Sunday, October 20, 2013

Top 5 iPhone Apps for Income Tax Planning - October 2013

Posted on 10:04 AM by Unknown
Shelley Elmblad for About.com writes: t least every quarter, you need to check your personal income tax liability to be sure that you're having enough tax deducted from your pay check so you can avoid penalties when you file your tax return. Another time to take a look at what you will owe by the end of the year compared to what has been deducted to date is if you buy a home, get married or have another life event that impacts your income taxes.
I did some research and found the best, easiest to use tax planning apps for iPhone and iPad Touch for 2013. Enter your income and other information when the app prompts you to see your quarterly estimated tax that's due, deductions you qualify for, to make tax-related decisions and to compare the impact of different tax scenarios.
My picks for 2013 iOS apps that help with personal tax planning are:
2013 Tax Guide
The 2013 Tax Guide app for iPhone and iPad is very useful for looking up income tax-related information and tables, and for making quick calculations. The colorful interface is easy to use, and while you'll see some ads for Columbus Life products and services, these won't get in your way.
To do a quick check of total tax owed for the year and marginal tax bracket, you'll need the figure for your AGI minus exemptions.
These tax calculators are 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
iOS Compatibility: iPhone, iPod touch, iPad / Optimized for iPhone 5
Download iTunes app store: 2013 Tax Guide
TaxMode Pro
TaxMode Pro for iOS can help you make more informed tax decisions with income tax calculations while it helps you understand all possible income tax implications of those decisions. This app does what if analyses with an automated comparison option for comparing how different financial scenarios affect taxes, year to year.
TaxMode Pro has been updated for the 2013 tax year, and it includes 2012 and 2011 tax laws so you can compare this year to the last two.
Some of the features you get with TaxMode Pro for iPhone:
  • 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, investment interest, donations to charity, education-related expenses and other deductions.
Cost: $2.99
iOS Compatibility: iPhone, iPod touch, iPad / Optimized for iPhone 5
Download iTunes app store: TaxMode Pro 2013
TurboTax TaxCaster
TaxCaster is a tax calculator that gives a quick estimate of your 2013 tax refund, or how much tax you will owe. Use TaxCaster now to be sure that you've had enough federal tax deducted from your paycheck so you don't owe taxes by the end of the year.
Enter income, taxes withheld and some other basic information to get your estimated tax liability. Of course, the app recommends a TurboTax tax software product that will work for you.
Cost: Free
iOS Compatibility: iPhone, iPod touch, iPad / iOS 6.0 or later / Optimized for iPhone 5
Download iTunes app store: TaxCaster by TurboTax
iOS Tax Deductible Receipt Tracking Apps
If you can itemize deductions, you'll probably get a bigger tax refund or owe less tax when your file your return. To take deductions, you will need to save receipts for related expenses throughout the year, then store them with a copy of your tax return for three years after you file. Using the camera on your iPhone or iPad with one of these apps simplifies tracking receipts.
All of these apps are free and are optimized for iPhone 5.
Shoeboxed Receipt and Mileage Tracker 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.
Intuit PaperTrail is a free app is from the company that brings you TurboTax that tracks both receipts and mileage, which can also be used as a deduction if you drive to make donations or volunteer your time. If you're self employed, your mileage is likely a deductible business expense.
Snap a photo of receipts and enter notes about the transactions on your iPhone or iPad. Save starting and ending odometer readings and PaperTrail calculates the amount of your deductible expense. PaperTrail keeps a running total of your total deduction for miles and expenses combined, too.
Receipt images and data are stored on iCloud and you can email receipts and miles to an income tax professional.
OneReceipt stores both email and paper receipts. Snap photos of paper receipts and have receipts that arrive in your GMail or Yahoo Mail automatically stored by the app. OneReceipt also has a Chrome extension that shows the details of purchases in Mint.com, or American Express, Chase, CitiCards and Bank of America online banking. This app has some nice extras like a monthly spending summary, the ability to add categories and tags, and shipping status on packages. Receipts are stored securely online and credit card and email address is not shared.
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