You might be surprised how easy it is to organize your taxes with these tools, and smartphones help greatly in this process. It doesn’t comfort you paying your taxes, but it reduces some stress involved during the organizing of taxes. Organize your taxes and related documents with the best tools provided below, and without stress of misplacing the documents at the last minute.
Best Tools to Organize your Taxes :
Catch-all Folder
It’s a time-tested tool that keeps all your tax docs organized properly. This is a simple tool where you can place your tax-related documents in the folder. Everything related to your taxes, business receipts, and your mortgage lenders goes directly into the folder; no need to hunt during your tax payments.
You can also create a digital version of the catch-all folder. Just scan all your documents and save it in your computer file or smartphones. This is known as the e-filing of your scanned documents.
Tracking personal expenses: Shoeboxed
Shoebox is magic envelop that stuffs your receipts, business cards, and other paper clutter. The shoebox has a monthly plan that ranges from $29 to $89 per month.
Tracking small-business expenses: Expensify and Foreceipt
Expensify can reduce the time it takes to complete a report by 80% of the expense. Snap a photo of a receipt you want to make a report and with a click the expense report is generated. Expensify has a trial period, and after that the app costs $4.99 to $9 per month. Terms and conditions are applied.
The Foreceipt app works the same, and it’s free to download. But if you want unlimited usage it costs from $3.25 a month to $8 a year subscription.
Money Management: You Need a Budget and Mint
YNAB (You Need a Budget) is an app used for the money-management system. This app tracks your expenses automatically and measures your goal progress. This is one of the finest apps for budgeting.
Like YNAB, Mint is also a budgeting app that checks your credit score and tracks your spending and pay bills.
Logging travel deductions: MileIQ and Triplog
If you travel frequently on your business meets or other official works, this app will help you to track your travel expenses and logs that can be used for employer reimbursements or tax deductions. It provides a free trial for 40 car trips and after that, it costs $6 a month and $59.99 a year.
Triplog’s free version tracks mileage for up to five vehicles and its professional version will cost $4 per month.
Organize taxes on charitable deductions: Itsdeductable and Idonatedlt
Itsdeductable (ios only) tracks your donations online or on your phone. The app offers a suggested donation and resale value to use itemizing deductions.
Idonatedlt app tracks your noncash donations. This app is for Apple devices only with an additional feature that lets you attach photos for documentation.
Filing your return: H&R Block, Turbo Tax, and TaxAct
H&R Block has apps that allow you to file a return, estimate taxes, and track refunds.
Turbo Tax has apps that automatically fills your tax forms, by your W-2 photos.
The TaxAct app also allows you to fill tax forms automatically by your W-2 photographs.
Filing a late return: IRS Free File
In the events when you cross your tax deadlines and want to fill the form for an extension, you can use IRS’ Free File software options to fill out the extension form online on your smartphones.
General tax help: IRS2Go
IRS2Go is an official IRS tax app that allows you to locate tax preparation services, copy your tax records, and track your tax refunds.
