TaxTouch is a new product from Xero. It is a cloud-based app for iOS devices and it is targeted at the growing number of individuals in the freelance market. It provides an easy way for freelancers to track revenue and keep up with tax liabilities. For U.S. based freelancers it makes completing and filing Schedule C tax forms much less painful. With TaxTouch there will be fewer surprises at tax time and business expenses will be better documented to reduce tax liabilities. TaxTouch follows IRS standards for business deductions. It also automatically downloads bank and credit card transactions and makes separating personal and business transactions easy. Schedule C information can be emailed to tax preparation services or downloaded.
Xero boasts a well-established presence in the cloud-based accounting software and holds a large piece of the small to medium business market. TaxTouch is Xero’s first offering focused on the freelancer market – a previously under-served market segment. Xero estimates 54 million freelance workers in the US are eager to embrace their new software.
All the benefits of Xero’s cloud-based software are available to the TaxTouch user. Secure data storage, anytime, anywhere access from iOS devices and much more make Xero TaxTouch a formidable player in the accounting and tax management market.
TaxTouch has a tinder-like interface that permits left-swipe or right-swipe sorting of business and personal expenses. Business expenses are automatically categorized and users can accept the category or select the proper category with just a touch. Schedule C data is available with just a touch. Bank and credit card transactions are downloaded with one touch. TaxTouch also has payment reminders and current business status reports.
TaxTouch is available now from the App Store. Monthly subscription is $5.99, Annual subscription is available at a special first year price of $29.99.
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