When Apple says, “There’s an app for that,”™ they’re not kidding. According to the USA Today, Intuit has launched a version of their popular tax filing software TurboTax for your Android or iPhone and named it SnapTax. The application streamlines the process by allowing users to snap a picture of their W2, answer a few questions, and file automatically all via their phone.
While it may initially seem like a useful tool, there are several problems with it. First of all, it only works with a 1040EZ form, the most basic of all tax forms. It might be cool to take a picture of your W2, but the limited information the 1040EZ asks for probably makes it easier to do by hand. Second, the application costs $14.99, but the IRS lets you eFile for free if your income is less than $58,000 – and most people with incomes higher than that will not file the 1040EZ. The tool does seem to give you a free filing with your state, which may be where the $14.99 comes in, but it still seems easier to do by hand.
The biggest concern is regarding what data you want to store on your mobile device. Keeping emails and phone numbers is one thing, but are people ready to keep all of their financial information on a device that can be easily lost or stolen? On the other hand if the number of people who pay companies like H&R Block to do their 1040EZ forms is any indication, Intuit might have a winner with this tool.
Is this a tool you would consider using or would you prefer to use another method to file your taxes?