Tax tech | What the Tech?

Tax tech | What the Tech?

The tax deadline isn't for around two months but you don't want to procrastinate, especially if you own a business. Here is some tax tech that can streamline the process.

ALBUQUERQUE, N.M. (WHAT THE TECH?) — The tax deadline isn’t for another couple of months but you may want to start organizing your paperwork and some tech can help.

If you have paper receipts and other documents for tax deductions, it can take days to compile and organize it all. There is a better way to compile and organize it all with just your smartphone.

The SimplyWise app scans receipts. You frame up a receipt like you’re taking a photo. The app scans the receipt and then extracts the important details.

You can add other information such as categories.

Simply Wise can also connect to your Amazon to keep track of those purchases. At the end of the year, share the report with your tax preparer.

If you pay for Evernote download the app Scannable to save receipts as PDFs and organize them within Evernote folders.

You can do this using the free Apple and Android apps. Apple Notes and Google Keep.

You’ll just need to set up a few folders and save snapshots or scans as you get them. You can organize them using hashtags and a 2024 tax folder. You’ll still need to total everything up yourself, but you won’t have cluttered paperwork to sort through.

If you drive your car for work, you can deduct 67 cents a mile when you file taxes next year. Mile IQ is an app that detects when you’re driving, so you don’t have to remember to open it. It’ll log mileage as personal or business and next year when you’re working on taxes, Mile IQ will generate a report for the IRS with information on every drive.

Mile IQ, Evernote, and SimplyWise are not free, but you should be able to write them off as a business expense.

This year’s tax deadline is Monday, April 15. The IRS says taxpayers who file their taxes electronically can expect refunds within 21 days.

For more “What the Tech?” stories, click here.