making and enforcing budgets so that spending is controlled and manageable. As an all-in-one tool that is able to help with nearly all aspects of business and personal finances, the app is one that makes the process of tax reductions, managing spending, and maintaining budgets extremely easy.
When you’re on top of your money, life is good. We help you effortlessly manage your finances in one place. – Budgets? You betcha. Easily create budgets, and see our suggestions based on your spending. – Bills? Done. Track and pay bills like never before. Get alerts and schedule payments on the spot.
One of the most difficult aspects associated with filing taxes is that a mistake could lead to a full audit by the taxing authority. For example, in the US, mistakes that are made on a tax return can result in an audit with a lot of legal and financial headaches. Taxbot is an app which helps users track their expenses and mileage so that all tax-deductible spending can contribute to reducing the amount of tax that is paid. One of the best features of the app is that it is designed to protect against audit cases by saving a detailed report of all of the expenses so that evidence can be provided if needed. For example, the AuditSafe feature ensures that there is a saved copy of financial statements, receipts, and mileage reports so that in the case where an audit takes place, there is a substantial amount of evidence to protect the user. While other apps may simply help with the expense reporting process, Taxbot is able to store the documents so that they can be referred to if they are requested by the taxing authority, making it highly recommended for anyone who is planning to file taxes themselves.
Learn how to use Taxbot
While taxes play an important role in helping society function, they can be a huge burden to many. For those who are looking for a way to optimize the amount of taxes that they pay, the apps listed in this article are able to significantly reduce the costs associated with filing taxes and hiring professionals to prepare the relevant documents while offering the greatest degree of simplicity and ease-of-use.