TurboTax SnapTax: Fast Tax Filing iPhone App
What is it?
Tax filing made fun and easy. There's an iPhone app called TurboTax SnapTax from Intuit that you can use for filing your taxes. It is released for California residents to file a 1040EZ form. If you're busy and don't have that much to file in terms of taxes, this is the perfect app for you. It's also great for tech-saavy people and dependents who rely on someone else, such as a parent, for income.
How does it work?
Basically, you take a picture of your W-2 using your phone. The program autmatically fills in the rest of the information for your 1040 ez form. However, you might need to take a couple pictures, as the picture must be high quality and clear in order for the information to be recognized by the SnapTax program. Some tips for doing this including taking the picture with a steady hand in a well-lit place. After the information has been filled out, TurboTax asks you a few additional questions on your phone so that your tax refund is maximized.
At the end, you simply file your taxes on your phone with the click of a button. This entire process only takes about 5 minutes. See the video below for a demonstration:
How much does it cost?
The app itself is free and you pay only when you finish filing your tax form. Federal and state tax returns are $19.99 with the e-file included if you file your taxes by March 23. After this date, the price rises to $24.99. Payment is through your iTunes account.
Who is it for?
Unfortunately, this app cannot be used by everyone. Ideally, it is for people who do not have children or dependents, do not own a house or have real estate, have income solely from a W-2,Credit: Image via Wikipedia interest or unemployment, and only have an income of a maximum $100,000 ($120,000 maximum if you're married).
Hence, this is a great and fun way to get your children educated about taxes since they're likely more eligible than an adult would be for this app.
Where can I buy it?
You can purchase this app online. Some ways you can purchase it is through the iTunes store, or going to www.snaptax.com to download the program. Easy as 1-2-3!
Other Useful Apps
There are some other apps that you can get on your phone for taxes, although TurboTax SnapTax is the most useful. One of these is the TaxCaster app, which is by TurboTax as well. This app calculates how much you need to pay in taxes or your tax refund for that year. Although you can't file your taxes using this app, it's useful for accurately calculating your taxes and the best part of the app is that it's free.
Another useful app is MyTaxBack by One Economy Corporation, which works in the same way and has the same purpose as Tax Caster. This app is free as well and is fairly accurate. Unfortunately, the interface is not as nice as the TaxCaster.