One of the areas of taxes people struggle with most is paperwork. While jobs and mortgage statements are delivered at the start of the year. Where you can save money is all the paperwork you collect over the years. Medical expenses, purchases for work, taking night classes, making a donation, etc. etc. There are countless ways to save money when taxes are due. The trick is, you need to keep track of your expenses so A) you can write it off and B) know confidently that you have the documentation to prove it (thus avoiding an audit).
Fortunately, since most people have a phone on them at all times, there’s a handful of apps that are fast and easy to help you keep track, so signing a check or receipt and using the app becomes instinctual.
The following are some of the most useful apps for your annual tax return.
ItsDeductible is a charity donation tracker, helping you keep track of donations and gifts for all your philanthropy. It’s only available for Apple products (iPhones/iPads), but it keeps track of your dates, charitable companies, and amount in a simple itemized interface, so you can keep track of your donations year-round.
The app is published by Intuit (i.e. TurboTax), so it’s reputable, but best of all, it’s free — so you don’t need to settle for TurboTax to use the service. As of this updated post, it has over 13.1k ratings at 4.8 stars.
IRS2Go is a product of none other than the IRS. It is as secure as it is private. With this app, you’re able to view the status of refund, pay it (right from the app), find tax preparers nearby, or file with the app for free — if your income is $66,000 or less.
The IRS2Go app is available on the iTunes store and Google Play, so it works for most devices and it is free.
Chances are you’re already familiar with Expensify if you run your own company or have to travel, eat out, or buy supplies for your existing company. Regardless, of your experience, getting on board with Expensify is a must — and no we’re not paid to say so.
With Expensify, you can screenshot receipts and the app will pull the necessary information, so you can quickly catalogue your business trip or business supply expenses and send it to the people in your organization for quick reimbursement or to your accountant at the end of the year.
Expensify is the perfect blend of convenience and accuracy. Expensify is available on iTunes and the Google Play store. Additionally, much like the others on this list, Expensify is free.
MileIQ is your classic, “it does one thing, very well.” MileIQ tracks your mileage automatically, so if you’re self-employed or receiving a 1099, it’ll automatically run in the background and keep track of your miles as well as what each drive is worth to you.
The best part is, after entering your business schedule (usual routes, working hours, etc.), MileIQ will automatically track your miles so you don’t need to think about it.
The app is available for free on Google Play and the App Store but there are some upgraded options.
Say what you will about the brand name, but NerdWallet does budgeting and financial planning right. NerdWallet links to your credit cards and bank accounts so you know where your money is going at all times. Moreover, it provides useful tips for you to consider, such as when you’re spending more than in previous months (or less), what your net income is, and what category of purchases is costing you the most. In short, it doesn’t simply help you see your finances at a glance, but it helps you plan and prepare so that when you ask yourself, “Am I doing ok?” You know the answer already.
NerdWallet is available on iOS and Android devices.