The tax return filing deadline for 2022 was April 18, and you may be wishing you had been more organized to make tax preparation easier.
Do you continue to keep paper receipts and record your mileage for tax purposes? If so, you are aware that compiling them for your accountant or tax preparer can take days. When it comes to storing receipts, the camera on your smartphone can be an enormous assist.
There are numerous applications that can photograph and store receipts. The majority of them require a subscription, and the privacy of some of them cannot be guaranteed, but these are secure and simple to use.
Using these apps, completing your tax return won’t be as daunting.
Evernote’s Scannable app can be used to digitize receipts. Scan the receipt with your camera, rename it, and save it in an Evernote notebook. You won’t need all that paper during tax season, but if you do, simply print what you need or share the PDFs with your tax preparer.
iPhone users can accomplish this with the Apple Notes application. You can capture a snapshot and save it as a photo, but if you need to print it, I recommend scanning it instead. You can organize your invoices by creating a folder to store them in.
Google Keep allows Android and iPhone users to store and share receipts with their tax preparer.
QuickBooks is an app and website that helps small business proprietors and side hustlers organize receipts, travel expenses, utilities, taxes, and fees. QuickBooks connects to your bank accounts to monitor incoming and outgoing business funds. At tax time, you can submit everything to your accountant.
Many individuals fail to deduct business mileage, which is approximately 63 cents per mile. The app Mile IQ automatically detects when you are driving and makes it simple to record either personal or business miles. MileIQ generates a mileage report for the IRS at the end of the year and stores it in case you are audited.
It is simple to overlook or neglect eligible deductions, causing you to overpay on your taxes. According to tax preparers, it is much simpler to remain organized throughout the year and save receipts as they arrive rather than to do so all at once in April.
If you did not submit your taxes by April 18, you can request an extension and have until October 15 to do so.