THREE TIPS FOR TAX SEASON

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Whether you own a small business or just manage a household, filing your taxes can be a frustrating task with serious consequences if you make a mistake: delayed refunds, penalties, and even more paperwork.  Luckily, using NumReceipt for receipt management and income tracking can make the job a little easier. Read on to find out how, and maybe discover a few tax tips you hadn’t considered before!

     1.DEDUCT CHARITABLE CONTRIBUTIONS

Donations to qualified organisations may be deducted from your tax bill - so long as you have a receipt!  Easily keep records of your charitable donations throughout the year by using NumReceipt to scan paper receipts and upload mobile receipts to the app.  You can return later to print them out if necessary.

If you plan to deduct charitable contributions, keep in mind that donations to political organisations and candidates for office do not qualify, and donations of non-cash goods like clothing should be valued at the approximate price at which they would change hands between a reasonable buyer and seller.  You can find additional advice on this topic on the IRS website.

2.KEEP TRACK OF ALL YOUR INCOME SOURCES

While some individuals may be able to report the income they earned at work and call it a day, most of us also receive money from other sources throughout the year.  If you collected funds from scholarships, investment accounts, unemployment, or Social Security, among others you must say so on your tax return.

The NumReceipt app is a great place to separate income into categories.  For example, if I earned $5 in interest from my checking account, I could save the details and return to them at tax season by navigating to ‘Income’ from the NumReceipt app home screen and then populating the relevant fields.



3.KEEP BUSINESS AND PERSONAL EXPENSES SEPARATE

Did you know that even if you are not self-employed, you may be able to subtract certain business expenses from your tax bill?  According to a recent TurboTax article, examples of these items (as long as you meet certain criteria) might include dues for professional society memberships and uniforms that consist of clothes not appropriate for everyday wear.  

NumReceipt provides an option to categorise receipts as business-related, as shown below.  You may also adjust the Account Type from Personal to Business when entering receipts, although this feature is not available to Free users.  Taking a minute to manage expenses each day could save you hours of headache down the road.


We wish you a smooth and simple tax season!



Related



5 Things That Every Accountant Should Know

Accountants are a big wheel for any company. The main role of an accountant is to balance the books in order to close up accounts at the end of an accounting period and determine the profit/loss sides into an agreement for that period. An accountant is expected to understand the company's strategies, financial functions, goals and bring value to the company. The primary task, is to prepare and examine financial records and make sure the reports are on the nose.  




Before getting into the nitty-gritty of accounting, here are some important things that every accountant should know.


1) Process the company’s financial functions on time and with 100% accuracy – Matching up the expenses with the revenue a company generates is a crucial test. It needs more concentration and focus. On a serious note, you’ll need to have a sound knowledge in the different techniques of accounting.


2) Keep tax regulations easy and simple - It is the sole responsibility of an accountant to direct the clients or company safely through the tax process.


3) Cost Control - It’s not just about talking numbers, but taking initiatives to let your clients know what is the total spend and how much can be saved for the next month really matters. Explaining the numbers in a meaningful way to clients can be helpful in setting a financial goal for the coming years.




4) Customer Service - Accounting involves a great deal of customer service. Getting to know your clients is not a simple task. It needs more focus, professionalism and expert assistance. The only way to do this is to step into your clients' shoes and try to figure out what their expectations are.

5) Reporting - Share the financial objectives/reports with the clients on a regular basis, as this is the key in evaluating the company's performance and brand. When you are an accountant, don't ever think you can just get by, by doing easy jobs. It is very clear what a client wants or expects. It's your responsibility to draft up a detailed report covering all the important transactions and finances. Connecting the dots between income reports and expenses is not easy as it appears, but putting efforts to tally them is always achievable. If you want your clients to point out the exceptional work you do, maybe you should try our app, NumReceipt.


What is NumReceipt?

NumReceipt is an expense tracker app designed for storing personal/business receipts to get your everyday spending under control.  



We understand that sometimes a black and white receipt needs color, we make sure all your paper receipts come alive with colorful and meaningful reports after you upload on our app.  

Go that extra mile and stay in your client's thoughts, so you can keep growing towards your goals. Visit www.numreceipt.com and download our app now!





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