Save the shoe box full of receipts, there's an APP for that!
Tyler, Texas (KETK) — When tax season rolls around, chances are you're staring at a pile of paperwork wondering where to start. But, a new app out there makes your life a little easier. It’s called “Shoeboxed receipts tracker, “ and if you plan to itemize your deductions on your taxes, like many of us do, this app could come in handy and save you your shoebox full of receipts and paperwork.
How it works:
You just snap a picture of your receipt and it stores your information, and even adds up how much you spend, and tracks the stores you go to.
But some tax professionals say photos of receipts may not fly with the IRS if you get audited. Maureen Parkhill, owner of Liberty Tax Service in Tyler, says, "Storing your receipts digitally on your phone can be an issue and a problem for the IRS, if you're involved in a full blown audit, the IRS is going to want to see the receipts, and I’m not sure a picture of a receipt is going to prove it...because of course you can share receipts, or pictures of receipts, just like you can share any picture.”
This app is pretty convenient, especially during tax time, and it's free! Well, sort of? "FREE" actually means you're only allowed to save up to five receipts per month, but if you want the upgraded version you have to pay a small fee of ten dollars per month. And according to some reviews of the app, it seems to be a big hit. Shoeboxed Receipt Tracker was even featured in the New York Time.
As with any app, you have to be weary. Mechelle Mills, CEO of the Better Business Bureau of East Texas says, "You want to read the terms because you don't want a surprise on your phone bill.”
Some “terms of service” can charge you a fee, and unless you read the fine print, you could be caught off guard.
Mills says be careful where you use these apps too, "If you are going to use apps like this don't use them on a Wi-Fi hot spot"
Mills says, these apps and other tax apps are a hackers dream come true, because they can easily steal all of the personal information you put on your phone.