It's one of those necessary evils, doing our taxes.
Now that you have received most of your tax documents, it's time to start organizing and planning to do your taxes. (Or have your accountant do it)
A fun radio segment this week as Rick and Sully do their taxes.
1. Top tip for 2017 - File Early!
The IRS began accepting returns Jan. 23, and tax experts recommend that Americans continue to file their returns early. For one thing, it reduces the chance of identity fraud. Also, the IRS is giving more scrutiny to returns claiming some credits before it sends out refunds.
2. IBM's Watson computer to do taxes
In its first steps toward commercialization, IBM’s Watson took on grand, science-laden challenges like helping doctors diagnose cancer. But that is changing as IBM strives to build its artificial intelligence technology into a multibillion-dollar business.
Today, companies including Geico, Staples and Macy’s are adding the Watson technology to answer customer questions or to improve mobile apps that guide shoppers through stores.
Now in its broadest deployment so far, Watson will be assisting H&R Block’s 70,000 tax professionals this filing season at 10,000 branch offices across the country, where 11 million people file taxes.
3. Turbo Tax
The quickest and most inexpensive way for many to do their taxes...
By now you should have gotten your W-2s, and you can file your taxes now if you want. Whenever you choose to get it done, you’d be wise to take advantage of this Amazon Exclusive deal on TurboTax. They have five different packages – each tailored to a specific type of filer. The basic one is only 5 percent off, but once you get to the packages that help you navigate the more labyrinthine aspects of the federal and state tax code, you can save some serious money.
The Turbo Tax App
TurboTax also has a mobile app that allows users to take photos of their W-2s and automatically fill in their tax forms. As with H&R Block, the app is free, but there might be a cost when you submit the paperwork to the IRS.
4. ItsDeductible app
Offered by tax software provider 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 everything from drop-offs at the thrift store and cash donations to mileage.
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.
5. Expensify app
Expensify won Top Ten Reviews’ top award for expense-tracking apps. It, too, uses OCR scanning and automatically records data. It integrates with bank accounts and credit cards to keep expenses updated across all platforms and works with popular contact-management program Salesforce and with the e-business tool NetSuite. A free version allows 10 scans a month. Upgrades cost $5 and $9 monthly.