IRS2Go
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| Image Source: wn.com |
The Internal Revenue Service unveiled its first smartphone app early this year. Available for both Android and Apple, the app allows users to check the status of their federal tax refund by entering personal identifying information such as Social Security Number and filing amount. The app will then communicate with IRS servers to obtain and deliver up-to-date information on the status of the user's tax refund.
The app also provides the ability to subscribe to IRS Tax Tips, the IRS' e-mail newsletter containing helpful information on tax-related issues, and follow the IRS' Twitter feed.
TurboTax SnapTax
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| Image Source: youtube.com |
Intuit's e-filing app for Apple and Android utilizes image recognition technology to help taxpayers file their 1040EZ personal tax forms in as quickly as 10 minutes. Users only need to snap a photo of their W-2 form and answer a few basic questions, after which the app facilitates the e-filing of the said form. Filing federal taxes is free, but TurboTax Snap Tax charges $14.99 for state tax returns.
SnapTax does come with limitations: only those who do not own a home, have no dependents, are under the age of 65, and earned less than $100,000 ($120,000 for married filers) can use SnapTax. Intuit recommends the full version, TurboTax, for those with more complicated tax filing needs.
Quick Tax Reference by Bloomberg
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| Image Source: financialsoft.about.com |
This app for Apple and Android assists with tax planning. Apart from showing current and past tax rates, users can enter their filing status, which helps in calculating the amount of income taxes owed. It also provides information on capital gains taxes, estate taxes, tax code pensions, and individual and corporate tax rate schedules, making it a useful pocket reference for individuals and tax professionals alike. All information provided by the app is from government sources.
While smartphone apps make tax preparation and filing easier for many taxpayers, those who do not have simple, brief filings should seek the assistance of a taxation professional, such as a CPA, to prevent any costly mistakes when filing taxes.
Isidor Hefter is a CPA and senior partner at Rosen Seymour Shapss Martin & Company LLP. Follow this Twitter account for tax news and helpful updates.
