I know I’m not alone when I say taxes can be confusing. So confusing that the annual changes to the laws and rates has given birth to a 7.7 BILLION dollar tax preparation industry. Whether you have someone do your taxes, or you do them yourself, here’s a couple tips for using Expensify in 2014. Continue Reading…
Archives For eReceipts
Hello, I hope you’re recovering nicely from your New Year’s festivities and are ready to take this year by storm. I just wanted to take a moment to clarify a couple of things to help make sure 2012 goes smooth:
1) That cool scanning system we introduced in May? It’s now officially cool enough to warrant its own name: SmartScan. Just like before it automatically extracts the merchant, amount, and date from uploaded receipt images. But now it has a fancy name and a much more detailed help page, including tips on how to capture images that produce the best results:
2) Like before you get 10 for free, but now your free quota refills every month! So if you run out and don’t feel like buying more (at the same price, $0.20 each), just wait until next month and you’ll get 10 more for free.
3) We’ve switched from a “prepaid” model (eg, buy scans before you use them) to a “post-pay” model: just upgrade your account to Professional, provide a credit card when prompted, and we’ll bill you for any SmartScans above 10 at the end of the month.
4) Finally, for all this hoopla about SmartScans, I want to remind you: eReceipts are even better. Imported directly from your bank account so no typing *or* scanning required. More information here:
I’m slowly churning through the final hundred or so responses to the last newsletter, but I’m always extremely eager for more. Please let me know if I can clarify anything about the above, or help in any way. Thanks for using Expensify, and I look forward to talking with you soon!
Founder and CEO of Expensify
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With Tax Day looming, many of you have been asking our Help Desk just how certain you can be that the eReceipts Expensify Guarantees are, in fact, IRS-compatible and really guaranteed.
While we really don’t want to put ourselves in the position of legally advising anyone on their taxes – you should talk to a tax lawyer for that – we can say, with pride, that we meet and exceed all of the requirements put forth by the IRS in Publication 463.
Here are the basic rules to keep in mind:
- Your purchase must be under $75
- We can’t create eReceipts for hotel bills – no lodging charges, then.
- The IRS requires non-paper receipts to be Timely, Accurate, and Written – our syncing with your bank and credit card ensure the first two, and by virtue of creating eReceipts in a permanent electronic form, we’ve ensured the last
We worked in close conjunction with the IRS to ensure that our eReceipts would stand up to a tough test – and as one Expensify client recently learned when his contractor expense report with the Department of Defense was audited, these eReceipts stand up to the toughest.