Smartphones can be a huge help with personal finance concerns. They save us money, but that’s not all — they also can make tax time a lot less painful.
Here are some smartphone apps that can help you organize your financial records and file a tax return.
Tracking personal expenses: Shoeboxed
Shoeboxed lets you stuff what it calls a Magic Envelope with “receipts, business cards and other paper clutter,” the company says.
Drop the postage-paid envelope into the U.S. mail, and it will “magically” become digital data on the other end.
The Shoeboxed startup monthly plan costs $29, and more robust versions cost up to $89 a month.
Tracking small-business expenses: Expensify and Foreceipt
Expensify says it can reduce the time it takes to complete an expense report by 83%. Snap a photo of a receipt, and with a click you can generate an expense report. You can try out Expensify for free. After the trial period, the app costs anywhere from $4.99 to $9 per month to use, depending on the features you want.
Another option is Foreceipt. The app is free to download. But if you want unlimited use of the app, you’ll need to upgrade, with costs that begin at $3.25 a month or $8.25 for a yearly subscription.
Overall money management: You Need a Budget and Mint
You Need a Budget (YNAB) is our pick for a comprehensive money-management system. This app — a Money Talks News partner — automatically tracks your expenses. You tell it your goals, and it measures your progress. Of all the budgeting apps we’ve tried, we like this one best.
Mint is another popular option. Like YNAB, it can be used to track spending and pay bills. The app also allows users to check their credit scores.
Logging travel deductions: MileIQ and Triplog
If you travel frequently for business and have a smartphone, MileIQ may become your favorite new app. It automatically tracks all your travel and logs it into reports that can be used for either a tax deduction or submitted for employer reimbursement. The free version allows you to log 40 car trips per month. The full version — unlimited trips — costs $5.99 a month or $59.99 annually.
Want something more robust? Check out Triplog. Its free version will track mileage for up to five vehicles, but it has limited ability to create IRS-compliant reports. However, the professional plan — which costs $4 per month — gives you those reports plus daily backup to the cloud and the ability to take photos of receipts and store that data.
Organizing charitable deductions: ItsDeductible and iDonatedIt
Offered by the software company behind TurboTax, ItsDeductible (iOS only) is a free way to track your donations either online or on your iPhone. The app is set up to track donations. For donated items, the app offers a suggested resale value to use when calculating your itemized deductions. TurboTax users can import data from ItsDeductible to their tax forms.
Another useful app for tracking noncash donations is iDonatedIt. Like ItsDeductible, this app is only available for Apple devices. In addition to recording donations and their value, iDonatedIt lets you attach photos for documentation.
Filing your return: H&R Block, TurboTax and TaxAct
TaxAct is another major player in the online tax prep business. Like its competition, the TaxAct Express app allows you to photograph your W-2 and complete the form on your phone.
All three apps are free to download, but they might charge you for filing your tax return, depending on your situation.
Filing a late return: IRS Free File
In the event that there is no way you’ll get your tax forms done by this year’s deadline — April 15 — you can submit Form 4868 to get a six-month extension on filing your return. There are no highly recommended apps, but you can file an extension from within one of the IRS’ Free File software optinos or fill out the form online, even on a smartphone.
A tip: If you think you owe money, be aware that filing a Form 4868 doesn’t give you an extension on paying. You still may end up with late fees. But at least you’ll avoid the late filing penalty.
General tax help: IRS2Go
Our list wouldn’t be complete if we didn’t mention the official IRS tax app. Known as IRS2Go, this free app will help you locate free tax preparation services, allow you to request copies of your tax records and track the status of your refund.
Will you use a tax app this year? Let us know your favorite (and which ones to avoid) in comments below or on our Facebook page.