Tried a new invoicing app that promised 'smart' tax estimates and lost $300.

I signed up for a year of this service called PayTrack because it said it would handle my quarterly tax payments automatically. It messed up the math for my state taxes in Oregon and I got hit with a penalty. What do you guys use to make sure your estimated payments are right?

3 comments

3 Comments

nancyramirez11d ago

Check the math yourself every single time. I learned that lesson the hard way too. I use a basic spreadsheet now to track my income and run the numbers. No app can replace actually looking at the tax tables for your specific situation.

tessap9711d ago

I used to trust those apps completely, but a similar mistake made me double-check everything manually now. What's your backup system look like?

sean4811d ago

Forget the numbers for a second and check the inputs. I once had an app pull the wrong year's W-2 from my payroll service (it cached old data). So my backup is just a printed PDF of every single form, and I line them up with what the app says it imported. The software can do the math right but still start with garbage info.