We've updated 0ur referral program to benefit both you and your friends!

Starting February 3rd, 2025, our referral program is getting even better. Here's how it works:

1. Share Your Unique Link: Invite a friend to join Keeper by sharing your unique referral link.
2. Have Them Subscribe: Make sure your friend signs up for an annual plan using your link.
3. Get Rewarded: We’ll send you $50 via PayPal 30 days after your friend starts their subscription.

But that’s not all! We’re thrilled to announce an exciting sweepstake:

Keeper sweepstakes: February 3rd - April 15th, 2025

Refer a friend who subscribes to Keeper (Annual or Premium), and if they stay on and use Keeper for 30 days, you’re automatically entered into our raffle. One lucky winner will be announced on May 23, 2025.

This is a one-time promotion, so don’t miss out—start referring today!

Sweepstake FAQ

What do I win exactly? 

You win a $700 flight voucher to any airline of your choosing, paid for by Keeper!

How do I enter the sweepstake?

Keeper is running the sweepstake from February 3rd, 2025 to April 15th, 2025. You are automatically entered into the raffle if you refer someone who ends up paying for a Keeper subscription (Annual or Premium) and they stay on (and use Keeper) for 30 days. The winner will be announced on May 23rd. This is a one-time promotion.

Are all my previous referrals reset?

Yes! However, if you invite your friend or colleague again, now there’s an added incentive that they get 25% off their subscription, and you get $50.

I’ve already referred a friend to Keeper. They haven’t subscribed yet, but they plan to. Do I still get a reward?

The easiest and most preferred method is if you resend them your unique share link and your friend or colleague subscribes through that. However, if they just paid for a Keeper plan, feel free to message our team and we will look into it for you.

When do I get $50?

Once the person you refer has paid for and used Keeper for at least 30 days, you are eligible to receive the $50 reward.

How will I get my reward for my referral?

All referrals are paid out via PayPal. In the Referrals tab, within the Keeper app, you will be prompted to insert your PayPay email address.

How do I access my Referrals dashboard?

Easy! There are two ways to access the referrals dashboard.

Option 1: Go into the Keeper app, and hit “Referrals” on the bottom right

Option 2: Log in to your Keeper web dashboard and hit “Referrals” on the sidebar.

Access referrals via App

Access referrals via Web Dashboard 

Are referrals also a one-time promotion?

Nope. The sweepstakes are separate from our referral program offering, which gives $50 per successful referral after the individual referred stays and uses Keeper for 30 days. So even if you don’t win the sweepstake, you still get $50 per successful referral, up to $500 (10 referrals)!

We support a range of specialized tax services designed to handle more complex situations, including but not limited to:

• S Corporation filing
• Partnership filing
• S-Corp and Partnership formation
• Foreign Tax Scenarios
• 1:1 Accountant Consultations
• Financial Statement Preparation
• Tax Planning Guidance
• Estate Accounting
• Business Registration Assistance
• Multi-state Tax Filings (2 or more states)
• + More!

These services require additional expertise and come at an extra cost, but they’re still far more affordable than hiring a traditional accountant.  You can also find more details on our add-ons and pricing here: https://www.keepertax.com/consultation-with-a-tax-pro 

Our business tax filing and formation service connects you directly with an experienced tax expert who will handle both your S-Corp return and personal tax filing. By working with the same expert, you’ll ensure consistency and accuracy across your filings, with your shareholder (K-1) income and any other income seamlessly incorporated into your individual return.

Getting started is simple. Once we have all the information we need, your case will be assigned to a dedicated tax expert who will guide you through the process and prepare your filings. You’ll have the opportunity to ask questions and provide additional details as needed, and we’ll respond promptly to any concerns.

Important Considerations for Add-On Services

If you’re planning to form an S-Corp or partnership, file an S-Corp or partnership tax return (Form 1120-S or Form 1065), or need help with additional services like issuing 1099s or scheduling a 1:1 call with an accountant, it’s essential to handle these items first before filing your personal tax return (Form 1040) with Keeper. 

Taking care of these steps beforehand ensures your personal filing is accurate and complete!
Your personal tax filing should include all relevant business details, such as income, deductions, and K-1s, preventing potential delays or the need for amendments later.

To access Keeper's Add-on services, you’ll need either the Filing + Deductions ($199) subscription or the Premium ($399) subscription, depending on your needs.

These services are charged as add-ons, requiring an additional fee beyond our standard subscriptions.

Reach out today to get started and make your tax season stress-free!

Below, you'll find a variety of common scenarios and frequently asked questions you may encounter while you're getting familiar with the Keeper app.

Keeper is an app that connects to your bank to automatically identify and categorize expenses that may qualify for tax deductions, thereby helping you uncover tax breaks! We help independent contractors, freelancers, and small business owners discover deductions and file taxes. Our ultimate goal? To help you save on taxes!

Why is it so crucial to track your business deductions? Simply put, business deductions are your best friend if you have any type of 1099 or self-employment income. You can deduct anything you purchase for your work, but for it to be deductible, it must be tracked.

Don't confuse this with the standard deduction you claim when filing your tax return. As a self-employed individual, you can claim the standard deduction and deduct business expenses. While this might seem confusing, you can find a detailed explanation in our article, “Can I Take the Standard Deduction and Deduct Business Expenses?”

So, how do deductions work? Essentially, a portion of every dollar you spend on your business can reduce your tax bill at the end of the year. Without diligent tracking, you risk overpaying on your taxes, leaving money on the table that could have stayed in your pocket.

With Keeper, you ensure that every business expense is tracked, every deduction is applied, and filing taxes is as efficient as possible. This not only saves you money but also frees up valuable time to focus on growing your business. Our app offers a variety of services tailored to meet your needs. You can view our subscriptions to see which plan is best for you! Whether you prefer to simply track your expenses or take full advantage of our app by also filing your taxes, we’ve got you covered. 

Tax deductions can be a game-changer for self-employed individuals, but tracking them can often feel like a full-time job. Our app is designed to simplify the tax deduction process for self-employed individuals and small business owners by linking directly to your bank accounts. This integration allows Keeper to automatically track and categorize your business expenses throughout the year, so you can effortlessly maximize your tax savings.

Here’s how Keeper works its magic to help you find and manage your deductions with ease.

1. Seamless Expense Tracking

Keeper links directly to your bank accounts and credit cards, allowing it to track and categorize your expenses as they happen throughout the year — creating a list of deductions that will save you time and money when you file! This automatic tracking ensures that no deductible expense slips through the cracks. Whether you’re a delivery driver needing to deduct gas and car maintenance or a real estate agent managing costs like office space and client photography, Keeper keeps a detailed record of all your eligible expenses.

2. Automate Your Deductions

When you subscribe to Keeper, you’re not just getting a simple tracking tool. You’re accessing premium expense management software that learns about your job and the types of expenses you incur. For recurring expenses like utilities or subscription services, Keeper prompts you to set up "rules" to automate their categorization. This means you won’t have to manually track these deductions each month — Keeper does it for you!

3. Customizable Rules

You have the flexibility to create your own rules within the app. Whether it's for business deductions or personal expenses, you can set rules for how different types of charges should be categorized.

You can easily review and update these rules via the app by accessing the Deductions tab, and selecting the 'create a rule' icon, found next to the + icon in the upper right corner.

For more detailed instructions on how to create rules, you can check out our Deductions tab article.

4. Effortless Tax Filing

When you file taxes with Keeper, we submit all your deductions for you, along with all the necessary tax forms — taking the stress out of tax filing.

Once you’re done filing, a tax pro will review your return to make sure everything is correct. When the review is complete, you'll receive a notification in-app and through email, asking you to confirm your estimated refund (or tax bill) amount. We'll only file once you've authorized us to do so.

Your annual Keeper subscription includes filing with the IRS and up to two state returns. If, for any reason, you decide not to file with us, no problem! You can export your business deduction sheet straight from the app or your web dashboard and take it to your accountant.

You can learn more about our tax filing service by going to the Filing Taxes section of the help center!

5. Expert Assistance Whenever You Need It

Why spend time researching tax questions or scheduling appointments with a CPA when Keeper provides around-the-clock support? Every Keeper subscriber has access to our 24/7 AI chatbot, backed by a team of agents and tax experts ready to assist you with:

• Double-checking tricky deductions
• Setting up and managing rules
• Answering complex tax questions

• And so much more!

Here are some of the questions they can help you answer:

• Does my child qualify as a dependent on my return this year?
• Can I deduct the cost of a haircut?
• Do you keep up with medical expenses in the app?

Whether you have questions about your tax situation or need assistance with the app, your tax assistant is here to help.

In essence, Keeper isn’t just about managing your expenses — it’s about transforming the way you handle your finances. Think of us as your personal tax concierge, dedicated to maximizing your tax savings and helping you understand the often-confusing world of taxes.

Excited to create a Keeper account? Getting started is a breeze! Just head over to our website and click on "Try for free" to set up your account.

You'll need to provide your phone number and email address. These will be used for logging into your account, though you can update them anytime through the app once your account is set up.

Next, you'll answer a few questions designed to help us understand your spending habits better, which will enable our app to track your deductions more effectively. We encourage you to provide accurate answers to make the most out of our services.

Additionally, you can download our app from the Apple App Store or the Google Play Store to enjoy seamless access on your mobile device.

After setting up your account, you'll select a subscription plan and enter your preferred payment method. Then, you can enjoy a 7-day free trial to explore the features our app has to offer! For more details on the free trial and our subscription options, be sure to check out our informative articles Subscriptions and Keeper's Free Trial.

Your selection will determine how transactions from each account are categorized in the app.

When you select "Used for 1099 work & personal expenses," the app will automatically differentiate between 1099 work-related (deductible) expenses and personal (non-deductible) ones. If there's an expense that needs clarification, it will be flagged with a yellow light bulb icon, suggesting that you review and categorize it correctly as either a deduction or not

If you select “Used only for 1099 work expenses ,” these expenses will appear normally with a green checkmark to the left, indicating they are being tracked as deductions.

If you select “Used only for personal expenses,” these expenses will still be tracked; however, they will appear dimmed or faded with an 'x' to the left, indicating they are personal expenses and not deductible.

If you do not wish to see transactions from an account that is used only for personal expenses, you should remove the account from your linked accounts. You can do this by going to Settings > Connected financial accounts > (click on the account you want to remove) > Remove this account.

Please note that If you wish to manually add expenses in the app, at least one card/account must be linked! If you do not wish to link your cards, we recommend connecting a PayPal account—an accessible and widely used option for most individuals and one that can be easily created!

Here, we list some common issues you may encounter while linking your bank account or card and how to troubleshoot them. There are times when your account will unlink from the app. This usually happens because your financial institution’s system updates or simply because of a password change.

The account has unlinked

When your account unlinks from the app, we will send you a text or notification letting you know to relink it. You can relink it from the app's Settings tab under the 'Connected financial accounts' section or by clicking on this link: https://keeper.tax/link-cards. If this doesn’t fix the issue, kindly remove the account from the app and relink it from scratch.

You can remove an account by tapping on that account in the Connected financial accounts section. If your account has sub-accounts, you will need to remove those first.

Your bank is not on the list when you try to link your account

Our partner, Plaid, is responsible for connecting cards. When you link an account or card, you are shown a list of possible links. If the bank or card isn't showing up, Plaid doesn't support it yet.

You should check back often for updates on supported banks, as Plaid constantly adds new supported institutions. In the meantime, you can upload a PDF, XLSX, or CSV file of your business expenses from that account or card by logging into your Keeper account online. Then, go to the Deductions tab on your web dashboard, click "Add Expense," and select "Upload Expenses."

Your bank is supported by Plaid, but some sub-accounts aren’t showing in Keeper

Plaid may support your bank, but some account types might not be compatible. If you're not prompted to select certain accounts during the linking process, and they use the same bank login as your other accounts, those account types may not be supported for linking to Keeper through Plaid.

In this case, you can upload a PDF, XLSX, or CSV file of your business expenses from that account. Simply log into your Keeper account online, go to the Deductions tab on your web dashboard, click "Add Expense," and select "Upload Expenses."

How to add/remove a sub-account when your bank is already linked to Keeper

If you aren't able to select which sub-accounts you'd like to link during the initial account-linking process, then you will need to link all the sub-accounts connected to your account, and then you'll be able to remove the accounts you don't want to track by selecting the account from the Settings tab -> 'Connected financial accounts' section in the app and selecting Remove.

If that doesn't work, you may need to change your sharing preferences directly from your bank’s website.

First, you’ll want to log in to your bank's online portal. Then, locate where you manage connected apps and find Plaid. This is where you can add or remove specific accounts that Plaid can access — including Keeper.

Your bank account is linked, but your expenses keep loading or are not showing up

If this happens, first, make sure your account is not linked twice. If it is not, please try removing the account and then re-adding the account in the Keeper app. You may also try uninstalling and reinstalling the app. Also, be sure your phone is updated to the latest software version.

Your most recent expenses are not showing up

It may take 1 to 3 days for your most recent purchases to show up, depending on your bank. If you notice missing transactions or if your recent transactions still aren’t appearing after three days, try removing your linked account and then re-adding it from the 'Connected financial accounts' settings. This will prompt our system to re-scan your transactions.

Your account is already linked, but your expenses aren’t going back far enough

If your linked bank account or card isn't showing enough past expenses, try going to the "Connected Financial Accounts" section under Settings, remove your account, and then link it again to rescan your transactions.

Keep in mind that while our app can track up to 18 months of transaction data, this depends on your bank’s policy. Some banks only allow us to access a few months of your transaction history.

If you've already removed and relinked your account and still don't see older expenses, it’s likely that your bank is limiting how far back we can access. In this case, you can manually add your past expenses by selecting the "+" symbol in the Deductions tab.

Your account has been unlinked for some time without your notice, causing your expenses to stop updating

No need to worry! You can remove your unlinked account and then re-add it from the 'Connected Financial Accounts' settings in the app. This action will prompt our system to rescan your transactions and identify deductions.

You'll still need to review your transactions and mark any that the app isn't certain about. Additionally, you can set rules for transactions, and the app will retroactively apply those rules to other relevant transactions.

I tried to link my account, but it says something went wrong after I entered the code to verify

If you get an error, please let us know so we can take a look to further assist you.

📝 Note: If you have multiple Keeper accounts, linking the same card to more than one account will cause the card to be unlinked from both. To avoid creating duplicate accounts, always log in with the original phone number or email address you used when signing up.

Also, relinking your account will not delete any expenses that have already been tracked by the app. If you want to exclude expenses from a linked account, you can mark them as 'not deductible' in the Deductions tab. This will ensure those expenses are left out of the exported copy of your deductions.

Your Profile 

To view your Tax Profile information, go to the Deductions tab, select the three-dot menu, and choose Tax Estimate. Then, click "Improve this estimate."

One of the key features we provide is the ability to export your deductions. To access this option, you’ll need an active subscription plan (at least the monthly plan) to download an export copy.

We track your expenses throughout the year, ensuring they’re readily accessible whenever you need them. If you’d like a copy of your deductions to print or use elsewhere, you can easily export them as a spreadsheet. Please note, however, that the export will only include business-related expenses or those eligible for your Schedule C (Form 1040). While you can track personal expenses within the app, the export feature is designed exclusively for business deductions.

Below is a sample of what your export copy looks like.

If you need a template like this one to track your expenses, you can download a free copy here.

How to export a copy of your deductions

Exporting a copy of your deductions from Keeper is quick and easy. Whether you need a record for yourself, your accountant, or another tax software, follow these steps to get your expense data.

Steps to Export Your Deductions

1. Open the Keeper app or your web dashboard and go to the Deductions section.
2. Select the tax year for which you want to export your expenses.
3. Tap or click the three-dot menu in the top-right corner and choose Export Deductions.

Choosing Your Export Option

When exporting from the Keeper app, you’ll have the option to generate a copy:

• For your personal records
• For your accountant
• For use with other tax software

If you choose "For my accountant," you can enter their email address to have the export sent directly to them. Just select "Connect my accountant," and they’ll receive an email with a download link.

Receiving Your Export

If you choose to export a copy for your own records, you’ll receive an email with the subject line "Your export is ready!" If you do not see it, please be sure to check your spam or junk folder. Kindly note that the link to download your export copy expires after 7 days. If the link expires, you can just email yourself a new one!

💡Tip: You can easily export a copy of your deductions for both the current and previous years. If you've been tracking your expenses with us for a longer period and need copies for earlier years, simply let us know, and we’ll be glad to send you the information via email.

Understanding your export copy

In this section, we’ll help you navigate your export copy, detailing each sheet and how to organize your expenses to suit your needs.

The first sheet, titled 'Schedule C Categories,' provides a summary of your total expenses categorized by Schedule C. This summary can assist you in completing your Schedule C (Form 1040) when filing your taxes. If you choose to file your taxes with us, we’ll automatically complete the Schedule C form for you, along with your reported self-employment or business income.

The second sheet, 'Other Expenses - Grouped,' presents the total of expenses listed under 'Other Expenses' from the first sheet. Here, you’ll find business expenses that don’t fit into specific Schedule C categories, such as software, storage, shipping and more, which are categorized as Other Expenses.

Finally, the third sheet, 'All Business Expenses,' encompasses all the business expenses you’ve tracked with us. It includes additional details such as the purchase date, expense/merchant name, amount, Schedule C category, expense subtype, and any notes you’ve added.

If you want to view your expenses within a specific date range, you can easily sort the expense date column from the most recent to the oldest, or vice versa.

If you need to calculate the total for a specific expense or category, you can sort the expenses in the third sheet alphabetically and then add the amounts by category or expense name.

Note: While the app is great for tracking your business expenses and filing your return, the exported copy of your deductions cannot replace actual receipts or bank statements during an audit. We’ll provide you with an export of the expenses you've tracked in the app, including your notes, but this is just to guide you when gathering the necessary receipts and bank statements to verify your business expenses.

To delete your account, go to the Settings tab of the app and select 'Manage Subscription.' From there, if you scroll all the way down, you'll see an option to delete your account.

Please note that this action will unlink all associated bank connections, and all stored data in your account will be permanently deleted, with the exception of your tax filing data. This specific information must be retained for three years to comply with federal regulations.

The Keeper app is a feature-rich environment designed to help you manage your business expenses and file your taxes! Below is a roadmap to help you navigate every tab and feature available in the app.  

You'll see the "Deductions" tab once you log in to the app. Much of your experience with Keeper will be focused on this page.

Year

With the touch of a button, you can jump back and forth between your deductions for this year and from the previous year.

Keep in mind that we only support tracking deductions for the current year and the previous year at this time. 

Navigation: Deductions tab 

Manually adding an expense

The "+" icon in the top right corner is where you can manually add a business expense. 

All you need is:

• The name of the purchase
• Amount spent 
• Category 
• Date 

You can also attach a photo of your receipt if you prefer.

Don't forget to hit 'Save' so the expense gets added to your deduction spreadsheet! 

Navigation: Deductions -> Plus sign

Deleting a manually-added expense

If you need to remove a manually added expense, navigate to the Deductions tab, locate the expense you want to delete, and then tap on 'Delete' at the bottom of the page.

Navigation: Deductions -> select manually added expense -> Delete

Three-dot Menu

The three-dot menu next to the "+" sign in the app offers four handy tools:

• Rules
• Financial accounts
• Tax estimate
• Export deductions

Let’s explore these features in more detail.

Navigation: Deductions -> three-dot menu

Creating rules for recurring expenses

The "Rules" feature helps you automatically categorize recurring expenses so you won’t need to update them manually. Whether it’s a monthly utility bill or a personal subscription like Netflix, creating a rule means these expenses will be consistently marked according to your preferences.

To manage your rules, open the three-dot menu in the Deductions tab and select "Rules." This brings up a window where you can create new rules or review and update any existing ones.

When creating a rule, all you need to enter are: 

• Merchant name 
• Deduction status
• Category

Here are some types of rules you can create for managing your expenses:

• Deduction: Set up rules for recurring deductions such as utilities, subscription services, and insurance. This way, you won't need to manually add them each month.
• Not Deductible: Create rules for personal transactions to ensure they aren't mistakenly categorized as deductions. This is ideal for expenses like grocery store purchases or non-work-related streaming services.
• Ask Me: For expenses that might qualify as deductions only in specific situations, create a rule and select 'Ask Me' for the status. This means these expenses won’t be automatically categorized. Instead, you can review them in the app and decide if they qualify as deductions. If you prefer to manually categorize certain expenses, you can set up rules for those and choose 'Ask Me' as well.

You can also choose to apply the rule to past purchases. By selecting this option, all expenses with the exact merchant name will be automatically updated according to the rule you’ve set.

Navigation: Deductions -> three-dot menu -> Rules

Linking your accounts

By selecting the "Financial accounts" option from the three-dot menu, you'll be directed to the "Connected financial accounts" section in the Settings tab. Here, you can link your bank accounts or cards, allowing us to scan and track your expenses while identifying potential deductions.

Navigation: Deductions -> three-dot menu -> Financial accounts

Estimating your tax bill or refund

Curious about how much you might owe in taxes or whether you’ll get a refund? The "Tax Estimate" feature in the app provides a quick calculation, giving you a rough idea of your potential tax bill or refund.

Keep in mind that while the estimate provides a helpful ballpark figure, it doesn’t take into account other sources of income, credits, or deductions that will be factored in during the actual filing process. Think of it as a useful guide, but not a final calculation. Your actual tax bill or refund may vary once you complete your filing with us and submit your return for review.

Navigation: Deductions -> three-dot menu -> Tax estimate

Understanding your tax profile

Your tax profile includes important details about your income, work, and some of the credits or deductions that can affect your taxes. This helps the app give you a better estimate of your potential tax bill or refund. It also uses this information to calculate your tax rate, which plays a role in figuring out your Estimated Tax Savings.

Additionally, you can update the percentage of your vehicle, home, and phone expenses that are used for business. You can also let us know if you travel for business or have meals with clients.

To access your Tax Profile, just select "Improve this estimate" under the Tax Estimate feature. Below, we’ll explain each section of your tax profile in more detail.

Navigation: Deductions -> three-dot menu -> Tax estimate -> Improve this estimate

Household Details and Income

In this section, you can update your:

• State of residence
• Tax filing status
• Dependents (if any)
• Expected annual W-2 employee income
• Expected annual freelancing/business income

Keep in mind that updating your household details and income information will also adjust your tax rate in the app, which can affect your Estimated Tax Savings. If you notice a change in your Estimated Tax Savings amount, it's likely due to the updates you've made in your tax profile. You can always check your current tax rate by selecting your Estimated Tax Savings amount in the Deductions tab.

Freelancing Details

Here, you can update the type of 1099 work or business you do. If you can’t find an exact match, just choose the option that best fits your situation.

As you continue to use the app, it will learn from your spending habits, helping to categorize your expenses and suggest possible deductions based on your work.

💡Tip: If your occupation or industry isn’t listed in the dropdown menu, you can select “Other.”

Next, you’ll see toggle switches and sliders for common deductions like business meals, travel expenses, home office, vehicle use, phone-related expenses, and public transportation costs. The information you provide here helps Keeper calculate your potential savings and determine which expenses you can deduct.

You can easily use the toggle switch to indicate if you have business meals with clients or colleagues, or if you travel for work.

Below, you can adjust the sliders to reflect the percentage of time you use your vehicle, phone, home, or public transportation for 1099 work or business purposes. For example, if you drive six hours per week and spend three of those hours on work-related tasks, set the slider to 50%. You can update these percentages at any time.

📝 If a deduction doesn’t apply to you, simply set the percentage to zero. For example, if you don’t have a dedicated home office for your business, set the home office slider to zero.

💡Tip: For a better understanding of which expenses qualify for these deductions, we recommend checking out our helpful articles on our website at https://www.keepertax.com/free-resources. You can also find these articles in the Tax University section under the Settings tab.

Taxes Paid, Credits, and Deductions

In the final section of your Tax Profile, you can enter details about the federal and state income taxes withheld from your W-2, or any quarterly tax payments you’ve made. You’ll also have the option to indicate if you qualify for any of the following credits or deductions: student tuition payments, mortgage interest, or traditional IRA contributions.

Exporting your deductions

One of the helpful features we offer is the ability to export your deductions. If you're on an active subscription plan (at least the monthly plan), you can easily download a copy of your deductions whenever you need it.

If you'd like a copy of your deductions to print or use elsewhere, simply export them as a spreadsheet. To do this, tap the three-dot menu and select "Export deductions." Just make sure to choose the correct year in the top-left corner of the Deductions tab before exporting.

Navigation: Deductions -> three-dot menu -> Export deductions

Estimated tax savings 

The amount you see is an estimate of the money you'll get back from the government at tax time, either as a tax refund or a bill reduction.

Keeper does the math so you don't have to. For those who want to know, the value is determined by multiplying your tax rate by the dollar value of your total tax deductions.

📝 The Estimated Tax Savings amount doesn’t reflect your total deductions. To see your total deduction amount, tap on the Estimated Tax Savings in the app. This will bring up a page displaying both your total deductions and your current tax rate.

Also, keep in mind that the tax rate used to calculate your estimated tax savings is based on the income and personal details in your tax profile. You can update your tax profile anytime under "Tax Estimate."

Navigation: Deductions -> Estimated Tax savings

View business expenses by category 

When you tap on your estimated tax savings amount, a pop-up window will appear with a breakdown of your total deductions X your tax rate and your total estimated tax savings.

This is where you'll also see a list of all your business expenses per category. And where you can view, manage, and edit them. 

By tapping on the chevron symbol in a specific category, you’ll see all the added deductions.

Reviewing these sections is a great way to stay organized and ensure all your deductions are tracked.

Navigation: Deductions -> Estimated tax savings

Search expenses by name

The magnifying glass icon 🔍 will let you search your transactions by name. (e.g. Amazon)

Navigation: Deductions -> Magnifying glass

Sorting Expenses

Below estimated tax savings, you can see a list of all your expenses that you can filter by:

• Status
• Category
• Account
• Amount
• Most recent or highest amount

Navigation: Deductions

Filtering expenses by transaction status

If you tap on Status, you’ll be able to filter your transactions by:

• Deductions
• Not deductible
• Ask Me

Navigation: Deductions -> Status

Ask Me expense category

Under Ask Me, you'll see a list of business expenses for you to go through if there are expenses that haven't been categorized. With a tap of a button, you can mark each expense as either a deduction or not.

Checking this area of the app frequently to correctly mark each expense is a great habit to develop.

More deductions equal more tax savings!

Navigation: Deductions -> Status -> Ask Me

 "Ask" Feature

Not sure whether an expense can be deducted? Don't worry; we got you covered!

You'll notice that your uncategorized or unreviewed expenses (transactions with a 💡 icon) have an "Ask" option under them. This feature allows you to instantly ask if that specific expense can be deducted. Simply tap on that button and it will take you to the "Ask" tab where our AI Assistant answers your question in seconds! Moreover, if the AI assistant determines that a human response is needed, it will alert one of our staff members to provide an answer instead.

Navigation: Deductions -> Select the uncategorized expense -> Ask

Editing an expense 

Tapping on any expense in the "Deductions" tab opens up a list of tools to help you micro-manage the transactions that are added to your list of deductions. 

You can tap on a specific purchase to:

• Create/View rule
• Add receipt photo
• Add a note
• Edit the amount spent
• Edit the category
• Mark the purchase as a deduction
• Remove it from your deductions

You'll also see other details such as the amount spent, your current tax rate, your tax savings for that specific expense, and the account it's coming from.
Navigation: Deductions -> Select an expense

Add a receipt photo

In the Deductions tab, you can easily attach a photo of your receipt by tapping on an expense and selecting "Add receipt photo."

Navigation: Deduction -> Select expense > Add receipt photo (optional)

Add a note

You can also add a note to your expenses. This is helpful if you'd like to add extra documentation for your transactions, especially business meals, such as who you're with or what the meeting was about.
Navigation: Deductions -> Select an expense > Note (optional)

Bulk edit 

The bulk edit feature allows you to make changes for multiple transactions at once. Simply press an expense and hold it for a few seconds until you see the multi-edit mode. You can then select the expenses you'd like to edit.

Navigation: Deductions tab -> Press and hold an expense

After selecting the expenses, tap on 'Edit.' This will pull up a screen where you can bulk change the expenses by the following:

• Split amounts
• Add a note
• Change expense categories
• Mark as tax deductions
• Mark as personal

Split amounts allows you to change the business-use percentage of the transactions you have selected.

Add a note lets you add the same note for all expenses selected.

Mark as tax deductions will add the expenses to your deductions, and

Mark as personal lets you mark the expenses as personal.

Navigation: Deductions -> Press and hold an expense -> Edit

By selecting change expense categories, you can edit the category of the expenses with just one tap. Here, you can see all the categories you can choose from. Kindly note that you can only select one category for all the expenses you have selected.

Navigation: Deductions tab -> Press and hold an expense -> Edit -> Change expense categories

The “File Taxes” tab is your personalized gateway to filing taxes with Keeper. You can get started with the touch of a button. The process is completely automated, easy to follow, and fast, so there's no need to be a tax expert.

The filing flow will walk you through the process of uploading your forms and documentation. After that, our team of tax assistants does the heavy lifting so you don't have to.

File Taxes Interface

When you first go into the file taxes interface, you can enter the filing flow to start your taxes, track your progress, pause, and go back later if necessary. As an annual subscriber, you can access our tax filing flow at no additional cost and enjoy the benefits:

• Easy form upload
• Max refund
• 100% accuracy
• Professional prep 

Rest assured, filing with us is quick and straightforward. Before your tax return is sent to the IRS, it will be professionally reviewed by a tax expert.

And don’t worry, your tax return won’t be submitted until you have reviewed and confirmed your intent to file. You can go back to edit your information or ask questions if needed!

Navigation: File Taxes -> Continue Filing

Estimate my refund

Wondering how much you might owe at tax time or if you'll receive a refund? Use our "Estimate My Refund" feature to quickly calculate your potential tax bill or refund in just seconds!

📝 Please note that while the calculator gives you a rough estimate, it does not consider other sources of income, credits, or deductions during the filing process. Therefore, it should be used as a helpful guide rather than an exact calculation. Your actual tax bill or refund may differ once your return is submitted for review.

Navigation: File Taxes -> Estimate my refund

Discover the benefits of filing with Keeper

Explore some of the benefits of filing with us!

1. Seamless form upload

With our drag-and-drop feature, filing your taxes is as simple as uploading your tax forms, and Keeper will handle the rest.

2. Reviewed and signed by a tax professional

Your return is meticulously reviewed by a tax professional, ensuring accuracy and giving you the confidence to file.

3. Tax experts on standby

Our tax experts are available around the clock to provide advice at no additional cost. Just visit the 'Ask' tab for any questions or assistance you may need.

Find answers to common tax filing questions

Scrolling down to the bottom of the File Taxes interface, you'll discover answers to frequently asked questions that our customers often encounter while filing their taxes.

Navigation: File Taxes -> Frequently asked questions

Share your feedback

You can provide feedback on Keeper at the bottom of the File Taxes page.

Navigation: File Taxes -> How are you liking Keeper?

Navigation

When you first start your tax return, we'll ask who you’re filing for: yourself, your spouse, or dependent(s). Following that, you'll begin the filing process, which involves three key stages:

• Share details
• Keeper review 
• Sign & file

We'll delve into each of these stages in greater detail later on.

To access the tax filing navigation, tap on the button with the three lines at the bottom left corner of your screen.

Navigation: File Taxes -> Three Lines in Left Corner

Under navigation, you'll see the following:

File taxes

Selecting this will guide you through the filing process. If you've already begun, it will take you directly to your current progress.

Navigation: File Taxes -> Three Lines in Left Corner -> File Taxes

Past returns

All tax returns filed through Keeper, including both current and previous years, will be available in this section. You can request to have a copy of any return emailed to you. Additionally, if you uploaded any tax forms during the filing process, you'll be able to download them under the 'Documents' section once your filing is complete.

Moreover, when you select a specific tax return to download, you'll also see a brief summary showing how your tax bill or refund was calculated. This summary will include key details such as:

• Adjusted Gross Income (AGI)
• Standard or itemized deductions
• Total taxable income
• Any non-refundable credits
• Gross taxes owed
• Taxes withheld and refundable credits

If you need to quickly check information like your AGI, simply go to the Past Returns section after filing and select your tax return to view the details.

Navigation: File Taxes -> Three Lines in Left Corner -> Past Returns

File on your computer

Provides instructions on how to log in to your account on the Keeper website.

Navigation: File Taxes -> Three Lines in Left Corner -> File on your computer

Exit tax filing

Takes you back to the interface of the “File Taxes” screen.

Navigation: File Taxes -> Three Lines in Left Corner -> Exit tax filing

Tax Assistant Chat Box

You can also access our AI Assistant chat box if you have any questions while going through the filing flow. Simply tap on the chat box icon at the bottom of your screen.

Our AI assistant is powered by the collective intelligence of Keeper accountants and tens of thousands of previously filed tax returns, which can help you easily get through the filing process.

💡 Tip: For more personalized assistance, simply ask for help from a staff member, and they’ll be happy to assist you.

Navigation: File Taxes -> Chat box icon

Navigating the Tax Filing Process

Let's now explore the various sections of the filing process!

1. Share details

Drop off tax forms

At the beginning of the tax filing process, you can upload the necessary tax forms or documents for your return. You can do this by dragging and dropping your files, uploading a photo, or selecting documents from your device.

📝 After you’ve uploaded your tax forms, you can review them by returning to the 'Drop off tax forms' section of the File Taxes tab. This will show all the forms you've uploaded, and you can view the details by selecting each specific form.

Navigation: File Taxes -> Share details -> Drop off tax forms

Moreover, if you prefer to input your tax form details manually, you can easily do so by selecting Enter manually. This option directs you to a page where you can choose the specific tax form you wish to enter manually.

Navigation: File Taxes -> Share details -> Drop off tax forms -> Enter manually

Scan for deductions

Once you've uploaded all your tax forms, you can scan your bank accounts to identify potential deductions. After scanning, be sure to review your deductions to confirm that everything is accurate.

Navigation: File Taxes -> Share details -> Scan for deductions

Answer personalized questionnaire

Once you're done reviewing your deductions, you can start answering the questionnaire. You'll be prompted with a series of questions tailored to your tax situation. Please answer them as accurately as possible. If you have any queries or find any part unclear, feel free to let us know. We're here to assist you every step of the way!

Navigation: File Taxes -> Share details -> Answer personalized questionnaire -> Start questionnaire

Submit for review

The next stage of the filing process involves reviewing all the details you've entered. Once you've completed answering all the questions, you'll land on a summary page that neatly organizes the information you've provided. Each section in your tax filing summary is interactive, allowing you to easily make any adjustments if necessary.

During this stage, you also have the option to include any additional income, credits, or deductions by simply clicking on the sections marked with a + sign.

Navigation: File Taxes -> Share details -> Your tax information

If everything appears accurate, you can proceed to submit your return for review by selecting Continue to Keeper review. Our dedicated team of tax experts will then review your filing to ensure its accuracy.

2. Keeper review 

Once we have completed the review of your return, we will inform you if there are any issues that need your attention. If everything is in order, you will see your tax bill or refund details when you return to the filing process. Before you submit your tax filing to the IRS, you’ll have the opportunity to review your return and the final tax calculations, which will show your tax bill and/or refund amounts for both federal and state taxes.

Remember, we won't submit your return without your approval! 

Tax return summary

On this page, you'll see your finalized tax bill or refund amounts, as well as a summary of your tax filing information. 

Tax bill amounts are displayed in red, while refund amounts appear in green. You also have the option to edit your return by selecting 'Unlock to make edits.' 

📝 Please note that you will only see your finalized tax bill/refund details in the File Taxes section after submitting your return for review.

3. Sign & file

Once you’ve confirmed your tax bill or refund details and are ready to proceed with filing your return, simply click ‘Sign & File’ to move on to the next step.

Selecting your payment method

On the next page, you’ll choose your payment method. This will be utilized for either paying your taxes or depositing your refund if you're entitled to one.

You have the option to add a bank account or choose the 'pay later' option.

If you choose 'Add a bank account,' you can either select from the accounts already linked to the app or manually enter your bank account information.

Opting to 'pay later' allows you to set up a payment plan with the IRS, giving you more time to pay your taxes. However, if you're anticipating a refund from either the IRS or your state, selecting this option means they will mail you a check to the home address you provided on your return.

Sign your return 

After selecting your payment method, we'll ask if you'd like a copy of your return emailed to you. It's important to carefully review your tax return before signing.

On the following screen, you'll be able to sign your return.

Once you've signed, you'll see another overview of your finalized tax bill or refund with a breakdown of your tax information. 

At the bottom of this page, confirm your intent to file by clicking on the Send to IRS button.

📝 Important Note: Once you send your return to the IRS, you won't be able to make any further changes to your return.

Congratulations! Your return will be transmitted to the IRS.

Now, sit back and relax. You'll receive a confirmation once the IRS accepts your return.

If, for any reason, the IRS rejects your return, don't worry. We'll promptly notify you and provide details on why it was rejected and how to correct the error.

Want to know more? See our Filing with Keeper articles for more useful tips.

The Ask tab is where you can ask us questions you have about your business deductions, tax return, membership, how to use the app, or anything in between. And as your tax assistant, you'll get an answer from us directly.

Did we mention, that this feature is completely free? And you can message us anytime in-app!

Navigation: Ask -> Type message here

The Referrals tab is where you can access your unique referral link to share with friends. This tab provides details about Keeper's referral program and allows you to input your PayPal account for reward payments.

When you refer a friend, they will receive a 25% discount on Keeper's Filing + deductions or Premium subscriptions. If they subscribe to Keeper (Filing + deductions or Premium) and remain a user for at least 30 days, you will earn a $50 reward. You can earn up to $500 through Keeper's referral program by referring multiple friends.

You can also track the progress of your referrals. When your friend signs up for Keeper, a clock icon will appear next to their name in your referral bank. Once your friend has subscribed and used Keeper for 30 days, the clock will turn into a green check, showing that you are eligible for your $50 reward.

You will be paid $50 via the PayPal account you provided for reward payments. It's that easy! 

The 'Settings tab' serves as a central hub for managing key aspects of your Keeper account. From here, you can link and manage your financial accounts to ensure all your expenses are properly tracked. You can also customize your notification settings, review past returns, update your login credentials, and manage your subscription.

On top of that, the Settings tab gives you access to Tax University, where you’ll find great resources to help you learn more about taxes. Let’s take a closer look at each feature and see how they work.

Profile & Preferences

Connected financial accounts

Simply tap on "Connected financial accounts" in the Settings tab to link your bank accounts or cards. Once you link your account(s), our system will begin finding potential deductions.

Navigation: Settings -> Connected financial accounts

You can even control whether or not a specific account is used for work, personal, or both. You can remove an account from here, too.

Navigation: Settings -> Connected financial accounts -> Select an account -> Remove this account

We partner with Plaid to connect your accounts. By connecting through Plaid we do not have access to your personal information.

We're only able to see purchases from your linked accounts. And that's to find deductions that put more savings in your pocket.

Notification settings

Here, you can adjust your notification preferences to:

• App notifications
• SMS text messages
• Don't notify me

📝 Please note that the notifications displayed in the Settings tab are only examples, not your actual notifications. If you choose to receive app notifications, you'll get push alerts whenever the Keeper app provides updates about your potential deductions or tax filing status. If you prefer SMS notifications, these updates will be sent to you via text messages instead.

Navigation: Settings -> Notification settings

Past returns

All tax returns filed through Keeper, including both current and previous years, will be available in this section. You can request to have a copy of any return emailed to you. Additionally, if you uploaded any tax forms during the filing process, you'll be able to download them under the 'Documents' section once your filing is complete.

To access the 'Past Returns' section, you can either go through the 'Settings' tab or navigate to the 'File Taxes' tab by tapping the hamburger icon in the bottom left corner.

When you select a specific tax return to download, you'll also see a brief summary showing how your tax bill or refund was calculated. This summary will include key details such as:

• Adjusted Gross Income (AGI)
• Standard or itemized deductions
• Total taxable income
• Any non-refundable credits
• Gross taxes owed
• Taxes withheld and refundable credits

If you need to quickly check information like your AGI, simply go to the Past Returns section after filing and select your tax return to view the details.

Navigation: Settings -> Past Returns

Account & Subscription

Login credentials

In this section, you can update your:

• First and last name
• Email address
• Phone number

Navigation: Settings -> Login credentials

Manage subscription

This is where you can view and manage your membership plan.

• Edit subscription 
• Edit payment method 
• Cancel subscription renewal

📝 When you cancel the renewal of your subscription, you are effectively unsubscribing / deactivating your account. You will not incur any charges moving forward unless you decide to resubscribe.

Navigation: Settings -> Manage subscription

Towards the bottom of the 'Manage subscription' page, you'll find an option to permanently delete your Keeper account. Please note that choosing this option will unlink all connected bank accounts and erase all data stored in your account, with the exception of your tax filing information. To comply with federal regulations, tax filing data must be retained for three years.

Navigation: Settings -> Manage subscription -> Delete account and all data

Tax University

Our Tax University can be accessed from here where you can learn about all things taxes without the jargon.

Here, you can explore a variety of essential topics, including:

• Understanding your 1099 tax bill
• Managing receipts for taxes
• Car expenses and mileage
• Home office deductions
• Business travel deductions
• Business meal deductions
• Education deductions
• Quarterly taxes
• LLCs
• Advertising deductions
• Clothing deductions

For added convenience, you can also access Tax University online at https://www.keepertax.com/free-resources. 

Navigation: Settings -> Tax University

Log out

To sign out of your Keeper account, scroll to the bottom of the Settings tab and select the "log out" button. This will safely log you out of your account.

Navigation: Settings > Log out

Now that you've set up your Keeper account, you might have questions about various tax topics, such as:

• Your 1099 tax bill
• Receipts for taxes
• Car expenses & mileage
• Home office deduction
• Business travel deduction
• Business meal deduction
• Education deduction
• Quarterly taxes
• LLCs
• Advertising deductions
• Clothing deductions

For clear, comprehensive answers and resources, check out Tax University! This free resource, available both within the Keeper app and online, offers valuable information on everything from business deductions to tax filing.

To access Tax University in the app, go to the Settings tab. You'll find Tax University listed as the last item.

You can also access Tax University online at https://www.keepertax.com/free-resources for your convenience. Explore our resources and get the answers you need to navigate your taxes confidently!

Why File with Keeper? 

Filing your tax return with Keeper is easy! Our user-friendly system will walk you through the process with straightforward questions. Simply upload your W-2, 1099, investment documents, or any other income forms, and Keeper will take care of everything else!

For self-employed individuals, we've got you covered! We’ll automatically include any business deductions you've tracked in the app throughout the year when you file your taxes with us.

To file your taxes with Keeper, you’ll need one of the following subscriptions:

• Just tax filing ($99/year): This plan is ideal for those who don’t need to track or claim business deductions and simply want to file their taxes with us. It’s perfect for individuals with W-2 income or other sources of income, such as investments, interest, or dividends. This plan also works for those without income but who need to claim certain tax credits.
• Filing + deductions ($199/year): This plan offers free tax filing for both federal and state returns for the current tax year while your subscription is active, covering up to two state returns. You’ll also have access to the app and all its expense-tracking features. If you decide to file elsewhere, you can request an export of the deductions you've tracked throughout the year.
• Premium ($399/year): This subscription includes everything in the Filing + deductions plan, along with additional services like filing amendments, handling prior year returns, providing quarterly tax assistance, and offering personalized support for complex tax situations. While these services aren't available directly in the app, if you're on the Premium plan and need assistance, just let us know, and we will assist with these matters further via email.

When Can You File with Keeper?

Keeper’s tax filing service typically opens in mid-January and lasts until the IRS stops accepting e-file returns for the year. For assistance with past-due tax returns (2021-2023), our Premium plan offers access to our team of tax experts who are ready to help.

How to File with Keeper

Tax filing is available to all Annual and Premium subscribers. As soon as you subscribe, you can file your return.

To file within the app, go to the File Taxes tab. If you prefer using a desktop, log into your account at dashboard.keepertax.com.

Make tax season stress-free—let us handle it for you!

If you need more time to file your taxes, Keeper has you covered! We can file an extension for you at no additional cost. To get started, go to the File Taxes tab, where you’ll find a banner at the top that reads, "Need more time? File an extension for free by April 15th." Click on the banner to start the process.

You'll then be guided through a few simple questions to collect the necessary details to file your extension. Once you've answered everything, click Submit to file. Afterward, you can track the status of your extension directly in the File Taxes tab.

Note: You only have one opportunity to file an extension with Keeper. If it is rejected, you won’t be able to resubmit.

We will also automatically file an extension for you if you submit your return for review close to the tax filing deadline. However, if you'd rather file it yourself, the IRS offers a helpful page with resources to guide you through the process.

Be sure to file your extension before the April 15th deadline. If you don’t see the extension banner, feel free to reach out to us for assistance!

What if I miss filing an extension before the deadline?

Once the tax deadline has passed, you can no longer file an extension. If you miss the deadline to file your return and didn't file an extension, you may incur late filing fees. Additionally, if you owe taxes, late payment penalties could apply. However, it’s worth noting that the IRS doesn’t always impose these penalties! You can find more information about penalties here:

• Failure to file penalties 
• Failure to pay penalties

Something doesn’t look right with my refund amount

If your refund isn't adding up, take some time to review all of the information you've reported on your tax return. Have you included all your deductions and reported all your income? Does your return need to be unlocked so you can make changes?

If everything has been entered correctly, the amount of your refund is accurate. If you're ever in doubt, feel free to let us know. We’ll be happy to guide you through any questions.

My refund is not the same as my estimated tax savings

Your estimated tax savings amount is an estimate of how much your tax bill will be reduced by applying all your deductions to your tax return. It is not the same as a tax refund. 

You can review how the estimated tax savings amount is calculated by tapping on the amount in the app. You'll be able to review your total deductions and your estimated tax rate to see how the amount is calculated. 

Why did my refund amount change?

Sometimes, the IRS may accept your return but make changes to the amount of your refund. 

This doesn't happen very often. But if it does, you’ll receive a letter or notice from the IRS explaining why it made the change and offering instructions on how to challenge it if you don't agree with their decision.

As long as the information you include on your return is accurate, there's no reason to be concerned.

How long does it take to receive my refund?

If you’re owed a tax refund, it takes the IRS and state 21 business days on average to process your return and remit payment. However, it may take longer. With that said, many people receive their refund much sooner!

What’s the status of my refund?

You can check the status of your federal refund by:

• Using the online IRS Where’s My Refund? tool
• Calling the IRS at 800-829-1954 during their support hours of 7 AM to 7 PM local time, Monday to Friday. 

You can check the status of your state tax refund by visiting your state tax website: 

I filed with Keeper and I haven’t received my refund

If you've filed with us and your return has been accepted by the IRS, you can track the status of your refund directly at the IRS website, using the online IRS Where’s My Refund? tool

Keep in mind, refunds on simple returns can be processed in as few as 21 days. But things can take longer if the IRS is running behind or needs to verify any information.

If more than 90 days have passed since you filed your return, we suggest reaching out to the IRS directly at 800-829-1040 to check on the status of your refund. You can also schedule an in-person appointment with the IRS through this link: https://www.irs.gov/help/contact-your-local-irs-office.

📝 Please note that if you are expecting both federal and state refunds, they may come at different times. Since the IRS and state agencies operate separately, you might receive your federal refund before your state refund, or vice versa.

Receiving Your Tax Refund

When you file your tax return with us, you’ll need to provide your bank account details. If you’re eligible for a federal and/or state tax refund, the funds will be deposited directly into this account. However, if you prefer not to share your bank information, the IRS or your state’s Department of Revenue will mail you a check for any refund you’re owed.

Paying Your Tax Bill

The bank account you enter on your tax return isn’t just for receiving refunds; it’s also used to pay any taxes you owe. If you have a balance due, the payment will be automatically deducted from this account on the tax deadline, or if the deadline has already passed, as soon as your return is processed.

Setting Up a Payment Plan with the IRS

If you find yourself unable to pay the full amount of taxes due all at once, there's no need to worry. During the filing process, you can select the option to pay later.

Once your tax return has been accepted, you can visit the IRS website directly to apply for a payment plan. It will guide you through creating or signing into your IRS Online Account, where you can manage your tax payments.

By setting up an IRS Online Account, you'll gain access to a wealth of information, including your personal tax details, payment plans, and tax records. You'll also be able to view any notices or letters the IRS has sent you, helping you stay on top of your tax responsibilities.

For more detailed guidance on setting up a payment plan with the IRS, feel free to visit this link: https://www.irs.gov/payments/payment-plans-installment-agreements 

Setting Up a Payment Plan with Your State

Many states also offer the option to set up a payment plan for your state taxes. However, the process can vary from state to state. To get started, you'll need to check with your state's Department of Revenue for specific instructions:

To access a copy of your tax return, go to the "Past Returns" section under Settings in the app. If you're using a desktop, you can find this section under Tax Filing. You’ll find all tax returns you’ve filed through Keeper, including both current and previous tax years. Simply select the return you need and choose the option to have a copy emailed to you. You’ll receive an email with a link to download your return.

If you uploaded any tax forms during the filing process, you can also download them from this section once your filing is complete.

If you haven't filed your tax return yet but have already submitted it for review, you can download a draft copy once the review is finished. We will notify you when the review is complete, and then you can go back to the File Taxes tab to check if you owe taxes or are due a refund. You’ll also see an option there to email yourself a draft copy of your return before finalizing and submitting it for filing.

📝 Please note — the download link is designed to expire seven (7) days from the time the email is sent as a security measure. Therefore, make sure to save or print your copy promptly. If the link becomes inactive, you can follow these steps again to request another copy.

I don’t see a deduction that I should have

If you’re missing a deduction, start by double-checking your expenses to make sure it's not hiding somewhere before adding it manually —you don't want duplicates.

If you don't see it, make sure it's been added to your list of expenses. You can manually add the expense in the app or link another card to ensure it's included.

When you head back to your return, your missing expenses will be automatically added in.

Can I still go back and add deductions?

If you've just submitted your tax file for review, you can return to the File Taxes tab once the review is complete and select 'Unlock to make edits.' After unlocking, go to the Deductions tab to add any deductions you missed. Be sure to resubmit your return for review afterward.

If you've already filed and submitted your return to the IRS, the only way to add deductions is by amending your tax return. For more information on how to file an amendment, please visit this link: https://www.irs.gov/newsroom/if-you-must-amend-your-return 

If you need assistance with filing an amendment, our premium plan includes support for this process.

I can't submit my return for review because a section is highlighted in yellow

If you see a yellow exclamation mark or sections highlighted in yellow, it indicates that there’s missing information needed before you can submit your return for review. Please go back to all the highlighted sections and check the entries associated with the yellow exclamation marks.

When you click on an entry, review all the boxes and questions to see if any are highlighted in yellow that require your attention. Make sure the information in those sections is accurate. Once all the yellow warning signs are gone, you'll be able to submit your return for review.

If you need any further assistance in resolving this issue, don't hesitate to let us know!

How do I make changes if I already submitted my return for review?

Once you submit your return for review, it becomes locked, and no changes can be made until the review is finished. After the review is complete, go to the File Taxes tab and select 'Unlock to make edits' to make any necessary changes. Once you’ve made your updates, be sure to resubmit your return for another review.

When the review is finished, you'll return to the File Taxes tab, where you'll see a confirmation that your return has passed the audit risk review.

Simply click on Next, and it will take you to a page showing your tax file summary. You can edit your return by clicking on Edit at the right side of your tax info.

After that, a message will pop up asking you if you'd like to edit your tax return.

As long as you haven't confirmed the amounts of your return, we’ll get it opened so you can make edits. Be sure to resubmit it when you finish up!

How do I make changes if I already submitted my return to the IRS?

If you need to make any changes to your return, you must file an amended return. Here’s more info on how to file an amended return: https://www.irs.gov/newsroom/if-you-must-amend-your-return

Keeper also offers a premium subscription that includes preparing and filing amended returns. 

My return was rejected

Maybe there was a typo with your Social Security number, or the IRS thinks something doesn't look right. If your return is rejected, we’ll be sure to let you know as soon as possible. This will come as a notification on the app, under the “File Taxes” tab.

For minor issues, you’ll be able to update your return and resubmit it to the IRS. If the issue is a little more complex, we’ll guide you through all of your options.

The IRS says my social security number was already used

No one wants to hear that their return has been rejected, but it's not the end of the world. Just keep calm and work through it.

If the IRS sends a notice that your Social Security number was already used, you'll want to review your personal details, like name, address, and SSN, to make sure everything is accurate.

If it is, you'll also want to make sure you haven't already filed a return this year. In the rare event that someone else has actually used your Social Security to file, you should contact the IRS to discuss your options moving forward.

You can find more info on the IRS website linked here: https://www.irs.gov/newsroom/taxpayer-guide-to-identity-theft 

I received an IRS inquiry

The IRS may send a letter requesting a little more information to finish processing your return. This doesn't mean you're being audited, so don't stress.

The notice should clearly state the forms or information they’re seeking, as well as instructions on how to send them in. Take care of these inquiries as quickly as possible, so your return isn't delayed.

If you need assistance or want to double-check that you're sending the correct forms, feel free to let us know. We’re here to help!

I filed with Keeper and I’m being audited

No one ever wants to hear the word audit. Most likely you never will — the likelihood of getting audited is less than 1%.

Still, we want you prepared. If you filed with Keeper, we're here to help answer any questions as you work through collecting all necessary documents to send to the IRS. Our team of tax experts are available to answer all your questions.

Don't assume your audit will be a drawn-out process, or that you'll necessarily receive a higher tax bill at the end. Most audits are done by mail, and you may have been selected for something as simple as making a typo when you entered your income. We all make mistakes.

You should carefully read your IRS audit notice.  You might be given the option to:

• Send in supporting documents
• Pay an updated tax bill
• Offer proof as to why the original numbers were actually accurate

Once you’ve gathered all your documentation and sent in your response, the IRS will notify you of the final decision.

Tax deductions lower the amount of income you’re taxed on — leading to a smaller tax bill!

Types of deductions

• Business: Ordinary and necessary work-related purchases

💡 Ordinary and necessary - ‘Ordinary' means it's common in your field. 'Necessary' 
means it's 'helpful and appropriate' for doing your work —  it doesn't necessarily 
have to be indispensable.

• Educational:
• Student loan interest
• Teacher educational expenses  
• Healthcare:
• Medical or dental expenses more than 7.5% of your AGI
• Health savings account (HSA)
• Investment:
• Sale of home
• Individual retirement arrangements (IRAs)
• Capital losses
• Bad debt
• Opportunity zones
• Debt forgiven on my residence due to foreclosure, repossession, abandonment or because of a loan modification or short sale
• Personal:
  • Deductible non-business taxes
  • Personal property tax
  • Real estate tax
  • Sales tax
  • Charitable contributions
  • Gambling loss
  • Miscellaneous expenses
  • Interest expense
  • Home mortgage interest
  • Moving expenses
• Standard deduction
• Itemized deductions

Want to learn more about what a tax deduction is? Take a look at our blog article. 

Tax breaks or credits reduce the amount of tax you owe — or increase your tax refund — dollar for dollar. Certain credits may give you a refund even if you don't owe any tax.

Types of credits

• Family and Dependent Credits:
  • Child Tax Credit
  • Dependent Care Credit
  • Adoption Credit
• Income and Savings Credits:
  • Earned Income Tax Credit
  • Saver's Credit (Retirement Savings Contributions Credit)
  • Foreign Tax Credit
  • Excess Social Security and RRTA tax withheld
  • Credit for Tax on Undistributed Capital Gain
  • Credit for Prior Year Minimum Tax
• Homeowner Credits
• Electric Vehicle Credits
• Healthcare Credits:
  • Premium Tax Credit
• Education Credits:
  • American Opportunity Credit and Lifetime Learning Credit

You can learn more about deductions and credits in this article.

Understanding taxes can be quite a challenge. However, our goal at Keeper is to simplify this process for individuals who aren't tax experts. We've developed this resource specifically for this purpose — to offer you free access to our knowledgeable tax accountants.

Feel free to submit your tax-related queries here — selected questions may get published.

In this article, we’ll explore the various types of income tax forms and their specific purposes. Each form is designed to address different sources of income that might be relevant to you. When it's time to file your taxes with us, you can easily upload these forms in the 'Drop off tax forms' section under the File Taxes tab. If you'd rather, you also have the option to manually enter the details from your tax forms in that same section.

1099-NEC, Nonemployee Compensation

This reports nonemployee compensation, which is paid to independent contractors and vendors. Any payments of $600 or more made through ACT, EFT, direct deposit, cash, and checks of $600 will be reported here.

You can expect to receive this form if you worked as a freelancer or contractor and were paid more than $600 by a single company or individual. Examples of this include driving for DoorDash or Uber.

​​Breaking down the boxes:

• Box 1: The total amount a business or person paid you during the year.
• Box 4: Federal income tax withheld — Most of the time this box will be empty, as usually clients don't withhold taxes for contractors, freelancers, or self-employed people. You're responsible for setting aside money for taxes yourself.
• Box 5: State tax withheld
• Box 6: State/Payer's state no.
• Box 7: State income
• Boxes on the left side of the form: These boxes are where the payer's and your (the recipient's) names, addresses, and taxpayer ID numbers go.

1099-MISC, Miscellaneous Information

This reports miscellaneous income. Examples of when you'll receive a 1099-MISC are if you've received at least $600 in rent, prizes, or awards.

​​Breaking down the boxes:

• Box 1: Rents — Where income from rental properties is reported.
• Box 2: Royalties — Earned royalties go here.
• Box 3: Other income — Prizes, awards, or other types of income.
• Box 4: Federal income tax withheld — Federal taxes were already taken out are listed here.
• Box 5: Fishing boat proceeds — Income from fishing activities are reported here.
• Box 6: Medical and health care payments — Payments made to you for providing health care or medical services go here.
• Box 7: Payer made direct sales of $5,000 or more — For companies reporting sales of consumer products to a buyer for resale anywhere other than a permanent retail establishment.
• Box 8: Substitute payments in lieu of dividends or interest — Typically for brokerage firms who pay their clients in lieu of dividends or tax-exempt interest.
• Box 9: Crop insurance proceeds — Income received from crop insurance go here.
• Box 10: Gross proceeds paid to an attorney — Relates to legal settlements.
• Box 11: Fish purchased for resale.
• Box 12: Section 409A deferrals.
• Box 14: Excess golden parachute payments.
• Box 15: Nonqualified deferred compensation.
• Box 16: State tax withheld.
• Boxes 17-18: These boxes will show state tax-specific information.

1099-K, Payment Card and Third Party Network Transactions

This form reports payments made through credit cards and apps such as Venmo, PayPal, and Shopify. Companies like Uber and Lyft also issue 1099-K’s.

For 2023 and prior years, third-party payment platforms like PayPal are only required to send out Form 1099-K to taxpayers who receive over $20,000 and have over 200 transactions.

For tax year 2024, the IRS plans for a threshold of $5,000 to phase in reporting requirements.

Because of this, you should consider using separate accounts for business and personal to make it easier to track what transactions are for business and what are personal.

Breaking down the boxes:

• Box 1a: Gross payment volume for all payment transactions.
• Box 1b: Card-not-present transactions.
• Box 2: Merchant category code.
• Box 3: Number of payment transactions.
• Box 4: Federal income tax withheld.
• Boxes 5a-5l: Gross payments by month.
• Boxes 6-7: These boxes will show state tax-specific information.
• Box 8: State income tax withheld.
• PSE’s name and telephone number: Who you contact if you notice a mistake on your 1099-K.

W-2, Wage and Tax Statement

This reports employee payments, including noncash payments of $600 or more for the year, for services performed (even if the employee is related to the employer). It shows the amounts withheld for income, Social Security, and Medicare tax withheld.

Breaking down the boxes:

• Box a: Your Social Security number.
• Box b: Employer Identification Number (EIN) — Employer's unique tax ID number.
• Box c: Employer's name, address, and ZIP code.
• Box d: Control number — May be empty. If it's not, it's a code that your company uses to identify your W-2 in their records.
• Box e and f: Your name and address.
• Box 1: Wages, tips, other compensation — The total amount of wages, tips, and other compensation.
• Box 2: Federal income tax withheld — How much federal income tax was taken out of your paychecks.
• Box 3: Social Security wages — How much of your pay was subject to Social Security taxes (usually up to a certain limit).
• Box 4: Social Security tax withheld — How much you actually paid in Social Security taxes.
• Box 5: Medicare wages and tips — How much of your pay was subject to Medicare taxes. There's no wage limit for Medicare tax.
• Box 6: Medicare tax withheld — How much you actually paid in Medicare taxes.
• Box 7: Social Security tips — Reported tip income to your employer goes here.
• Box 8: Allocated tips — Tip income that your employer assigned to you (this is not common for most jobs).
• Box 10: Dependent care benefits — Benefits like childcare provided by your employer.
• Box 11: Nonqualified plans — Amounts distributed to you from your employer’s nonqualified deferred compensation plan or nongovernmental section 457 pension plan.
• Box 12: Deferred compensation and other compensation — Various form codes go here.
• Box 13: Checkboxes for statutory employee, retirement plan, and third-party sick pay.
• Box 14: Other — Catch-all box for other things your employer wants to report, like union dues or health insurance premiums.
• Box 15-20: State and local tax information — Covers how much you made and how much tax was withheld for your state and local taxes.

1099-INT, Interest Income

This reports more than $10 in interest from a financial institution, like a brokerage, mutual fund, or bank. 

Breaking down the boxes:

• Box 1: Taxable interest not included in box 3 is reported here. Might include interest from a bank account or a certificate of deposit.
• Box 2: Early withdrawal penalty. If you withdraw money from a time-based deposit before it matures, you might have to pay a penalty, which is deductible.
• Box 3: Interest on U.S. Savings Bonds and Treasury obligations, which might be exempt from state or local taxes.
• Box 4: Federal tax withheld at source, also known as backup withholding. If you didn't provide your Social Security number to the payer, or if you're subject to backup withholding, the payer may withhold taxes from your interest income at a flat rate.
• Box 5: Investment expenses (for instances where you own a share of a taxable bond trust and would receive a prorated share of the investment expenses of the trust).
• Box 6: Foreign tax paid.
• Box 7: Foreign country or U.S. territory where tax was paid.
• Box 8: Tax-exempt interest — This might include interest from a municipal bond.
• Box 9: Specified private activity bond interest — These bonds are used by municipalities to attract private investment for projects that have some public benefit.
• Box 10: Market discount on bonds.
• Box 11: Bond premium.
• Box 12: Bond premium on Treasury obligations.
• Box 13: Bond premium on tax-exempt bond.
• Box 14: Tax-exempt and tax credit bond CUSIP number.
• Box 15: State
• Box 16: State identification number.
• Box 17: State tax withheld.

1099-DIV, Dividends and Distributions

This reports dividends from investments if you've made more than $10. Heads up: Dividends on your account at a credit union don't count. (They’re technically reported as interest instead.)

Breaking down the boxes:

• Box 1a: Total ordinary dividends — Total of all the ordinary dividends received.
• Box 1b: Qualified dividends — Dividends that meet certain requirements to be taxed at a lower rate.
• Box 2a: Total capital gain distributions — Total amount of capital gains distributions, which come from profits on the sale of securities within the fund.
• Box 2b: Unrecaptured section 1250 gain — A type of gain that relates specifically to depreciable real estate.
• Box 2c: Section 1202 gain — Represents a capital gain from certain small business stocks.
• Box 2d: Collectibles (28%) gain — Gain from the sale of collectibles, which is taxed at a maximum rate of 28%.
• Box 3: Nondividend distributions — Distributions that are not paid out of the earnings and profits of a corporation or a mutual fund.
• Box 4: Federal income tax withheld — Backup withholding that was taken out of your dividend payments.
• Box 5: Section 199A dividends — Specific type of qualified dividend that originate from real estate investment trusts (REITs) or publicly traded partnerships (PTPs).
• Box 6: Investment expenses — Your share of expenses from an investment company, and they are usually deductible.
• Box 7: Foreign tax paid — Any tax paid to a foreign country on foreign investments.
• Box 8: Foreign country or U.S. possession — Where the foreign country or U.S. possession where the foreign tax was paid is identified.
• Boxes 9-10: Cash and noncash liquidation distributions — Amounts received during liquidations.
• Box 11: Checkbox for FATCA filing requirement.
• Boxes 12-13: Exempt-interest dividends and specified private activity bond interest dividends — Relate to certain types of exempt-interest dividends.
• Boxes 14-16: These boxes show state tax-specific information.

1099-B, Proceeds from Broker and Barter Exchange Transactions

This is issued by brokers or barter exchanges to people who have sold assets during a given tax year. When you sell something for more than it cost you to acquire it, the IRS calls the profit your “capital gain,” and you must pay tax on this amount. The 1099-B form is essentially a record of your sales or trades of certain assets, like stocks, bonds, or commodities. It doesn't directly state your capital gains. Instead, it provides the necessary information for you to calculate them.

It's also important to note that some brokerages provide composite forms that combine your various types of income into one document for simpler reporting. This can include your income from interest (1099-INT), dividends (1099-DIV), and sales or trades of assets (1099-B).

Breaking down the boxes:

• Box 1a: Description of property.
• Box 1b: Date you acquired the security.
• Box 1c: Date you sold or disposed of the security.
• Box 1d: Proceeds or the money you got when you sold the security.
• Box 1e: Cost or other basis, often what you paid for the security. Might be adjusted for various reasons.
• Box 1f: Accrued market discount — The amount of discount that has built up over time if you purchased the bond for less than its face value (the amount it will be worth at maturity).
• Box 1g: Wash sale loss disallowed — Shows the amount of nondeductible loss in a wash sale transaction.
• Box 2: Checkboxes for short-term gain or loss, long-term gain or loss, and ordinary.
• Box 3: Indicate whether the proceeds reported are from the sale of collectibles or a Qualified Opportunity Fund (QOF).
• Box 4: Federal income tax withheld — Money your broker already sent to the IRS.
• Boxes 5-7: Checked if certain situations apply.
• Boxes 8-10: Show the realized and unrealized profit or (loss) on open and closed contracts for certain dates.
• Box 11: Shows the aggregate profit or loss on regulated futures or foreign currency contracts (Boxes 8, 9, and 10 are all used to figure this amount).
• Box 12: Indicates whether the basis of the security has been reported to the IRS.
• Box 13: Bartering — Shows the cash you received, the fair market value (FMV) of any property or services you received, and the FMV of any trade credits or scrip credited to your account by a barter exchange
• Boxes 14-16: State tax withholding information.

W2-G, Certain Gambling Winnings

This reports gambling winnings and any federal income tax withheld from those winnings.

Breaking down the boxes:

• Box 1: Reportable winnings — The value of the prize you won.
• Box 2: This box shows the specific date on which the gambling or lottery winnings were won.
• Box 3: Type of wager — Indicates the type of gambling or lottery winnings associated with the amount reported
• Box 4: Federal income tax withheld — If taxes have been taken out.
• Box 6: Shows the race (or game) applicable to the winning ticket.
• Box 7: Indicates the amount of additional winnings from identical wagers.
• Box 8 or 10: Shows the cashier and/or window number making the winning payment.
• Box 9: Your TIN/SSN
• Boxes 11-12: Your identification numbers from two forms of ID.
• Boxes 13-18: State and local tax information.

1099-G, Certain Government Payments

This reports payments from the government, whether it comes from the local, state, or federal level. Expect one if you've received assistance from the government, like unemployment benefits.

Breaking down the boxes:

• Box 1: Unemployment compensation — Money received from the government because you were unemployed.
• Box 2: State or local income tax refunds, credits, or offsets — A refund of state or local income taxes last year will show up here.
• Box 3: Box 2 Amount is for tax year — Indicates the tax year the refund, credit, or offset applies to.
• Box 4: Federal income tax withheld — If any federal tax was already taken out of your payments.
• Box 5: RTAA payments — Reports payments under the Reemployment Trade Adjustment Assistance (RTAA) program.
• Box 6: Taxable grants — If you received a taxable grant from a government agency.
• Box 7: Agriculture payments — Payments from the Department of Agriculture.
• Box 8: Trade or business Income (Checkbox) — If checked, Box 6 or 7 amounts are considered to be trade or business income.
• Box 9: Market gain — Reports market gain associated with Commodity Credit Corporation (CCC) loans.
• Box 10: State tax withheld — State tax was taken out of payments.
• Box 11: State identification no. — Shows payer's state identification number.
• Box 12: State distribution — Report the amount of the state tax refund.

1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

This reports distributions from a retirement plan or profit-sharing plan, including an IRA, pension, or annuity. It's possible to get one of these even if you're not yet retired — for instance, if you took out a loan from your 401(k) and didn't repay it. This form shows how much you were paid during the year (and how much was withheld for taxes).

Breaking down the boxes:

• Box 1: Gross distribution — Total amount you were paid during the year.
• Box 2a: Taxable amount — How much of the distribution is subject to tax. If this box is blank, it's up to you to determine the taxable amount based on IRS rules.
• Box 2b: Indicates whether the distribution is Taxable Amount Not Determined and/or if it is a Total Distribution.
• Box 3: This box shows any capital gain portion of the distribution that is included in the total amount reported in Box 2a.
• Box 4: Federal income tax withheld — How much tax was already taken out of the distributions.
• Box 5: Employee contributions/Designated Roth contributions or Insurance premiums — This shows the employee’s investment in the contract (after-tax contributions).
• Box 6: Net unrealized appreciation in employer's securities — Shows the Net Unrealized Appreciation (NUA) that you need to consider when calculating the tax treatment of your distribution.
• Box 7: Distribution code(s) — Represents the type of distribution you received.
• Box 8: Other — This box is used for any distribution that doesn't fit into the other specific categories provided on the form.
• Box 9a: Your percentage of the total distribution.
• Box 9b: Used to compute the taxable part of the distribution — For a life annuity from a qualified plan or from a section 403(b) plan (with after-tax contributions), an amount may be shown for the employee’s total investment in the contract.
• Box 10: Amount allocable to IRR within 5 years.
• Box 11: First year of designated Roth contribution.
• Box 12: Checkbox for FATCA filing requirement.
• Box 13: Date of payment.
• Box 14: State tax withheld — This shows if any state tax was taken out.
• Boxes 15-19: State and local information are for informational purposes only.

SSA-1099, Social Security Benefit Statement

This form reports the total amount of benefits you received from Social Security in the previous year.

Breaking down the boxes:

• Box 1: Name — Beneficiary's name or entity designated to receive the benefits or proceeds from a financial arrangement or contract.
• Box 2: Beneficiary’s Social Security number
• Box 3: Benefits paid in 20XX — The total amount of Social Security benefits received in the previous year.
• Box 4: Benefits repaid to SSA in 20XX — If you had to pay back some benefits to the SSA.
• Box 5: Net benefits for 20XX — This is Box 3 minus Box 4. It's the net amount of benefits you received after any repayments.
• Box 6: Voluntary federal income tax withheld — If you chose to have federal income tax withheld from your Social Security benefit.
• Box 7: Address — Your mailing address.
• Box 8: Claim number — If you need to contact the SSA regarding issues with your Social Security benefits, you might need to provide this claim number.

You can request a copy of your SSA-1099 directly on the Social Security Administration website.

In this section, you'll find a list of additional tax forms you can upload, apart from your income tax forms, during the filing process.

Form 1095, Health Insurance Coverage

Form 1095 is actually composed of three different forms that report information regarding your health insurance information. You may receive a 1095-A, 1095-B, or 1095-C.

📝 When filing your taxes with us, you only need to report or upload the information from your Form 1095-A. There’s no need to include your 1095-B or 1095-C, as these forms are used for record-keeping purposes only.

• Form 1095-A: Issued to individuals who enrolled in a qualified health plan through the Marketplace. It provides information about the coverage, premium amounts, and any advance premium tax credits received. You can upload this form or enter the information manually in the 'Drop-off Forms' section under the File Taxes tab.
• Form 1095-B: Typically sent by health insurance providers, including insurance companies, government-sponsored programs, and self-insured employers. It reports information about the health insurance plan, including the months of coverage. Form 1095-B is used to verify that you and your dependents had the minimum coverage. You don’t need to report it on your return.
• Form 1095-C: This form is provided by an employer. It reports information about the health insurance coverage offered to employees, including the months of coverage and any applicable employer contributions. This form is intended for your records and does not need to be reported when you file your return.

Form 1098, Mortgage Interest Statement

If you have a mortgage on your home, your lender or mortgage servicer will provide you with this form. You can upload this form or enter the information manually in the 'Drop-off Forms' section under the File Taxes tab.

Form 1098 E, Student Loan Interest Statement

If you made payments on a qualified student loan, the lender or loan servicer will provide you with this form. The student loan interest you paid may be eligible for a deduction on your federal income tax return, subject to certain income limitations. You can upload this form or enter the information manually in the 'Drop-off Forms' section under the File Taxes tab.

Form 1098-T, Tuition Statement

Form 1098-T provides information on the amounts paid for tuition, scholarships or grants received, and other educational expenses. It’s used to determine if the taxpayer is eligible for education-related tax credits or deductions, such as the American Opportunity Credit or Lifetime Learning Credit. You can upload this form or enter the information manually in the 'Drop-off Forms' section under the File Taxes tab.

To learn more we have a blog about this — Tax breaks for college tuition.

Do you accept credit card payments for your work? What about payments through apps like PayPal or Venmo? If you answered yes, you might receive a Form 1099-K. 

This form is a tax document used to report income received through payment cards and third-party network transactions. This includes credit card payments, debit card payments, and any other form of payment made with a credit card. Third-party network transactions involve online payment platforms like PayPal and Venmo.

1099-K forms are essential for individuals and businesses at tax time, as they provide a detailed record of their income received through electronic payment methods, AND they are also used by the IRS to ensure accurate tax reporting so it's important to report any 1099-K forms you receive when you file.

For freelancers and independent contractors, you’ll refer to any 1099-Ks you receive when you file your taxes. If you’re using the Keeper app to file, you can simply upload the form and we’ll do the rest.

For 2023 and prior years, third-party payment platforms like PayPal are only required to send out Forms 1099-K to taxpayers who receive over $20,000 and have over 200 transactions.

For tax year 2024, the IRS plans for a threshold of $5,000 to phase in reporting requirements.

The form typically reports gross income, which includes the total amount of payments processed through payment card transactions or third-party network transactions. This includes not only the income you received but also any refunds, returns, or chargebacks. If you had a significant number of returns or chargebacks during the tax year, it might explain why the reported income is higher than what you received. The gross amount of income reported on the 1099-K form also does not reflect business deductions, and this is where Keeper can help save on your tax bill. 

When you earn income reported on a 1099-K, you may be eligible for certain deductions to reduce your taxable income. Here are some common deductions that self-employed individuals and independent contractors often take for income reported on 1099-K forms:

• Business Expenses: This includes costs for supplies, equipment, advertising, business-related travel, and more. 
• Home Office Deduction: If you use a portion of your home exclusively for business purposes, you may be eligible for a home office deduction. This can include a portion of your rent, mortgage interest, utilities, and maintenance costs.
• Vehicle Expenses: If you use your vehicle for business purposes, you can claim deductions for mileage or actual expenses related to the use of your vehicle.
• Health Insurance Premiums: Self-employed individuals may be eligible to deduct the cost of health insurance premiums paid for themselves, their spouses, and dependents.
• Retirement Contributions: Contributions to self-employed retirement plans, such as a Simplified Employee Pension (SEP) IRA or a Solo 401(k), are deductible.
• Self-Employment Tax Deduction: Self-employed individuals can deduct the employer portion of self-employment taxes, which includes Social Security and Medicare taxes.
• Education and Training Costs: Expenses related to courses, workshops, or training that are directly related to your business and help improve your skills may be deductible.
• Meals and Entertainment: You can typically deduct 50% of the cost of meals directly related to your business activities.
• Legal and Professional Fees: Fees paid to accountants, lawyers, and other professionals for business-related services are deductible.
• Depreciation: You can deduct the depreciation of business assets over time.
• Software and Technology Expenses: Costs for software, computer equipment, and other technology used in your business can be deductible.
• Advertising and Marketing Expenses: Money spent on advertising, marketing, and promotional activities can be deductible.

It's important to keep thorough records of all your expenses, and Keeper can help ensure that you claim all the deductions you're eligible for and comply with IRS rules and regulations.

When filing with Keeper, select all your deductions in the Keeper app under the Deductions tab and upload or enter your 1099-K form in the Freelance Income section of the tax filing menu, and Keeper will take care of the rest.

Additional Resources: 

• 1099-K Form Help 
• What if I didn’t receive my 1099-K? 
• Uber 1099-K
• Venmo 1099-K 
• PayPal 1099-K
• What is a 1099-K? 

This form is used to file your annual income tax return and includes several lines where certain types of income are reported, as well as adjustments (also known as above-the-line deductions) to your income.

• Filing Status: The form starts checking your filing status Single, Married filing jointly, Married filing separately, Head of Household, or Qualifying surviving spouse.
• Personal Information: Name, Social Security number, address.
• Digital Assets: Declared if you received, sold, or disposed of any digital assets in 20XX.
• Standard Deduction: Checked if anyone can claim you or your spouse as a dependent and if you are blind or were born before January 2, 1958.
• Dependents: Here, list your dependents, their social security numbers, their relationship to you, and whether they qualify for certain tax credits.
• Income: Reporting your income from various sources including wages, interest, dividends, IRA distributions, pensions, social security benefits, and other income.
• Adjustments to Income: Lists adjustments to your income (from Schedule 1), which might lower your tax liability.
• Standard Deduction or Itemized Deductions: Reports if you took the standard deduction or itemize your deductions.
• Qualified Business Income Deduction: If you have income from a business, you may be eligible for this deduction.
• Tax and Credits: This part is for computing your tax, claiming credits, and determining your total tax.
• Payments: This is where you report the amount of federal income tax that has been withheld, any estimated tax payments you made, and any refundable credits you're claiming.
• Refund or Amount You Owe: Based on your total tax and total payments, you either have an overpayment (which may be refunded to you or applied to next year's estimated tax) or you owe additional tax.
• Third Party Designee: If you want to allow another person to discuss this return with the IRS, you can designate them in this section.
• Signature: You and your spouse (if filing jointly) need to sign and date the form, declare your occupation, and provide contact information.
• Paid Preparer Use Only: If a paid preparer completed the form, they provide their information in this section.

Along with Form 1040, there may be additional schedules and forms with your tax return, depending on your individual financial circumstances.

In this article, we’ll take a closer look at the different Schedule tax forms you may encounter on your tax return. We’ll explain the purpose of each form and how it fits into the overall tax filing process.

There's no need for you to complete these forms yourself when filing with us. Our team of tax experts will handle all the necessary paperwork for you, using the information you've provided during the filing process.

Schedule 1, Additional Income and Adjustments to Income

This Schedule is an additional form that captures sources of income or deductions that aren't reported on your main 1040 tax form.

Additional Income: This part is where you report types of income not covered on the main Form 1040. Here are some common examples:

• Alimony: If you received alimony payments you report that here. Note that, for divorce or separation agreements made or changed after 2018, alimony isn't deductible by the payer or taxable for the recipient.
• Business income: If you're self-employed or run a small business, the profit from that is reported here. This usually comes from a Schedule C .
• Rental real estate, royalties, partnerships, S corporations, trusts, etc.: Income from any of these sources is reported here. You'll typically fill out a Schedule E for these.
• Unemployment compensation: If you received unemployment benefits, you report them here.

Adjustments to Income: These are also known as above-the-line deductions, which are deductions that you can take to reduce your overall taxable income. Some examples include:

• Educator expenses: If you're a teacher and you've spent your own money on classroom supplies, you might be able to deduct some of those expenses.
• Health Savings Account deduction: If you contribute to a Health Savings Account (HSA), you may be able to deduct these contributions.
• Self-employment tax: If you're self-employed, you can deduct half of the Social Security and Medicare taxes you paid here.
• Student loan interest deduction: You can deduct the interest you paid on student loans during the year, up to $2,500.

After completing the relevant sections of Schedule 1, the additional income is added to the income reported on Form 1040, and then adjustments to income are subtracted. The result is the adjusted gross income (AGI), which is reported on Form 1040.

Schedule 2, Additional Taxes

This schedule is used to report additional taxes owed that aren't covered on the main Form 1040.

• Alternative minimum tax (AMT): A separate tax calculation designed to ensure that higher-income earners still pay a minimum amount of tax, especially if they have many deductions or tax credits that would otherwise lower their tax bill significantly.
• Excess advance premium tax credit repayment: Applies if you receive health coverage through a Health Insurance Marketplace. If you received more Advance Premium Tax Credit than you qualify for based on your final yearly income, you might need to pay back the excess.
• Self-employment tax: Social Security and Medicare tax for people who work for themselves. Normally, these taxes are split between employers and employees, but if you're self-employed, you're responsible for both portions.
• Household employment taxes: If you paid a household employee (like a nanny or a housekeeper) more than a certain amount, you might owe this "Nanny tax."
• Additional tax on IRAs, other qualified retirement plans, etc.: If you took an early distribution from a retirement plan or IRA, or if you didn't take a required minimum distribution, you might owe additional tax.
• Net investment income tax: High-income taxpayers may be subject to an additional 3.8% tax on some or all of their net investment income.
• Additional Medicare Tax: An additional 0.9% tax that applies to individuals with an income above a certain threshold.
• Other taxes: Here, you can report taxes from Forms 8959, 8960, and other sources.

It is important to remember that not every section of Schedule 2 needs to be filled out—only those that apply to the individual's situation. After completing the relevant sections, all additional taxes should be totaled and included on the main Form 1040.

Schedule 3, Additional Credits and Payments

This Schedule is used to report certain tax credits and payments that aren't included in the main Form 1040.

Part I: Nonrefundable Credits: These credits can reduce the amount of tax you owe to zero, but won’t provide a refund if they're worth more than your total tax liability.. Common nonrefundable credits on Schedule 3 include:

• Foreign tax credit: If you paid taxes to a foreign country.
• Credit for child and dependent care expenses: If you paid someone to care for your child or another dependent while you worked or looked for work.
• Education credits: There are two education credits (the American Opportunity Credit and the Lifetime Learning Credit) which may be available if you, your spouse, or your dependents attended post-secondary school.
• Retirement savings contributions credit (saver's Credit): For lower-income taxpayers who contribute to a retirement plan.

Part II: Other payments and refundable credits: These credits are called “refundable” because if they reduce your tax liability below zero, you can receive the balance as a refund. They include:

• Health coverage tax credit: Helps eligible individuals and families pay for certain types of health insurance coverage.
• Excess Social Security and tier 1 RRTA tax withheld: If you had multiple employers and they collectively withheld too much Social Security tax or Railroad Retirement Tax Act (RRTA) tax, you can claim the excess here.
• Credits from Form 2439, 8885, or other forms: Credits reported on these forms would be entered here.

After completing the relevant sections of Schedule 3, the credits and payments will be totaled and the amount will be included on Form 1040.

Schedule A, Itemized Deductions

This form allows you to detail specific expenses you incurred throughout the year that you want to deduct from your taxable income. It's an alternative to taking the standard deduction, which is a flat dollar amount that all taxpayers can deduct, regardless of their expenses.

You would typically choose to itemize your deductions on Schedule A if the total amount of your itemized deductions is greater than the standard deduction for your filing status.

• Medical and dental expenses: Deductible out-of-pocket medical and dental expenses that exceed 7.5% of your adjusted gross income (AGI). These expenses might include fees paid to doctors, dentists, surgeons, psychologists, and nontraditional medical practitioners; inpatient hospital care or residential nursing home care; and premiums for health insurance, to name a few.
• State and local taxes: Deductible state, local income taxes, or sales taxes (but not both), plus property taxes. There's a limit to how much of these taxes you can deduct.
• Interest you paid: Deductible mortgage interest paid on a loan secured by your main home or a second home. You may also be able to deduct investment interest expenses.
• Gifts to charity: Donations to eligible charities. These can be cash but can also include property or even mileage driven for charitable service.
• Casualty and theft losses: Property losses due to a theft or a federally declared disaster can be deducted here.

Schedule B, Interest and Ordinary Dividends

This form is used to list the interest and dividend income a taxpayer received during the tax year.

• Interest: Lists the total interest income you received for the year. This might include interest from savings accounts, certificates of deposit (CDs), bonds, or any other type of investment. If you received more than $1,500 in total interest for the year, you're required to fill out this part of Schedule B. You need to list each payer (like a bank or corporation) separately, plus the amount they paid you.
• Ordinary Dividends: Payments you receive from owning stocks or mutual funds. Just like with interest, if you received more than $1,500 in dividends during the year, you're required to fill out this section of Schedule B. You need to list each payer and the amount they paid you.

After listing and summing up all interest and dividends, the totals are carried over to Form 1040.

Remember, it's important to report all of your interest and dividend income, even if it's less than $1,500. Also, keep in mind that some interest and dividends can be tax-exempt or taxed at special rates.

Schedule C, Profit or Loss From Business 

This form is used by self-employed individuals (i.e., freelancers, gig workers, or individuals who own their own businesses) to report income or loss from their business operations.

• Part I - Income: All the money your business made during the tax year. This includes both cash and non-cash income.
• Part II - Expenses: Lists the costs of doing business. These are all subtracted from your income.
• Part III - Cost of goods sold: Calculate the cost of all goods sold during the year, which is also subtracted from your income. This involves listing your inventory at the beginning of the year, new purchases, and your inventory at the end of the year.
• Part IV - Information on your vehicle: If you're claiming vehicle expenses, you'll need to provide information about your vehicle and its business use here.
• Part V - Other expenses: Any business expenses that didn't fit into the categories in Part II.

Once all the relevant sections of Schedule C are completed, the net profit or loss (calculated by subtracting expenses and the cost of goods sold from income) is reported on Form 1040.

When filing with us, the deductions you’ve been tracking in the app will be automatically incorporated into this form along with your self-employed income.

Schedule D, Capital Gains and Losses

This schedule is used to report gains and losses from the sale or exchange of capital assets. Capital assets include things like stocks, bonds, and real estate.

If you sell a capital asset and make money because the selling price is higher than what you paid for it, you have a capital gain. If you sell a capital asset and lose money (the selling price is lower than what you paid for it), you have a capital loss.

• Part I - Short-term capital gains and losses: Lists capital assets that you held for one year or less. This might include stocks or bonds you bought and sold within a single year. Short-term capital gains are taxed as ordinary income, so the rate can be quite high depending on your income.
• Part II - Long-term capital gains and losses: Lists capital assets that you held for more than one year before selling. Long-term capital gains are usually taxed at a lower rate than short-term gains.
• Part III - Summary: Combines your short-term and long-term gains and losses to calculate your net gain or loss. If you have a net capital loss, you can use it to offset other income you earned during the year, up to a certain limit.

Once Schedule D is completed, the net result is transferred to Form 1040. This result can either increase the taxable income (if there was a net gain) or decrease it (if there was a net loss).

Schedule E, Supplemental Income and Loss

This schedule is used for reporting income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in Real Estate Mortgage Investment Conduits (REMICs). These are forms of “‘passive income,”’ meaning income from business activities in which you don’t materially participate.

📝 If you have any income that needs to be reported on Schedule E, we can include it for you through our Premium subscription.

• Part I - Income or loss from rental real estate and royalties: If you rent out property like a house, a condo, or an apartment, or if you receive royalties, you report that income here. You also get to deduct associated expenses, such as mortgage interest, property tax, operating expenses, depreciation, and repairs.
• Part II - Income or loss from partnerships and S corporations: If you're a partner in a business partnership or a shareholder in an S corporation, you'll receive a Schedule K-1 that shows your share of the business's income or loss. Report that in this section.
• Part III - Income or loss from estates and trusts: Beneficiaries of an estate or trust might receive a Schedule K-1 that reports their share of the income or loss. Report that here.
• Part IV - Income or loss from real estate mortgage investment conduits (REMICs): "Residual interest holder" in a REMIC report income or loss from that interest here.
• Part V - Summary: Summarizes the income or losses reported in the earlier sections. This summarized amount is then reported on your Form 1040.
• Page 2: Used when you have income or loss from multiple rental properties, partnerships, S corporations, estates, trusts, or REMICs. Each property or entity is reported in a separate column.

Schedule F, Profit or Loss From Farming

This form is used to report the income and expenses from farming business.

📝 If you have farming income, we can support filing this through our Premium subscription.

• Part I - Farm income – cash method: If you use the cash method of accounting (reporting income in the year you receive it and deducting expenses in the year you pay them), you report your farming income here. This could include money from selling livestock, produce, grains, and other products, or payments from agricultural programs.
• Part II - Farm expenses: Deducts the costs of running your farm, such as feed, fertilizer, labor, veterinary expenses, and depreciation on farm equipment. These are subtracted from your income.
• Part III - Farm income – accrual method: If you use the accrual method of accounting (reporting income in the year you earn it and deducting expenses in the year you incur them, even if you don't pay them that year), you report your farming income. This section includes adjustments for changes in inventory of livestock and produce.
• Part IV - Principal agricultural activity codes: The code that best describes your farming business. There's a list of these codes in the Schedule F instructions.

After completing all the relevant sections of Schedule F, the net profit or loss (income minus expenses) is calculated and reported on Form 1040.

Schedule R, Credit for the Elderly or the Disabled

This form is designed for individuals who are either 65 or older, or those under 65 who are permanently and totally disabled. The purpose of this credit is to decrease the tax burden for these groups.

📝 We support filing Schedule R, Credit for the Elderly or the Disabled under the Premium subscription.

You qualify as disabled if you were under 65 at the end of the tax year and all three of the following statements are true:

1. You were permanently and totally disabled on the date you retired.
2. You receive taxable disability income for the tax year.
3. On January 1 of the tax year, you had not reached mandatory retirement age (the age at which your employer's retirement program would have required you to retire).

It's worth noting that permanently and totally disabled means that you can't engage in any substantial gainful activity because of a physical or mental condition, and a physician certifies that this condition has lasted or can be expected to last continuously for 12 months or more, or that the condition can be expected to lead to death.

• Part I: This is where we determine if you're eligible for the credit. There are certain age and disability requirements, and you also have to fall under certain income limits. If you're married and filing jointly, both you and your spouse's age/disability status can affect eligibility.
• Part II: A statement of permanent and total disability. It asks for confirmation that due to your continued disabled condition, you were unable to engage in any substantial gainful activity in the tax year.
• Part III: If you're eligible, this is where you'll see calculations of the initial amount of your credit. The amount is based on your filing status and income. Adjustments to the initial amount will be based on nontaxable social security, pensions, annuities, or disability income. The more nontaxable income you have, the smaller your credit might be and your credit can't be more than your tax liability.

This credit is reported on your Form 1040 and could potentially reduce your tax bill, giving you a larger refund or reducing the amount you owe.

Schedule SE, Self-Employment Tax

This form is use to calculate and report the tax owed on net earnings from self-employment. Self-employment tax covers Social Security and Medicare taxes that are typically withheld from an employee's paycheck.

• Part I — Self-Employment Tax: Here, we'll calculate your self-employment tax and deductible part of self-employment tax.
• Part II — Optional Methods To Figure Net Earnings: This part provides two optional methods to calculate your net earnings, one for farm income and another for nonfarm income. These methods may be used under specific circumstances, such as if your income was not more than a certain amount or your profits were less than a specified amount.

Credit tax forms on your tax return include those that report various tax credits you may be eligible for, which can help lower your overall tax liability. These forms ensure you maximize any credits you're entitled to, potentially reducing what you owe.

There's no need for you to complete these forms yourself—our team of tax experts will handle the preparation based on the credit and deduction information you provide during the filing process.

Below are some of the most common tax credits you might encounter on your tax return.

Form 8812, Credits for Qualifying Children and Other Dependents

Your eligibility for the Child Tax Credit is determined by the information you report in the “Household Details” section of the filing process.

The Credits for Qualifying Children and Other Dependents include:

• Child Tax Credit (CTC): This credit directly reduces the amount of taxes owed, with the potential for a partial refund if the credit exceeds the taxpayer's liability.
• Additional Child Tax Credit (ACTC): This is a refundable extension of the Child Tax Credit. If the CTC amount exceeds a taxpayer’s tax liability, the ACTC allows them to receive a refund for the remaining credit amount.
• Credit for Other Dependents: This non-refundable credit is available for dependents who don’t qualify for the Child Tax Credit, such as older children or other qualifying relatives.
• Earned Income Tax Credit (EITC): This is a refundable credit designed to assist low- to moderate-income workers and families. It is based on earned income and family size, providing a substantial financial benefit to those who meet the eligibility requirements.

These credits can help lower your tax liability or potentially provide a refund, depending on your eligibility. To determine if you qualify and to calculate these credits, ensure that you’ve included all relevant information, such as your income and dependents, when filing with us. We will automatically apply any credits you're eligible for based on the details you provide.

CTC, Child Tax Credit

The Child Tax Credit is a program designed to offer financial help to families with children. It provides a tax break to eligible parents or guardians which reduces their tax bill or increases their refund.

Here's what you need to know about the credit:

• The Child Tax Credit can either reduce the amount of income tax you owe or provide a refund if you don't owe any taxes.
• The amount varies, depending on factors like your income, filing status, and the number of children you have. See the current IRS guidelines here.
• To be eligible, you must have at least one child who's under the age of 17 by the end of the tax year and who has a valid Social Security number — meaning they're a US citizen or permanent resident.

EITC, Earned Income Tax Credit

This tax benefit is provided by the US government to support low and moderate-income working individuals and families. The EITC is designed to reduce the amount of taxes owed and, in some cases, provide a refund to eligible taxpayers Here’s a helpful blog to learn more. 

Things to remember:

1. The EITC is a refundable credit, which means that if the credit exceeds the amount of taxes owed, you may receive a refund. Generally, the credit increases as the number of qualifying children increases, up to a certain limit.
   
   
2. To qualify for the EITC, you must meet certain requirements, including:
   
   a. Having earned income from working for someone else or running your own business.
   
   b. Meeting specific income limits. The income limits vary based on your filing status, and the number of qualifying children you have.
   
   c. Filing a tax return, even if you’re not otherwise required to do so.
   
   
3. The amount of the credit gradually decreases as your income goes up, depending on your filing status and the number of qualifying children you have. A qualifying child must meet certain criteria, including age, relationship, residency, and dependency requirements. It's important to check the current income limits and phase-out ranges to determine your eligibility for the credit.
   
   
4. Much like the Child Tax Credit, we'll take the information you include on your return to determine your eligibility for this credit. If you qualify, we'll automatically include it on your return when you file.

Form 2441, Child and Dependent Care Expenses

This form reports care expenses for children and disabled dependents. These expenses may be eligible for a tax credit that reduces your federal income tax liability. 

Not all child and dependent care expenses qualify for the credit. Those that do must be expenses that are necessary for the care provider to work or look for work. Additionally, if the care provider is married, generally both spouses must have earned income, unless one spouse was either a full-time student or was physically or mentally incapable of caring for themselves.

• Part I - Information on Care Provider: Information about the care provider, including the provider's name, address, and identification number (either a Social Security number or an Employer Identification Number).

• Part II - Credit for Child and Dependent Care Expenses: Credit calculations credit for child and dependent care expenses. The names and social security numbers of your qualifying persons.

• Part III - Dependent Care Benefits: If you received any dependent care benefits, like those from a Dependent Care Flexible Spending Account (FSA) offered by your employer. These are subtracted from the amount of eligible expenses for the child and dependent care credit.

To claim the credit when filing with us, select the “+ Credits and deductions” option on the review or summary page at the end of the filing process, and then choose "Childcare."

Form 8863, Education Credits

​​This tax form allows eligible taxpayers to reduce their tax liability by claiming credits for qualified education expenses they paid during the tax year.

Form 8863 is used to claim one of the two main education credits: the American Opportunity Credit and the Lifetime Learning Credit.

American Opportunity Credit: Available for eligible students pursuing a degree or other recognized educational credential. It provides a credit of up to $2,500 per student per year for the first four years of post-secondary education.

Lifetime Learning Credit: Available for both undergraduate and graduate students, as well as those taking courses to acquire or improve job skills. It provides a credit of up to $2,000 per tax return, regardless of the number of students.

To claim either credit, you must meet certain eligibility requirements. These include:

• Being enrolled at an eligible educational institution.
• Being in a degree, certificate, or other recognized educational credential program (for the American Opportunity Credit).
• Having paid qualified education expenses, such as tuition, fees, and required course materials.
• Meeting income limits and other criteria specified by the IRS

You don't have to worry about filling out this form when you file with us. Simply upload your Form 1098-T, Tuition Statement, during the filing process so we can determine which credits you are eligible for.

Form 8880, Credit for Qualified Retirement Savings Contributions

This tax form is used to claim the Credit for Qualified Retirement Savings Contributions. It's designed to encourage those with lower incomes to save for retirement. Eligible plans include:

• Traditional IRAs
• 401(k)s
• 403(b)s
• Thrift Savings Plan (TSP)

To be eligible for the credit, you must meet certain requirements, including:

1. Being at least 18 years old.
2. Not being a full-time student.
3. Having adjusted gross income (AGI) below a certain limit, which is determined each year by the IRS. The specific income thresholds may vary depending on your filing status.

The credit amount is a percentage of the contributions you made to your eligible retirement savings plans during the tax year, up to a certain limit. The percentage ranges from 10% to 50%, depending on your income level and filing status. The maximum eligible contribution for the credit is $2,000 per taxpayer.

To claim the credit, report your IRA information by selecting the “+Credits and deductions” box on the review or summary page at the end of the filing process, and then choose "IRA." We will assist you in determining your eligibility for the credit.

Form 8835, Renewable Electricity Credit

This credit is available to individuals or businesses that generate electricity from qualified renewable resources, such as wind, biomass, geothermal, landfill gas, hydropower, and solar energy.

Here are some tidbits to remember:

1. This credit encourages homeowners and business owners to invest in clean energy sources.
   
   
2. To claim the credit, you must meet certain requirements, including:
   
   a. Owning a qualified renewable energy facility that generates electricity. This could include wind farms, solar farms, geothermal power plants, and hydropower plants, among others.
   
   b. Beginning construction or placing the facility into service before a specific deadline. The IRS sets deadlines for each renewable resource type, and it's important to adhere to them.
   
   c. Meeting specific production requirements. The amount of credit you can claim may be based on the electricity produced by the facility.
   
   
3. The credit amount varies depending on the type of renewable resource used and the date the facility was placed in service. The credit is calculated based on the kilowatt-hours of electricity produced from qualified sources.

To claim the credit when filing with us, make sure to select the “+ Credits and deductions” box on the review or summary page at the end of the filing process, and then choose "Renewable energy."

Form 8962, Premium Tax Credit (PTC)

The PTC is a tax credit provided to eligible individuals and families who obtained health insurance coverage through the Health Insurance Marketplace.

Here are some important points about Form 8962 and the Premium Tax Credit:

1. The Premium Tax Credit is calculated based on your income, household size, and the cost of premiums for a benchmark health insurance plan in your area. The credit will limit the amount you pay for premiums to a certain percentage of your income.
   
   
2. When you file your return with us, you’ll need information from Form 1095-A, which is sent to you by the Marketplace. Form 1095-A provides details about your health insurance coverage, including the premiums you paid and any advance premium tax credits you received.
   
   Health insurance premiums are the amounts you pay, often monthly, for your health insurance coverage. An advance premium tax credit (APTC), on the other hand, is a type of subsidy provided by the federal government to help eligible individuals or families with low to moderate income afford health insurance premiums. This tax credit is applied in advance, directly to your monthly premiums, which lowers the amount you have to pay out-of-pocket for your health insurance. This will allow us to properly report your credit when you file.

This credit is used to reconcile the credits you received throughout the year with the actual credit you’re eligible for at tax time. If the advance payments were too high or your income was higher than estimated, you may need to repay a portion of the credit. On the other hand, if your income was lower than expected, you may be eligible for a larger credit.

Be sure to upload your Form 1095-A, Health Insurance Marketplace Statement, during the filing process so we can determine your eligibility for the PTC.

Form 1116, Foreign Tax Credit

This form is included if you’ve paid certain types of foreign taxes and want to claim a credit against your US income tax.

This credit helps you avoid double taxation, which would occur if your foreign income is taxed by both the US and the foreign country where you earned the income.

• Part I – Taxable Income or Loss From Sources Outside the United States: Your foreign income and deductions.
• Part II – Foreign Taxes Paid or Accrued: The taxes you paid to a foreign government on the income listed in Part I.
• Part III – Figuring the Credit: Calculates the maximum limit on your foreign tax credit amount for each specific category of income.
• Part IV - Summary of Credits From Separate Parts III: Calculates your total foreign tax credit if you have more than one category of income.

📝 We can help you claim this credit through our Premium subscription.

In this section, we’ll explore the various tax forms that cover a wide range of circumstances but don’t fit neatly into the categories of tax forms discussed in earlier articles.

Form 4562, Depreciation and Amortization

This form is used by individuals, businesses, and corporations to report depreciation and amortization deductions.

Depreciation and amortization are tax deduction methods used to account for the cost of long-term business assets. Depreciation is for tangible assets like buildings, machinery, equipment, furniture, and vehicles, while amortization is for intangible assets such as patents, copyrights, and business start-up costs.

• Part I - Election to Expense Certain Property Under Section 179: Section 179 of the Internal Revenue Code allows businesses to deduct the full purchase price of qualifying equipment and software purchased during the tax year.
• Part II - Special Depreciation Allowance and Other Depreciation: Claim special depreciation allowance for qualified property, as well as depreciation on any property placed in service during the current year.
• Part III - MACRS Depreciation: MACRS (Modified Accelerated Cost Recovery System) is the primary method of depreciation used for federal income tax purposes. List property that you started depreciating in earlier years, or that doesn’t qualify for the special depreciation allowance.
• Part IV - Summary: Reports the totals from the previous parts and carries these totals to other relevant forms, such as Schedule C or Form 1040.
• Part V - Listed Property: "Listed property"  includes certain types of vehicles and equipment used for both business and personal purposes. There are special rules and limits for depreciating these items.

Form 8829, Expenses for Business Use of Home

This form is used if you are self-employed and use part of your home for your business. It calculates the expenses related to the business use of your home and potentially deducts these costs from your business income.

• Part I — Part of Your Home Used for Business: This section calculates the percentage of your home used for your business. This is typically done by comparing the square footage of the area used exclusively for business to the total square footage of your home.
• Part II — I Figure Your Allowable Deduction: This includes both direct expenses (expenses that apply only to the business part of your home, like painting the office area) and indirect expenses (expenses for the entire home, which need to be allocated based on the percentage calculated in Part I). Here you list any direct expenses — these are costs that relate only to the part of your home you use for your business, like painting or repairs in that area.
• Part III — Depreciation of Your Home: Calculate the amount of depreciation you can claim for the business use of your home, which effectively represents the wear and tear on your home from using it for business. It's based on the cost or other basis of your home, the recovery period set by law, and the percentage of your home used for business.
• Part IV — Carryover of Unallowed Expenses to 20XX: This section is for expenses not allowed this year, but which may be carried over into the next tax year. This is because the deduction for your home office is limited to the net income from your business. If your deduction is limited, you can carry over the unused portion to the next tax year.

Form 8889, Health Savings Accounts

An HSA is a type of savings account that allows you to contribute pre-tax dollars to pay for eligible medical expenses. This form is used to report contributions, distributions, and any earnings from your HSA.

• Part I - HSA Contributions and Deduction: Contributions you've made to your HSA, calculations of your maximum allowable deduction, any employer contributions, and qualified HSA funding distributions are reported here. And calculations to your HSA deduction.

• Part II - HSA Distributions: Distributions, or the money you took out of the HSA during the year, and where we'll specify whether the distribution was used for eligible medical expenses. If they weren't used for such expenses, they might be taxable.

• Part III - Income and Additional Tax for Failure To Maintain HDHP Coverage: This applies if you failed to maintain eligibility (having a high deductible health plan coverage) for the HSA. In this case, you may owe income tax and a 10% additional tax on the amount that was used to determine a Part I deduction.

Form 8949, Sales and Other Dispositions of Capital Assets

This form is used to report details of your capital asset transactions. A capital asset can be almost anything you own for personal or investment use, such as stocks, bonds, jewelry, coin collections, and real estate.

• Part I - Short-Term Transactions: Capital assets you held for 1 year or less. So, if you bought and sold a stock within a single year, it would go here.

• Part II - Long-Term Transactions: Capital assets you held for more than 1 year. If you sold your house after living in it for several years, it would go here.

The information then carries over to Schedule D of your Form 1040, impacting your total tax liability.

Auto Expense Worksheet, Vehicle Business Expense Tracking

This form is for your records only. It shows the business-related expenses, mileage, and property tax calculations associated with your business-use vehicle. We’ll provide this information along with your tax return if you use your car for business purposes.

• Profession/Business: Description of the business.
• Description: Vehicle type.

• Date: Date placed in service.

• Total miles your vehicle was used: Total business miles, commuting miles, other miles driven, and total miles driven during the year.

• Business use percentage: Business percentage for the year can be calculated by dividing the business miles driven by the total miles driven and then multiplying by 100 to get a percentage.

• Expenses: Car expenses are listed by category with the total and the business use percentage.

• Expense Total Amount: Business percentage total amount.

• Standard mileage rate calculations: Business miles driven, parking fees, tolls, interest, personal property tax, and the total standard mile rate deduction.

• How it is reported: Depreciation deduction, auto expense, personal property taxes, and Schedule A, Line 5c.

This is helpful for small business owners, independent contractors, and employees who use a personal vehicle for business purposes to see the totals for your tax-deductible vehicle expenses.

Form 8995, Qualified Business Income (QBI)

Form 8995 is a tax form used to calculate and claim the Qualified Business Income (QBI) deduction. This deduction is available to eligible taxpayers who have qualified business income from pass-through entities or certain sole proprietorships.

Here are some key points about Form 8995:

• Purpose of the deduction: The Qualified Business Income (QBI) deduction is a tax benefit introduced as part of the Tax Cuts and Jobs Act (TCJA) of 2017. It allows eligible taxpayers to deduct a portion of their qualified business income from sole proprietorships, partnerships, and S corporations.
• Eligibility: To be eligible for the QBI deduction, you must have qualified business income. However, certain types of businesses, such as specified service trades or businesses (SSTBs), may have limitations on how much they can deduct.
• Simplified computation: Form 8995 is a simplified version of the QBI deduction calculation. It is used for taxpayers with income below certain thresholds and whose businesses don’t fall into the category of specified service trades or businesses.
• Reporting: When you file your return with us, you don't have to worry about this form. We'll take the income and information you report on your return to determine if you qualify for the deduction. If you do, we'll automatically add it to your return.

Form 8606, Nondeductible IRAs

This form is used to track nondeductible contributions you made to your Individual Retirement Account (IRA).

Here's a bit of context first — IRAs are accounts where you can save money for retirement with tax advantages. There are two main types: traditional and Roth.

• Traditional IRA — You often can deduct your contributions (meaning they lower your taxable income now), and you pay taxes later when you take money out in retirement. 
• Roth IRA — Works the opposite way, you don't get a tax break when you put money in, but when you take money out during retirement, it's tax-free.

Now, what happens if you make a contribution to your traditional IRA but, based on your income and whether you have a retirement plan at work, you're not allowed to deduct it on your taxes? If you (or your spouse, if filing jointly) are covered by a retirement plan at work and your income exceeds certain levels set by the IRS, your contribution to a traditional IRA may not be fully deductible. That's where Form 8606 comes in. It helps you keep track of these nondeductible contributions.

Why is this important? Well, since you've already paid taxes on these nondeductible contributions, you shouldn't have to pay taxes on them again when you retire and start withdrawing money from your IRA. Form 8606 helps ensure you don't.

• Part I: This is where nondeductible contributions to your traditional IRA for the current tax year are reported and the total basis (i.e., the amount you've already paid taxes on) in your traditional IRAs. 

• Part II: Reports any conversions you made that year from traditional, SEP, or SIMPLE IRAs to Roth IRAS.

• Part III: Distributions From Roth IRAs

📝 If you have made contributions to a ROTH or SEP IRA and would like us to prepare your tax return, a Premium subscription is required to cover these specific types of contributions in your tax filing.

Form 8283, Noncash Charitable Contributions

This form is necessary if you've donated something other than cash (like a car, a piece of furniture, or a stock) to a charity and the value is more than $500. The IRS uses this form to verify the details of your noncash donation and the deduction you're claiming on your taxes.

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Section A — Donated Property of $5,000 or Less and Publicly Traded Securities: Claimed items (or groups of similar items) with a total deduction of $5,000 or less.

Section B — Donated Property Over $5,000 (Except Publicly Traded Securities, Vehicles, Intellectual Property or Inventory Reportable in Section A: Claimed items with a total deduction of more than $5,000. This section requires additional information and may also require a qualified appraisal and signature of an authorized official of the receiving charity.

• Part I: Information on Donated Property

• Part II: Partial Interests and Restricted Use Property (Other Than Qualified Conservation Contributions) — This is specifically used to report noncash charitable contributions where the donor only gave a partial interest in the property or where the property's use is restricted in some way, aside from qualified conservation contributions.

• Part III: Taxpayer (Donor) Statement

• Part IV: Declaration of Appraiser 
• Declaration of Appraiser

Form 4137, Social Security Tax on Tips

This form is used if you’re an employee who received cash tips that total $20 or more in a month and didn’t report them to your employers.

Tip income is subject to Social Security and Medicare taxes. You’re supposed to report your monthly tip income to your employers. However, if for some reason you didn’t report it to your employers, you’d be responsible for reporting this income to the IRS using this form.

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• Line 1: Lists your employers (if more than one) and the total amount of tips received from each, as well as how much of those tips you reported to each employer. You'll need to know each employer's identification number.

• Line 2: Sum of all the tips you received in 20XX.

• Line 3: Sum of all the tips you reported to your employers in 20XX.

• Line 4: Calculations of the amount in Line 3 from the amount in Line 2. This is the amount of unreported tips that you must report as income on your tax return.

• Line 5: List any tips that you didn't report to your employer because they were less than $20 in a single calendar month.

• Line 6: Calculations of the amount in Line 5 from the amount in Line 4 to calculate the amount of unreported tips that are subject to Medicare tax.

• Line 7: Shows the maximum amount of wages (including tips) that are subject to social security tax.

• Line 8: Total amount of your wages and tips that were already subject to social security tax (this information is found on your W-2 form).

• Line 9: Calculations of the amount in Line 8 from the amount in Line 7.

• Line 10: The smaller amount between Line 6 and Line 9. This is the amount of unreported tips that are subject to social security tax.

• Line 11: Calculation of the amount in Line 10 by the social security tax rate to calculate the additional social security tax you owe.

• Line 12: Calculation of the amount in Line 6 by the Medicare tax rate to calculate the additional Medicare tax you owe.

• Line 13: Total of the amounts in Line 11 and Line 12. This is the total additional tax that you owe and should be included in your tax return.

The total tax calculated on Form 4137 is then reported on your Form 1040 (or whichever form you use to file your income tax return). This will increase your total tax liability for the year.

Form 2555, Foreign Earned Income

This form is used to claim the Foreign Earned Income Exclusion, which can exclude a certain amount of foreign income from being taxed in the US.

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• Part I - General Information: About yourself and your foreign tax home, including the details of your physical presence in or bona fide residence in a foreign country

• Part II - Taxpayers Qualifying Under Bona Fide Residence Test: This part is where we determine whether you qualify for the foreign earned income exclusion under the bona fide residence test, which requires you to be a bona fide resident of a foreign country for an uninterrupted period that includes an entire tax year.

• Part III - Taxpayers Qualifying Under Physical Presence Test: This part is for determining qualification under the physical presence test, which requires you to be physically present in a foreign country or countries for at least 330 full days during a 12-month period.

• Part IV - All Taxpayers: This part lists all your foreign-earned income, including wages, salaries, bonuses, noncash income, allowances, and reimbursements.

• Part V - Foreign Housing Exclusion or Deduction: Calculate the amount of your housing exclusion or deduction if you qualify.

• Part VI - Claiming the Foreign Earned Income Exclusion: Calculates and claims the foreign earned income exclusion. 

• Part VII - Taxpayers Claiming the Foreign Earned Income Exclusion: Calculates the total exclusions claimed and the portion of deductions that can be allocated to the excluded income. 

• Taxpayers Claiming the Housing Deduction: Completed if you are eligible to claim the housing deduction.

Form 2555 involves tests for qualifying, income and housing details, and calculations for the exclusion. The calculated amounts are reported on your Form 1040.

Form 8959, Additional Medicare Tax

This form is used to calculate and report the Additional Medicare Tax owed by certain individuals. This is an extra tax imposed on earned income above a certain threshold to help fund Medicare.

Here are some key points about Form 8959:

• Purpose of the tax: The Additional Medicare Tax was introduced as part of the Affordable Care Act (ACA) and is aimed at higher-income individuals.
• Income thresholds: For most individuals, the Additional Medicare Tax applies if your wages, self-employment income, or railroad retirement (Tier 1) compensation exceed $200,000 for single filers or $250,000 for married couples filing jointly. Different thresholds may apply if you are married and filing separately.
• Tax calculation: The tax rate for the Additional Medicare Tax is 0.9% of the earned income above the threshold. Form 8959 is used to calculate your Additional Medicare Tax liability based on your total wages, self-employment income, and other compensation subject to Medicare tax.
• Reporting requirements: Form 8959 is used to report the Additional Medicare Tax on your individual income tax return (Form 1040). If you’re an employee, the Additional Medicare Tax may have been withheld from your wages by your employer. You would report the withheld amount on Form 8959 and reconcile it with the total tax liability on your tax return.
• Employer responsibility: Employers are responsible for withholding the Additional Medicare Tax from wages and compensation that exceed the applicable threshold. However, your employer's withholding may not fully cover your tax liability, especially if you have multiple jobs or other sources of income. In such cases, you may need to make additional estimated tax payments or adjust your withholding.

Form 8867, Paid Preparer's Due Diligence Checklist

This is a document used by our tax team when they're filing your return. Basically, this form serves as a checklist to ensure that our tax experts has done their "due diligence" — in determining whether you are eligible to claim:

1. Earned Income Tax Credit (EITC)
2. American Opportunity Tax Credit (AOTC)
3. Child Tax Credit (CTC), Additional Child Tax Credit (ACTC), and Credit for Other Dependents (ODC)
4. Head of Household (HOH) filing status

The form is divided into different sections, each dealing with a specific credit or filing status:

• Part I — Due Diligence Requirements
• Part II — Due Diligence Questions for Returns Claiming EIC
• Part III — Due Diligence Questions for Returns Claiming CTC/ACTC/ODC
• Part IV — Due Diligence Questions for Returns Claiming AOTC
• Part V — Due Diligence Questions for Claiming HOH
• Part VI — Eligibility Certification

Form 1040-ES, Estimated Tax for Individuals

This form is used to calculate and pay your estimated tax, which is also commonly referred to as quarterly tax. You pay this on income that is not subject to withholding, including income from self-employment, interest, dividends, rents, and alimony.

Breaking down the boxes:

1. Estimated Tax Worksheet: Estimation of the amount of income you expect to receive for the year. You'll also take into account deductions, credits, and taxes you've already paid.

• Line 1: Expected adjusted gross income (that's total income minus certain adjustments) for the year.
• Line 2: Expected deductions, like the standard deduction or itemized deductions.
• Line 3-5: Simple subtraction and addition operations to adjust income.
• Line 6-8: Involves figuring out your tax using the tax rate schedules.
• Line 9-14: Credits, self-employment tax, and other taxes.
• Line 15-16a: Helps figure out if you owe any estimated tax, and how much.

2. Record of Estimated Tax Payments: The amounts you pay each quarter, and the dates you pay them. This can help you track your payments and make sure you're paying enough throughout the year.

3. Payment Vouchers (1-4): These are slips that you'll detach and send in with your payment if you're paying by check or money order. Each voucher corresponds to one of the four due dates for estimated tax payments. You'll fill in your name, address, Social Security number, and the amount you're paying.

Remember, the key to Form 1040-ES is estimation. The numbers you're working with are your best guess for what the year will look like, financially. This is why it's crucial to review and potentially adjust your estimated tax payments throughout the year as your income or deductions change.

Form 4868, Federal Tax Extension

This is the form you use to request an extension for filing your taxes. It gives you an additional six months to submit your tax return to the IRS. Form 4868 is not included with your tax return. It's a separate form that you file to get an extension.

Here are some important points about Form 4868:

• Extended filing deadline: The regular due date for individual tax returns is typically April 15th (or the next business day if April 15th falls on a weekend or holiday). By submitting Form 4868, you can extend the filing deadline to October 15th.
• Filing requirements: To request an extension using Form 4868, you need to provide your personal information, including your name, address, Social Security number (or taxpayer identification number), and an estimate of your total tax liability for the tax year.
• Automatic extension: The extension granted is automatic, meaning that as long as you submit the form by the original due date of your tax return, you will automatically receive the additional six months to file. It’s good to note that the extension only applies to the filing deadline, not the payment deadline. Any taxes owed are still due by the original deadline if you want to avoid potential penalties and interest.
• E-filing: We don’t file this form on its own, but we can file this on your behalf as long as you’ve submitted your return for review. You can learn more about the process here. You can also head over to this IRS link to find more information on the extension and how to file electronically.

Form 8879, IRS e-file Signature Authorization

This form is used to authorize and confirm the electronic filing of your federal income tax return. When you file your tax return electronically, the IRS requires your consent and authentication to ensure the accuracy and validity of your submission.

Here are some important things to remember:

• Electronic filing: Form 8879 is specifically used for electronically filed tax returns. If you choose to e-file your tax return, you’ll need to sign and submit Form 8879 to authorize the electronic transmission of your return to the IRS. This will be one of the very last things you do when filing with us. We take the stress out of having you fill out the entire form — you’ll just e-sign within the filing flow, and we'll include your Form 8879 form along with your return when it's submitted to the IRS.
• Reviewing your return: Before signing Form 8879, it's crucial to carefully review your tax return to ensure that all the information is accurate and complete. Confirm that your personal details, income, deductions, and credits are correctly reported.
• Retaining records: After signing Form 8879 and submitting it to your tax preparer or e-filing service, it is important to keep a copy of the form and all supporting documentation for your records. This includes copies of your tax return and any relevant documents used to prepare your return.

Form 1045, Application for Tentative Refund

This form is for individuals, estates, and trusts with certain types of losses that could qualify them for a tax refund. It’s divided into several schedules, supplementary parts of the form used to calculate the amount of your refund. It's not filed with your regular tax return. Instead, you submit it separately.

• Personal Information: Name, address, and social security number or employer identification number.

• Reason for Filing: Here, we indicate why you're applying for a refund, such as a net operating loss (NOL), unused general business credit, or a loss due to section 1256 contracts.

• Tax Years Involved: Specifies the tax years for which you're claiming the refund.

• Various Questions: These questions are about specific tax situations that might apply to you, such as if you've filed a petition in Tax Court or if any part of the decrease in tax is due to a reportable transaction.

• Computation of Decrease in Tax: This part is for calculating how much your tax liability decreased as a result of the reasons you listed above.

• Signature and Paid Preparer Info: This is where you sign the form, and if you paid someone to prepare the form, they also need to sign here.

• Schedule A - Net Operating Loss (NOL): If deductions for the year are more than income for the year, you may have a net operating loss (NOL). An NOL can be used to lower your tax in another year.

• Schedule B - NOL Carryover: Typically, NOLs that originate in tax years after 2020 can only be transported forward to subsequent years. However, there's an exception for specific farming losses, which can be carried back two years.

Form 1045 offers a “tentative” refund because the IRS still needs to approve it. The IRS usually will review the form within 90 days of receipt. Afterwards, it can accept the claim and issue a refund, or deny it.

STEX, State Tax Extension

If you want an extension on your state return, refer to your state department of revenue. They’ll have information on the extensions they offer, as well as instructions on how to apply for them. This is not something we are currently able to assist with in the app.

STEX2, State Tax Extension (Variant)

Should a major disaster be declared in your area by federal or state authorities, both the IRS and your state may offer an extension for individuals and businesses to file or make their tax payments. Generally, state authorities align with the extended deadlines set forth by the IRS for filing and paying taxes. Please check with your state's department of revenue to get information on any state extensions they may have announced.

The Electronic Filing Selection, often abbreviated as EF Selection, allows you to electronically file forms, schedules, and attachments along with your tax return.

We'll file your tax return electronically, which is a quick and secure method for submitting tax information to the IRS and state tax agencies. However, not all tax forms may be eligible for electronic filing due to various reasons such as certain IRS restrictions.

In these cases, we'll let you know if we're unable to electronically file your return. Generally, if this happens we can provide a copy of your tax return with paper filing instructions so you can mail it in yourself. We're here to make the process of filing your tax returns simpler, faster, and more accurate.