There are only 10 more days for Americans to pay their taxes.
Those who haven't paid may be starting to scramble, turning to
H&R Block (NYSE:
) for last-minute assistance. Others may be choosing to file
their own taxes with the help of Intuit's (NASDAQ:
founders Benny Joseph and Mitchell Fox told Benzinga that there
is one mistake investors should avoid making.
"Probably the number-one mistake is, for investors, not
harvesting capital losses from their brokerage accounts," said
Fox. "If you made $5,000 in gains this last year that are sitting
on top of a few losers, you're doing yourself a disservice to not
recognize that loss and reinvest and make a new strategy for the
year ahead. Those losses that you recognized offset your income
directly and are probably the biggest single thing that someone
can use to pay less in taxes -- assuming that they are an active
Fox and Joseph are not accountants, but they founded GoodApril
with the goal of helping others save money on their taxes. They
enlisted in the help of Claudia Hill (a
tax professional) to build and refine GoodApril's tax planning
"GoodApril is really trying to reinvent the way that Americans
plan for and file their taxes," said Fox. "There's a huge gap
between when you file and the next time you file. Most people
don't have any type of advice or suggestions for how they could
improve their situation year over year."
GoodApril aims to prepare taxpayers by encouraging them to
upload their tax returns to the site.
"What we do is analyze that tax return," Fox explained. "We
run our algorithms. We also see what new tax rules have been
passed as a result of Obamacare and the Fiscal Cliff, and how
this is going to affect you, so that next year you have an idea
of what to expect."
While anyone can use the service, Joseph said that the
majority of GoodApril's customers are those who handle their own
"Most people are TurboTax customers," he said. "I think the
impression we have after speaking to a number of them is that
they're looking for a way to be a little bit more confident that
they're handling their taxes appropriately, that they're not
missing out on big savings opportunities, and they don't have the
benefit of an accountant to ask that question to. It's more of a
GoodApril's service is currently free. The company has found
that some individuals may be willing to pay for its service (or
additional services) in the future, but it fully intends to
continue offering a free version for everyone else.
Instead of relying on its users for revenue, GoodApril is
forming a number of lead generation partnerships.
"There's a company we worked with called Shoebox that helps
customers keep track of their tax receipts," said Joseph. "We
expect to increase the number of lead generation partnerships
that we work on."
Before GoodApril, Joseph served as the lead engineer of
) real-time math engine. He met Mitch while they were working for
Zecco, which was
acquired by TradeKing
Louis Bedigian is the Senior Tech Analyst and Features Writer
of Benzinga. You can reach him at 248-636-1322 or
firstname.lastname@example.org. Follow him
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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