With an attractive updated interface and credit card integration, Taxbot, our TopTenREVIEWS Gold Award winner, is more competitive than ever among expense tracking services. This tool will make it easy to keep track of business expenses, including mileage, from anywhere in the world using your laptop or phone. This business expense tracker is particularly motivating because it keeps a running tally of the potential savings you are racking up by documenting your deductible expenses. The Estimated Tax Deductions window in the top right corner will make you want to be diligent in tracking your expenses. Doing that is quite easy with Taxbot.
Mileage tracking is so simple with Taxbot. Using the mobile app and your phone's GPS capabilities, it takes only a couple of taps before your phone figures out where you are in the world and then starts logging your miles. At the end of a trip, another tap will have the app tabulating your mileage – you won't need odometer readings or anything else. Taxbot calculates everything for you. If you forget to log a trip with your smartphone, or if you don't have a smartphone, you can log travel expenses after the fact using the online interface. You will just need the beginning and ending addresses. Taxbot's Google Maps integration will take care of the rest. This is so handy because you don't need to fiddle with odometer readings, even after the fact.
Taxbot also is one of only a handful of expense management services that offer credit card integration. You just enter your business credit card information and Taxbot will begin logging your transactions with that card. When a transaction comes through, Taxbot will verify whether you already logged that expense when it happened. If not, it will go into a list of potentially missed deductible business expenses that you can review later. If you find a deductible credit card transaction was missed, you can move it over into Taxbot's running total. Taxbot will have automatically imported most details about the transaction, like date and category, but you will have the opportunity to add a few new details and attach a photo of the receipt if you want, in preparation for tax time. Taxbot integrates with 10,000 financial institutions, so it will likely work with your business credit card.
Taxbot has you covered in so many ways. It has been designed to record exactly what the IRS needs to know to qualify deductions. Tallying average travel expenses is as easy as snapping a photo of your receipts and following Taxbot's prompts to collect pertinent information. If you need to keep track of expenses from multiple businesses and multiple vehicles, you can.
There are a few minor features missing from Taxbot when you compare it to similar tools. Some expense trackers make it easy to incorporate emailed receipts for tax time – you can forward them and have the application read and extract dates and totals. Taxbot does not do that. Also, Taxbot does not extract data from a receipt for you, or read receipts like some applications do. Even though you usually have to double-check all of that information anyway, we like apps that give you the option.
Taxbot's reporting tab can help you get a clear vision of where you are spending money for your business, whether it's mostly on travel, advertising, auto maintenance or other categories, with pie and bar charts. Taxbot can also produce reports on your expenses by month and offer helpful Excel summary sheets for tax time.
Once you store receipts and other information about your deductible expenses with Taxbot, the data is impossible to lose. Even if you lose your phone or go through a computer crash, those receipts stored with Taxbot are safely in the cloud, so you will be able to access them when you need them. Taxbot uses 256-bit encryption to disguise your data, so you can be sure that people are not looking at your information.
Taxbot is all about saving you money on taxes. That shows in every aspect of the product, including all of its educational materials. There are a lot of materials to choose from – newsletters, blogs and even HD videos about tactics that could save you money on your taxes. The company's resident expert is Sandy Botkin, an attorney and accountant who worked for five years as a legal specialist in the Office of Chief Counsel for the IRS.
You and your accountant ultimately have to decide which tax strategies will work best in your situation, but it is nice to have access to the Taxbot tips. If even one tip saves you money, it will be worth it.
The online Taxbot interface and the associated app are very user friendly. This tool really anticipates your needs at tax time, so you will not face that confusion when it is time to file. Whether you record a transaction in the moment or not, Taxbot will help you remember with its credit card integration feature. Taxbot has details that really save time. The predetermined categories for expenses in the app are one example, and we like that the date auto-populates.
Taxbot's help options are good. The company's website is straightforward and offers tutorials and FAQs for basic information. If you still have questions, you can access Taxbot personnel by email, live chat and phone. There are also some videos to help you learn how to use the online interface and app.
Business expenses can quickly get out of control when you do not have a records system in place. Taxbot can help you track and organize all your expenses, ensuring that you get the maximum tax refund possible. Taxbot is not the most sophisticated tool – it lacks a few capabilities we value, including the ability to extract information from paper receipts and the ability to integrate email receipts – but the essentials all are there in a very user friendly package. With Taxbot, you will go into tax season with a few sleek reports instead of a shoebox full of receipts.
Taxbot is so easy to use, and you will never have to read an odometer again when you use this service to track your business travel expenses.
This service cannot extract data from paper receipts or email receipts.
Competing services offer more ways to enter expenses, but you will love how easy Taxbot makes every step.