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Deductr tracks expenses, activity with a strong tax focus

Yardena Arar | May 22, 2014
The web is brimming with finance tools for the self-employed, but few are as laser-focused on minimizing tax-time angst as Deductr. It's available as either a paid service (Deductr Pro) or an ad-supported free version that provides the same basic functionality for those willing to forgo transaction downloads and other automated help.

Deductr's reporting features are minimal, but may suffice for many people. They include projections for profit and loss and tax rates, and year-to-date deductions (neatly organized by Schedule C category), activity logs, mileage, and medical expenses.

If you spring for Deductr Pro ($19.95/month or $199/year), you can link your account to your financial institutions and download bank and credit/debit card transactions, which saves time on manual entry. Pro also offers phone support (versus chat or email only for the free version), and — as mentioned earlier — the ability to link receipts to transactions, and the promise of support for eventual add-ons.

Like any financial management service, Deductr is only as good as the data you put into it. At the end of the day, you still have to categorize your transactions, and there's no automation to help (like you get with QuickBooks): Deductr doesn't automatically categorize recurring transactions.

You can do some of what Deductr does with free expense reporting tools such as Expensify or Concur, and there are less expensive small-business bookkeeping tools such as Outright. But Deductr does a good job of covering all the deduction bases, and its simplicity and ease of use might well make tracking expenses, activities and mileage less daunting than it is with more sophisticated and feature-rich competitors.

 

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