Top 4 Android Apps for Tax Planning

Shelley Elmblad  for about.com writes: Now is a great time to take a look at your income tax liability, as in have you been having enough federal tax deducted from your pay check to cover what you will owe at the end of the year? It's better to find out now rather than when you or a tax professional starts working on your return, possibly to discover that you'll owe a penalty for underpayment. My tax planning app picks for Android can help you with this, and with calculations related to deductions, retirement accounts, self employment taxes, and many other items. These apps are also great to have on hand as a reference to get quick answers to tax questions, and some do a what-if analysis to help with tax reduction strategies. You'll find apps for keeping track of tax-related receipts, too.

Bloomberg BNA Quick Tax Reference

This Android tax planning app is full of references that help with income tax planning, with 2014 tax projections and U.S. tax rates from 2011 through 2013. Use a slider or enter numbers in the BNA Quick Tax Reference app to figure your income tax rate and capital gains taxes, find tax rates for estates, view retirement plan limits and corporate and individual tax rate schedules.

Other references include:

• Trusts/Estate and Gift Taxes
• ERISA
• Tax Code Pension
• Standard Mileage Rates
• Capital Gains and Dividends Taxed as Net Capital Gain

Cost: Free
Download from Google Play: BNA Quick Tax Reference

TaxMode Pro

TaxMode Pro for Android mobile devices promises to help you make more informed tax decisions by not only making income tax calculations but also providing a better understanding of all possible income tax implications. This app does what if analyses with an automated comparison option for looking over how different financial scenarios affect taxes, year to year.

TaxMode Pro has been updated for the 2013 tax year. Tax computations for 2010 through 2012 can be completed with this app as well.

Here are some of the features in TaxMode Pro for Android:

• Estimated taxes
• Analyze tax return scenarios in advance of preparing a return
• Regular income tax and estimated tax payment calculations
• Taxes on qualified dividends and capital gains
• Self employment taxes
• Alternative Minimum Tax (AMT) analysis
• Tax on lump sum distributions
• Earned Income Credit computation
• Tax deductions analysis

TaxMode automatically limits the maximum amount you can enter for deductions for medical expenses, donations to charity, education-related expenses and other deductions.

Cost: $2.99 (free version available)
Download from Google Play: Tax Mode Pro

2013 Tax Guide

Unlike my other tax planning picks, 2013 Tax Guide is bright and colorful with a very simpleinterface. It's not a detailed tax guide but is good for quick calculations and for looking up information and tables. You'll see ads for Columbus Life products and services, but they don't disrupt using the app.

This app has a tool for making a quick check of personal income taxes, but you will need to know your AGI less exemptions to get the total tax you owe for the year and to figure your marginal tax bracket.

Tax Calculators included in the 2013 Tax Guide app:

• Estate tax
• Roth IRA Eligibility
• 2013 income tax owed by the end of the year
• Required minimum distributions from retirement investments
• Inherited IRAs
• Social Security benefits subject to tax and reduction of benefits due to compensation

Click on Reference Guide at the bottom of computations to get a break down of how the app arrived at calculations.

Tax reference guides are tables with tax information divided into these sections:

• Tax Rates, Deductions and Exemptions (tax brackets, standard and itemized deductions, personal exemption amount, alternative minimum tax, capital gains and qualified dividend rates)
• Retirement contributions (IRA, SEP, 401k and other plan limits, retirement tax credits)
• Gift and Estate Taxes
• Education benefits (Coverdell education savings, student loan interest, lifetime learning credits, tax-free savings bonds)
• Social Security Benefits (single and married)
• Retirement savings distributions requirements

Cost: Free
Download from Google Play: 2013 Tax Guide

Tracking Tax Deductible Receipts

If you're going to itemize deductions, you need to keep proof of purchase for tax deductible expenses all year around, then hold on to them with a copy of your tax return for three years after you file. Use the camera on your Android mobile device with one of these apps to make tracking receipts easier with copies that are automatically uploaded to secure online storage.

Shoeboxed instantly archives your receipts into categories you set up. You can also track tax-deductible mileage and generate email reports with this app. You'll need a free Shoeboxed DIY account to store your images. The Android app can be downloaded from the Google Play Store.

Evernote is a popular app for storing images, and a lot more, like notes and lists. You'll need a free Evernote online account, and you can download the app from the Google Play Store.

Google Keep also store images, notes and lists, plus it adds reminders to notes. This app requires a Google (or Gmail) account, and if your Android doesn't already have it, you candownload Google Keep from the Play Store.