As independent contractors, real estate agents have a ton of deductions paperwork to sort through at tax time. I'm not here to give you tax advice, but I will tell you that you'll want to take advantage of any business-related deductions you can possibly take. It's a pain, but the key is to be organized the whole year through. Now you can have that organization with ease using an app called Expensify. The app is available in a variety of mobile forms, including iPhone and iPad, Android, Web OS/Palm and Blackberry. You can download and find more info about each at this link. So whatever your flavor, Expensify can be there for you – at the office and on the go.
To check it out, go to Expensify.com and take a look around. The platform can actually do a lot more than you may even need it to at first.
How it works: Expensify can pull in your expense transaction records and automatically categorize them for you. If you register your credit cards, it will pull in electronic receipts for you, and you can also take photos of your paper receipts and import by hand. Once your receipts are in the system, you can tag expenses for easy organization. This should help you remember and find receipts at tax time.
There are a lot more bells and whistles too. If you are employed, for example, you could tag your expenses and create a report to go to your company's accounting department for reimbursement. You also get a real-time analytics dashboard to show your expenses by category, day and whether or not it's been reported.
Expensify's reports are created as full color PDFs with tables, charts and graphs of data. It is free for single users, but costs $5 per month, per submitter for managers with the first two submitters free (for companies using the technology). Expensify will integrate with Freshbooks and Quickbooks, making it a solid choice for small businesses and startups, as well as the individual contractor.
Expensify works wonders for the contractor who's looking to clean up their receipts and expense reports for the year. You can rid your life of paper receipts entirely and know exactly how much you're spending on your business every year. This can help tremendously at tax time and for yearly planning.
Give it a whirl – you may even impress your CPA when you show up with PDFs this year rather than a box full of wrinkled receipts.