It’s hard to overstate how important receipts can be in creating a complete tax return, especially if you’re a self employed (Schedule C) client. Many of our small business owners are Schedule C clients and often show up for their appointments with a grocery bag/shoebox full of receipts or even worse, they have no receipts at all. In order to help our clients keep track of their paperwork we’ve partnered with a company called Receipt Bank.
Receipt Bank is a company that collects photos of your receipts, categorizes them, and then allows you to download a PDF of your expenses. It’s as simple as taking a photo of a receipt with your cell phone through the Receipt Bank app. Receipt Bank’s software recognizes key information and categorizes it automatically. You can then send the data to your accounting software or you can export a copy for yourself and for your tax return. No more boxes, no more paper, no more missing out of key deductions for your tax return.
Let us know if you’re interested in Receipt Bank. We’ll be happy to set up your account and make shoe box receipts a thing of the past.