It’s tax time, which means it’s time to pull out that shoe box you’ve been saving your receipts in and start figuring out where to deduct your different tax deductions. Don’t you ever wish there was a better way to keep track of those receipts? Well luckily, now there is. The website Shoeboxed makes it a lot easier to keep track of your receipts and other documents you may need to save for income taxes. This article will answer a few questions about Shoeboxed and explain how to use the website to keep track of your receipts.
Is Shoeboxed a free site?
Yes, you can create a free account on the Shoeboxed website. With a free account, you can forward any email receipts that you get that you want to save, plus you can also download the Shoeboxed app so that you can take pictures of any physical receipts you want to save and upload them to your Shoeboxed account. You can also upgrade your account to a paid account – with a paid account, in addition to sending email receipts and being able to take pictures of physical receipts, Shoeboxed will also send you envelopes so that you can send in your receipts or documents to them. Plus, with a paid account you can have several users on the account, and there are higher limits on how many documents you can upload to Shoeboxed. If you’re just one person who wants to keep track of receipts for your small business though, a free account should be enough.
What happens after I forward a receipt to Shoeboxed?
After you forward a receipt to Shoeboxed, you can log into your Shoeboxed account and update the details, such as what type of receipt it is, who it’s from, the amount of the receipt, and whether it’s tax deductible. If you take a picture of a receipt with your phone, however, you’ll have to wait about a day for it to be processed, then you’ll be able to log into your Shoeboxed account on the web and edit the details.
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Can I organize other documents with Shoeboxed?
Yes! Shoeboxed also has a section for other important documents you want to keep organized, such as old tax returns, W-2 or 1099 forms, or bank statements. You can add documents to Shoeboxed either by clicking on the upload icon and then choosing the document you want to upload, downloading the uploader program (this works very well if you want to upload several documents at once), using the Shoeboxed app on your phone, or sending them in one of Shoeboxed’s prepaid envelopes (this option is only available if you have a paid membership).
What types of reports can I create with Shoeboxed?
You can create several different types of reports with a free account – you can export your receipt information to a Microsoft Excel file or a CSV file; you can also create a PDF file with images of your receipts, however this takes a few minutes to process. In addition, you can send the information in Quickbooks in an IIF file format, or you can send the information to the websites MYOB or Saasu. Additionally, if you use Outright (now called Godaddy Bookkeeping) and have a premium plan, you can send the information to your Outright account.
Easily Record Travel Expenses
The smartphone app now has a new feature – a section called Trips. All you have to do is press a button and it will track your mileage, apply standard mileage rates, create a map of your route and store it on their site. That way you have records for tax time.
Is Shoeboxed Secure?
Before sending any personal documents online or through the mail, it is important to know just how secure your private information will be. Shoeboxed claims to be as secure as your online banking. TRUSTe, a third party company that verifies online privacy practices, has given Shoeboxed a certification of being trustworthy and secure. Shoeboxed has a lot to say about the security measurements they have taken.
As you can see, Shoeboxed is a great way to keep track of receipts or other important records you want to save for income tax time. Though I’ve just started using it, I think it will help me keep track of my income tax deductions a lot more accurately.