If you are a freelancer or own your own business, you know that tax time can be stressful. It can be difficult to know what can be used as a deductible. It can also be difficult to keep track of how much taxes you will owe. In this Hurdlr review, we'll show you how you can use this app to help you.
What is Hurdlr?
Hurdlr is a mobile app that can help you keep track of your business. This app was created to help freelancers and entrepreneurs keep better track of their taxes, expenses and income. It also helps you when it comes to doing your taxes at the end of the year.
You can sign up for Hurdlr here: Sign up for Hurdlr
You don’t have to be an entrepreneur or freelancer to use Hurdlr though. If you work independently, you can use this app. Realtors, hosts, drivers, photographers and other independent professionals can also benefit from using Hurdlr.
What It Does
In the simplest way, Hurdlr makes it easy for you to keep track of your finances. Many people who work independently use several different mobile apps to keep track of everything they need. Without a doubt, this can get confusing.
Fortunately, everything you will need can easily be accessed through Hurdlr. This will make your accountant’s job easier if you use one. If you file your taxes by yourself, you can even file them through the app.
Features
Track Mileage
The app will automatically keep track of your mileage for you. Then, you can input whether it was for business or not. This is great because it tracks each trip and calculates your deductible based on the IRS rate per mile.
One downside of this is that the app has to be running in the background to access the GPS. This could cause your phone battery to not last as long. This could be worth it though if you travel enough for work.
Before there were mobile apps and computers to help, people kept track of their mileage on paper. They would write down their odometer at the beginning and end of their trip. Then, they would write down the total mileage of that trip.
When it was time to file their taxes, people would have to use a calculator to add up all of the miles they travelled for business purposes. Then, they would need to calculate their deductible for the amount of miles travelled.
Since this app does everything for you, just send the information from the app to your CPA. This will make their job easier and keep your stress levels down during tax time, since everything is already calculated for you.
Track Expenses
Hurdlr tracks all of your expenses for you. You can link your bank account, Paypal, credit card, debit card, or other platforms for paying to your Hurdlr account. This easily keeps track of everything you buy for your business.
There are many things that can be considered expenses. For instance, anything you buy or need for the upkeep of your business is an expense.
Income Tracking
The app can also track your income for you. All you need to do is input the right information into the app. Hurdlr keeps track of your total income as well as tell you your earnings after expenses and taxes.
It can also keep track of your salary if you use a pay source like Square. This will automatically input any money that you receive from transactions.
Taxes Owed
While it tracks your income, it also calculates the amount of taxes you will owe. This is great because it will give you an idea of how much money you should put aside for taxes. Some people choose to pay their taxes throughout the year, while some pay during tax time.
If you are trying to decide which is better for you, think about both sides. It might be better to pay them throughout the year though. This way, you aren’t paying a large amount all at once. This will also help you make sure that you have enough money to pay your taxes.
If you want to pay your taxes during tax time, make sure you have enough set aside for it. Decide on a percentage of your income to put aside each month for taxes. Try your best not to touch it, as you will need it to pay for your taxes.
If you do use some of it, make sure you replace what you took.
Monthly Reports
You can look back on your finances from previous months at any time using this app. This will help you see if there are specific months when your business might be slower or peak. You could also see your expenses and income during these months as well.
This will give you a great overall idea of how your business is doing.
Manually Input
While this app does track and calculate everything for you, you also have the option to manually enter information as well. If you take a trip and don’t have the app tracking it for you, you could input your mileage later.
Maybe you bought something with cash or a card not linked to your Hurdlr account, you could take a photo of the receipt and add it in that way. Don’t worry, the app still calculates everything for you, even if it is manually entered.
Has Different Subscriptions
The app is free to download and it has a free membership as well. However, you could upgrade and pay for more features based on your needs. The greatest part is that your membership fee is tax deductible.
Tracks Deductibles
This app will also tell you what is considered a deductible. If you drive a lot for work, or you have to go somewhere in order to offer your service, car maintenance can be used as a deductible on your taxes.
Car maintenance can include oil changes, any repairs and even paying for gas. This can help you save a lot of money on taxes you owe. Other deductibles can include most items you need to buy for your business.
If you are a photographer, you may be able to get your camera and props written off. Sometimes, even meals can be used as a deductible. If you had a meal for a business meeting at a restaurant, it can typically be used as a deductible.
Allows Link Accounts
As mentioned earlier, you can link your bank account, Paypal account as well as any debit and credit cards you may have. There are a lot of accounts you can link to your Hurdlr to help you keep track of your expenses and deductibles.
On top of that, all of this information is secure, so you don’t have to worry.
Pros
Easy to Use
Even if you don’t know a lot about technology, this app is very simple to use. If you have a hard time keeping track of finances and other parts of your business, Hurdlr will be able to help you with that.
It’s not difficult at all, even if you need to manually enter any info into the app. Hurdlr will give you step by step instructions as well if you need it.
No Math Required
Since the app automatically calculates your expenses, income and taxes, there’s no need for you to do the math. It also calculates your deductibles and mileage. This app literally does all the math for you!
Different Subscriptions
You can use the free version of Hurdlr if that’s all you need in the app. However, you could upgrade if you would like to add more features.
It wouldn’t be a bad idea to upgrade your membership though. You’ll get more features and the cost of your membership can be deducted from your taxes. This basically makes your membership free.
Filing Taxes
Hurdlr makes it very simple for you to file taxes. All of the information you will need is already stored into the app. As mentioned, you can even file your taxes from the app itself. If you use an accountant to file your taxes, you can easily send them all of the info from the app as well.
This will greatly help your accountant. They won’t have to shuffle through old receipts or spreadsheets to find the info they need. Instead, everything they need will be organized in the data found on the app.
Less Stress for You
Owning your own business or being a freelancer is great. You typically make your own hours and you don’t have to worry about anyone bossing you around. However, being your own boss can also be stressful.
You need to worry about everything as well as be prepared for anything. In addition, if you have employees, that can make it even more stressful in some situations. Fortunately, Hurdlr can take away the stress of keeping perfect records of finances.
While it won’t take away all of your stress, it can relieve a small part.
Cons
The app has some bugs at times, which they are still trying to work out. It can also drain your battery, since it needs to be running in the background to track your mileage. Overall, the pros definitely outweigh the cons when it comes to this app.
Who Can Benefit From It?
Anyone who works independently can benefit from Hurdlr. Whether you are a freelancer or a small business owner, this app will greatly help you. As a matter of fact, it has something for everyone.
If you are a photographer, realtor, or graphic designer – it doesn’t matter. As long as you are your own boss and work for yourself, you could benefit from Hurdlr.
Even people who own their own small business – online or in-store – could use Hurdlr to help them keep track of their finances. It doesn’t matter if you work part-time, full-time, or just do a little side job when you have the time.
Conclusion
The bottom line is that Hurdlr is a great app for anyone that wants to keep better track of their finances. It can also help you run your own business easier. Without a doubt, it takes all of the stress of paperwork and calculations away from you.
You can sign up for Hurdlr here: Sign up for Hurdlr
