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Truffle — File your taxes like the 1%
Truffle finds potential business deductions in your spending history. Truffle combines and categorizes all potential business deductions across all of your personal credit cards, debit cards, and bank accounts. The avg. user finds ~$12K of business deductions.
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Congrats on launching Zain, Aiyman! What was the most surprising piece of feedback that you've gotten so far from your users?
Thanks Charley <3! It was surprising to us that people want the ability to import their Venmo transaction history to find potential tax deductions.
@charleyma Thank you x1000 Charley! A surprise to me was how big everyone's tax burden is this year. Most user feedback was along the line of "My largest tax bill ever and I made the same as the year prior." With new tax laws and higher tax burdens, users are looking at areas that they haven't looked before like Venmo as Zain Mentioned. We're moving quickly to address this! We'd love your feedback, Charley!
@bing111 We moved the price to $39, which was the promo for our launches on Producthunt and Hacker News! Thought it was easier than making people enter in codes.
@vantoai Thanks Alan! We wanted to make sure everyone has a chance to find deductions. A problem Zain and I have had for a while. Glad you like it!
@zallarak wish I was living in the US right now - would totally pay for this but based in the UK. Massive congrats on launching this much needed product! 🙌
This is awesome! What are some tips you have for folks for optimizing their taxes?
Three tips:
1. Make an S-Corp election. This is a one-time ~$100 fee, depending on your state of residence.
2. Be meticulous about tracking expenses (or just use Truffle ;-) )
3. If you lost money on investments, see if you can tax-loss harvest. This is especially relevant if you are a cryptocurrency HODL'er because 2018 was a down-year. You wrote an awesome article about this: https://medium.com/cointracker/h...
@chanfest22 just to be clear, people can directly tax-loss harvest across all of their exchanges with Cointracker, right? I think folks reading this thread may find that useful.
@zallarak Thank you so much for the helpful tips! Do you have more info on the S-Corp election? If you wrote a guide/post about that, I would find it incredibly useful.
Re: Tax loss harvesting, we currently have a simple guide (which you linked) on how to tax loss harvest with CoinTracker. Working on actually automating the harvesting within CoinTracker :)
@zallarak when you say "1. Make an S-Corp election. This is a one-time ~$100 fee, depending on your state of residence" - do you not have to have incorporated a company for that?
@_jacksmith Some services just do it all at once; for example incfile.com charges a one-time $149 fee to form an S-Corp from scratch (it handles the intermediary corporation requirement). If you already have an existing LLC, you may convert it via an S-Corp election; however, I think there are some time constraints on when you can do that.
We'll do a write-up on this, because its a confusing topic :-). Thanks for the clarification.
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