Today is an exciting day. We are launching a new product called Xero TaxTouch for freelancers working in the U.S.
Xero TaxTouch is a mobile-only app that makes tracking your business expenses and maximizing your business related tax deductions easy. It’s designed specifically for self-employed individuals like dog walkers, taxi drivers, real estate agents, consultants, yoga instructors, and hair stylists. Users can separate business expenses from personal by swiping right for business or left for personal. It helps freelancers put more money in their pockets by categorizing business expenses they may not have known were tax deductible. There’s nothing we’ve seen that compares to what we’ve built. It’s the first mobile-only app of its kind.
We’ve also designed TaxTouch to help you work with your Xero accounting professionals. With a simple click, you can send your Schedule C (a required tax form for self-employed individuals) data to your Xero tax professional.
Why did we build TaxTouch?
Xero does a fantastic job for small businesses that need a full accounting and payroll solution. In the U.S. we estimate there are 10.2 million of these businesses.
We designed TaxTouch to address an entirely different group of people. TaxTouch solves the needs of 18.5 million self-employed Schedule C filers that need pre-accounting tools to track business income and expenses. We conducted a survey and asked them about their experiences with their finances and taxes. One of their top three concerns was managing finances, and almost 50% didn’t know how, or that they could, deduct expenses against their business. It’s a large, underserved market.
What do our Xero accounting partners think?
One of our Platinum partners, David Emmerman from Emmerman, Boyle & Associates says they are seeing more and more of their clients working in the on-demand economy. “They’re giving up full-time employment and working on a per gig basis because they enjoy the flexibility and freedom it affords. Tracking expenses and income is key to their success, and we have been impressed by the simplicity and ease-of-use of Xero TaxTouch.”
If you are in the US, you can download the app here.
To find out more about Xero TaxTouch go to xero.com/taxtouch.
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