We are living in a time where everything from medicine delivery to ride-sharing can be done with the help of a mobile app; it’s no surprise when taxes can be filed with an app. Tax filing can be complicated at times when you have multiple sources of income; these tax filing apps help in sorting the process. The integration of next-gen technologies in these apps delivers extreme feasibility. Users are provided with the best options to get the maximum returns on their tax deductions.
The global market is brimming with income tax E-filing apps with result-oriented features. No wonder entrepreneurs are attracted to the high return on investment provided by this genre. Users always have a new app that fulfills their ever-changing expectations, which gives businesses the opportunity to develop an efficient tax filing app. In this blog, you will learn about the process along with the top tax filing apps prevailing in the market.
Table of Contents
What Does the Market Say About Tax Filing App Development?
The global tax management software market has seen a rapid growth rate since the year 2018. The market size stood at a value of 5.24 billion USD in 2018 and is forecasted to cross the mark of 11.19 billion USD by the year 2026. The market growth of tax filing apps is fueled by a rapid increase in the financial transaction data by the companies worldwide that led to the creation of audit reports, tax returns, and more on a large scale.
- North America has marked a tremendous growth in the adoption of tax filing apps and software due to a series of continuous changes in the regulations of the regional tax system.
- The Market size of tax management software development is growing at a rate of 2.8 percent every year in the US.
- Governments across the world have accepted tax filing apps that fulfill all the regulations and compliance.
- More than 60 percent of the users in a survey find E-filing apps easy to use for their tax filings.
Top Tax Filing Apps in the Market
Since the pandemic, almost every other financial transaction took place online, and users found it more flexible to use; the number of transactions grew at a tremendous rate. The rise in online transactions leads to some changes in the tax filings and the adoption of mobile apps that manage the filings. Following the chronology, now we have a number of income tax E-filing apps that are dominating the market.
TurboTax
TurboTax has been ranked the number one E-filing app by ‘USnews.’ Most of its users describe it as an app similar to a tax filing computer software but with added features and different formatting. Users can upload their W-2, and the app auto-populates the tax forms. TurboTax has taken the user experience to a new level as users can scan their driver’s license, and it will automatically fetch their basic details.
Payments: 60 USD and up; it also delivers a free version.
H&R Block
H&R Block’s app allows users to get through an interview-style process to understand their needs easily. Users can upload tax documents such as last year’s tax returns, 1099, and W-2 to autofill the forms. It also delivers professional help regarding tax filing from the experts of the field. It is available for both Android and iOS.
Payments: 49.99 USD and up; it also delivers a free version.
TaxAct
TaxAct offers four versions for tax filing, free, deluxe, premier, and self-employed. The app integrates easily with its desktop version in case the user wants to switch. TaxAct also delivers the option to scan your tax documents for auto-filling of the tax forms. It offers the maximum refund and accuracy similar to its desktop version. TaxAct is available for both iOS and Android.
Payments: 29.95 USD and up; a free version is also available.
Development of a Tax Filing App
The development process of a tax filing app requires a dedicated team with an understanding of tax compliance and regulation along with expertise in emerging technologies. You can find a reliable mobile app development company with a little research online.
The process of development consists of a simple process with a few important steps. We have curated these steps for your easy understanding.
Understand the Market
The initial step of your tax filing app development process should start with deep market research that focuses on gathering important data about the competitors and the market trends. Make sure to research all the tax compliance and regulations you have to follow as per the country. Find out every detail about the best tax filing apps in the market, such as features, business strategy, technologies, and more.
Put the Plan into Action
Data collection is the most important step as it helps in laying out a plan for the challenges ahead. Use the collected data to curate an efficient yet precise plan to yield maximum results. Remember, whether it’s a food delivery app or a tax filing app, users are always attracted to the features. Make sure to integrate features that attract users to your project. The features will only be as good as the technology that is integrated into your app; hence, choose an ultra-modern tech stack.
Let’s start with the features.
Features of a Tax Filing App
| Activity Tracking | Users can track all the activity made on the app, such as tax file date, documents upload, etc |
| Customized Reports | Users can generate custom reports as per the need through the app. |
| Data Import/Export | Users can upload tax documents and other information easily. |
| Data Verification | App verifies the data provided by the users to ensure accurate tax filing. |
| Electronic Filing | App automatically fetches the key data from the uploaded documents to fill the form. |
| K-1 Reporting | Users can attach K-1 reports that indicate the income, losses, and dividends of a business. |
| Tax Calculator | Users can easily calculate their taxes by uploading the mandatory data. |
| Payroll & Employer Forms | Users can easily create forms like W-2, 1099-MISC, 1099-NEC, 1099-INT, and 1099-DIV. |
| SSL Security | Users can be ensured about their financial and personal data security on the app. |
| Instant Payment | Users can easily pay for the services availed from the app and other transactions. |
| Third-Party Integration | Users can integrate their bank accounts and stock trading firms for better execution. |
Tech Stack in a Tax filing App
Programming Languages and Database
- JavaScript
- Java
- TypeScript
- React
- ASP.NET
- Amazon CloudFront
- Microsoft IIS
Business & Analytics
- Google Analytics
- Google Tag Manager
- Hotjar
- Gmail
- Google Fonts
Execution and Testing
Now is the time to put your plan into action. In case you are equipped with a full-fledged in-house team, the journey from this point will be easy. If not, you have to hire a reputed app development company with a tremendous record and reviews. However, there is another option that consists of hiring a freelance team, but lack of coordination can affect the overall project’s quality.
Ask your development team to integrate the top features that you have decided on along with a modern tech stack. Experiment with emerging technologies to facilitate a great experience for the users. Starting with a simple yet effective UI design, financial documents, and filing tax requires attention to detail; you don’t want to distract your users with fancy animation and graphics.
Let the project take its shape as per your expectations and once the development part is finished, move to the testing phase. The best tax filing apps in the market do not have any lags or errors; the reason is iterative testing. Ask your development team to test the project on every level or every step to ensure maximum efficiency. Users appreciate a smoothly working app, especially when it involves financial data.
Launch
When your tax filing app has passed all the levels of testing, you can start preparing for the launch. For better results, it is recommended to launch a beta version of the app first to get honest feedback from the users. It gives a clear understanding of the user’s opinion about the app. You can further sort out all the features or functions those users want improved.
Perform app store optimization to enhance the visibility of your app on Google Play Store and App Store. The more visibility your app will gain, the more conversions it will attract. Before launching the app, set up your monetization strategy. You can implement in-app purchases, in-app ads, and sponsorships for better revenue generation.
Cost to Develop a Tax Filing App
The cost is a key factor in any app development process that changes frequently based on a number of parameters. Investing in a tax filing app can be beneficial and will grab a high ROI, as the market suggests, but before developing the app, businesses need to be sure about the budget. Here are some of the factors that contribute to fluctuating the cost.
- Number of Features
- App Type (Native, Cross-Platform)
- Number of Platforms
- Launch
- Tech Stack
- App Development Company
How Can Matellio Help in Developing a Tax Filing App?
With a full-fledged team of certified developers and experts, we have created a reputation in the app development market. Our developers are well-versed in emerging technologies and the financial sector.
We can create your tax filing app in a minimal time at a surprisingly ergonomic price with a flawless UI/UX design that allures users to spend a significant amount of time on the app. We have expertise in developing solutions that fit perfectly with your expectations and business goals.
We believe in delivering optimum customer satisfaction. Our proficient developers are ready to create the perfect tax filing app for your business, are you? Let’s discuss your unique tax filing app idea over a 30-min free consultation call!
