Tax Strategies & Credits

6 Killer Tax and Accounting Apps You Can't Live Without  

6 Killer Tax and Accounting Apps You Can't Live Without  

As a small business owner, you have a full schedule with lots of responsibilities. Worrying about taxes and accounting only makes your life busier. Luckily, you can cut down on the confusion with the right technology. Here are six tax and accounting apps you need in your arsenal for 2017.

  1. MileIQ

If you want to claim a tax deduction for your business vehicles, you need to keep detailed documentation of the miles traveled for business purposes during the year. However, keeping these records can be cumbersome and frustrating. With MileIQ, you no longer have to log the miles you drive by hand. Instead, the application will log all of your miles automatically with minimal effort. This application works on both Android and Apple devices.

  1. Shoeboxed

To maximize tax deductions and credits, keeping your business receipts is essential. However, these small pieces of paper are easily lost or destroyed, which could cause you to miss out on important money-saving opportunities. With Shoeboxed, you can scan all of your receipts and other important documents, such as business cards, into the application for safe keeping. You can also use the application to organize these documents so that you can find what you need easily at tax time.

  1. Billgrid

Billing is an intensive process for many companies. Billgrid can simplify billing by providing you with an intuitive time tracking system, as well as access to professionally designed invoices and estimate templates. With this app, you can record times for a single day, or you can input times on a weekly basis. You can also log time automatically as you work. When it's time to prepare an invoice, you can customize the document and send it to your client with ease.

  1. Expensify

Expensify cuts down on the tediousness of tracking expense reports by allowing users to submit them quickly and easily. The app uses the company's unique policies to review the expenses and determine which should be automatically approved and reimbursed. Other expense reports are sent to a company manager for review.

  1. iDonatedIt

Non-cash donations can save you money on your income taxes, but you won't be able to take the deductions if you don't have documentation of each donation you made. In the past, businesses were forced to keep written documentation of these items. However, thanks to iDonatedIt, you can now value and record these donations from your smartphone.

  1. Mint

Mint is an intuitive money-managing app that businesses can use to create a budget and keep track of expenses. Using this app, you will be able to set limits for each type of spending and receive notifications when these limits are exceeded. You will also be able to monitor trends in spending over time.

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Sherri Hastings

Sherri Hastings

Tim Murphy is the managing member at Murphy & Murphy, CPA, LLC, a full-service certified public accounting firm, with emphasis on tax preparation, audits of governmental, educational, and non-profit entities, retirement planning, estate planning, business valuations, litigation support, and banking. He is a Certified Public Accountant in Maryland and Virginia. Tim is also a CERTIFIED FINANCIAL PLANNER professional, Personal Financial Specialist, Accredited Estate Planner, Certified Valuation Analyst, and Investment Adviser Representative.

MURPHY & MURPHY, CPA, LLC.
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