When it comes to filing income tax returns, most people would like to spend as little time as possible in the preparation process. Unfortunately, it seems like taxation gets more complicated with every passing year. This could be due to the fact that when you started filing taxes you still lived with your parents, which meant your only related document was a W-2 from your job at Burger King and you had no expenses, investments, dependents, or assets to speak of. Yeah, those were the good old days. Do you remember a time when your taxes were so simple that you could actually file them yourself? Sigh. As you get older, of course, you may get married, buy a house, have kids, start retirement accounts, begin buying and selling stocks, and get yourself into a tangled web of legalities when it comes to your annual income tax filing. Then it’s goodbye 1040EZ and hello accountant! However, this brings up a fair point. Did you know that the money you spend to have your taxes prepared is deductible? If you didn’t then you may want to find a new accountant. Or you could simply download the iDeductible app for your favorite Apple devices.
The only saving grace when it comes to doing your taxes as your finances become more complex is that you may enjoy more deductions over time. For example, when you marry and file jointly, not to mention adding some dependents to the family, you’ll receive deductions that weren’t available when you filed as a single person responsible for only yourself. But there are a lot more deductions out there if you know where to look. The problem is that many people have no idea about the write-offs they’re missing out on. iDeductible aims to address this woeful situation by providing users with listings of potential deductions based on several criteria, and all for the bargain price of $1.99. But is it worth the money?
Here’s the deal with this app. It is set up to provide you with deductions related to certain aspects of your life. For example, it offers deductions for both employees and those who are self-employed. It also provided users with a listing of possible personal deductions (those unrelated to job status, in other words, like home, medical, or education-related expenses, for example), as well as write-offs related to investments. And the application is updated each year so that you are always aware of changes that may affect your eligibility for deductions. In fact, they are currently advertising that the “fiscal cliff” debacle in Congress has delayed their 2013 update (which is why it will be offered for free next January).
But can’t you get this information for free from the IRS? As a matter of fact, you can. This simple app does nothing more than provide you with targeted information relating to deductions. The value comes from the fact that this information has been broken down so you can quickly and easily find just what you’re looking for and access it on the go. So while you can certainly go to the IRS website and save yourself a couple bucks (or check out http://www.taxrebate.org.uk/ if you happen to be working across the pond), iDeductible can save you time while saving you money. So is it worth the 2-buck buy-in? The majority of users would probably say yes.