Note: This information is not intended to be tax advice. Consult a tax preparation professional for tax advice.
Traditional tax filing software programs are relatively inexpensive, but they only offer a bare-bones level of service. An accountant can be more thorough in helping you find deductions and navigate potential issues, but they cost an arm and a leg to hire.
Somewhere in between, there’s Keeper Tax.
Keeper Tax can be found in the Chime Marketplace, along with recommendations for other helpful financial products. Read below for more information on how Keeper Tax can make your next tax season less stressful – especially if you’re self-employed.
What They Do
Keeper Tax isn’t just a tax filing software. It can connect to your bank account, including your Chime account, to search for potential tax deductions.
When you sync a checking account to Keeper Tax, it will identify purchases that you may be able to write off on your taxes. Keeper Tax also categorizes purchases, which makes the tax filing process much easier. For example, if it sees a gas station purchase, it may be categorized as a “car expense.”
The service is particularly helpful for freelancers, contractors or anyone who doesn’t have a traditional W2 job. When you’re self-employed, you’re responsible for payroll taxes on both the business owner and employee side. This means you have to pay double the taxes of someone with a regular job. By taking advantage of every eligible deduction, you can minimize your taxable income and how much you ultimately owe.
According to Keeper Tax, users save $1,249 / year (on average) when they use the service. If you’re new to filing taxes as a self-employed individual, you may not be aware of the purchase categories that are tax-deductible. Even everyday items like magazines and office supplies could be deductible.
Keeper Tax is available for both Android and iPhone devices. At the time of publishing this blog post, it has a 4.4 out of 5 rating on the Google Play Store with more than 1,600 reviews and a 4.8 out of 5 rating on the App Store with more than 3,000 reviews.
Keeper Tax filing is available in all 50 states. Keeper can handle 1099, W2, investment and LLC income. The service also includes audit protection. If you complete the return and there are potential problems that could trigger an audit, Keeper Tax will contact you beforehand.
When you use Keeper Tax, you don’t have to rely on paper or electronic receipts to prove that you spent money on a tax-deductible expense.
Normally, hiring an accountant to file your tax return can cost hundreds of dollars. And if you also want them to go over your bank statements to identify possible deductions, you could pay hundreds of dollars in accounting consulting fees.
If you’re a new freelancer, you may not have that kind of money to spend on outside help. That’s where Keeper Tax comes in, offering the kind of professional support normally reserved for the wealthiest clientele.
Keeper Tax also offers free tax educational resources, like a tax bill calculator where you can input your 1099 and W2 income to see the amount you might owe in taxes. Many freelancers have to pay taxes four times a year, and the site also offers a quarterly tax calculator for just this purpose.
Keeper Tax’s Tax University YouTube series includes videos on how to write off clothes, gas, meals and other common expenses. They also offer explainer videos for basic tax questions like the difference between a standard and itemized deduction or if you need an LLC as a freelancer.
The Ask an Accountant forum lets you submit a question to Keeper Tax’s accountant expert Sarah York, who is also an enrolled agent with the IRS. You can also scroll through to see other questions that York has answered.
Keeper Tax is available for Chime users in the marketplace, which is only found on the Chime app. To locate your Keeper Tax discount, open the Chime app and scroll down to the “Earn More & Save Money” section. Click on “See My Offers” and then tap on the Keeper Tax button.
Remember, it’s best to go through Chime to access Keeper Tax so you can get the special discount. If you visit the Keeper Tax website directly, you’ll have to pay the regular price.