Taxes From Your iPhone,SnapTax From TurboTax Will Let You File (If You Live In California)
No one likes doing their taxes, which is why an upcoming iPhone app from Intuit called SnapTax is
so genius. As you can see from the exclusive sneak peek demo video below, the app lets you snap a
picture of your W2 form with your iPhone and automatically fills in your tax return. The app uses
optical character recognition (OCR) to convert the images into words and numbers, which it then
uploads in a smaller version of Intuit’s TurboTax software. The tax filers then correct any
mistakes, enter additional data not on the W2 (such as interest income), answers a few more
questions, and they are done. They can even file electronically from their iPhone.
The OCR technology works better on newer 3GS iPhones than on 3G iPhones because they camera lenses
are more sensitive. The app is about 80 percent accurate on 3GS iPhones versus 60 percent accurate
on 3G iPhones, according to Intuit. The app takes you through all the data it captures and you can
correct any inaccuracies. And as you go along, you will see your refund (or tax payable) coincide
with each step. If only they could do this for people with more complicated taxes (people with
mortgages, children, and businesses). What if you could take a picyure of each receipt and taxable
event throughout the year, and then add your W2 and other tax statements at the end of the year,
and what to do? We hope that this is a first step in this direction.
The app must be available in the iTunes store in mid-January at a cost of $9.99. Only for people
with simple tax forms, such as the 1040EZ, which is about 70 percent of Americans who file tax
returns. “I think we’re more limited by the iPhone numbers than the EZ return numbers,” says
TurboTax product manager Barry Saik. Although, Although the app for this year only work for
California residents, who will serve as Intuit’s beta testers. Next year, the versions available
for many more states (TurboTax files both federal and state tax returns for users, and uses the
same information to complete).
