Adulting 101: 3 apps to help you prepare your taxes this coming tax month
MANILA, Philippines - Tax month is right around the corner, which means it’s once again time to start preparing and filing your returns.
The process can be quite stressful to many as it’s often long, tedious, and complicated. Though, it doesn’t have to be thanks to recent developments in technology.
With new tax-filing apps available for smartphones and web browsers, you now have opportunities to cut the time and effort it typically takes to accomplish the task.
JuanTax, for instance, is a local cloud-based tax-filing app that automates the entire process.
The mobile version of the app uses your smartphone camera to scan transaction documents such as receipts and invoices then turns them into digital data.
This saves you from entering the details for each one manually when you’re filing your Value-Added Tax (VAT) returns for your business, for example.
Your scanned documents are also backed-up in the cloud, allowing you to access them across different devices. Once you have all the data you need, you can let the app compute it and generate a report.
You’re then asked whether you want to manually file a printed copy of the report in a Bureau of Internal Revenue (BIR) office or just send them a digital copy. The best part is the app has a notification system that reminds you of the important deadlines just in case you forget them. JuanTax is a paid service.
JuanTax is also certified under the BIR's Electronic Tax Software Provider Certification (eTSP) program, which tests tax software to see if they pass the standards of the BIR.
Taxumo helps you with these things too. The service can be accessed on both desktop and mobile browsers across major OSes. It lets you encode income, and expenses, and upload supporting documents such as receipts and bills. These uploaded documents can then be used to generate financial statements in a more streamlined, less paper-intensive manner.
The service can also automatically fill in BIR forms with the data provided and encoded. Filing fees start at P500.
And if you want Taxumo to do most everything for out, they also offer a premium service called Taxumo Premium, where they do all the work for users. Users just need to send copies of their income and expenses, and the company does the rest.
A third service you can try is the mobile app Moneygment. Like Taxumo and JuanTax, it encodes your data for you and computes the tax. It can also serve as payment portal for Social Security System (SSS), Philippine Health Insurance Corp. (PhilHealth) and PAG-IBIG Fund contributions.
It reportedly takes about 185.6 hours to file taxes in the Philippines, according to a World Bank report in 2017. No one probably wants to spend that much time navigating their way around the country’s complicated tax systems so having these apps around can prove to be a lifesaver for any taxpayer. – Rappler.com