Subscribe
Sign in
Truffle
p/truffleTruffle finds tax savings for freelancers
Start new thread
Kumar Thangudu

Truffle - File your taxes like the 1%

by•

Truffle finds potential business deductions in your spending history. Truffle combines and categorizes all potential business deductions across all of your personal credit cards, debit cards, and bank accounts. The avg. user finds ~$12K of business deductions.

Add a comment

Replies

Best
Charley Ma
Congrats on launching Zain, Aiyman! What was the most surprising piece of feedback that you've gotten so far from your users?
zain allarakhia
Maker
Thanks Charley <3! It was surprising to us that people want the ability to import their Venmo transaction history to find potential tax deductions.
Aiyman Hadi
Maker
@charleyma Thank you x1000 Charley! A surprise to me was how big everyone's tax burden is this year. Most user feedback was along the line of "My largest tax bill ever and I made the same as the year prior." With new tax laws and higher tax burdens, users are looking at areas that they haven't looked before like Venmo as Zain Mentioned. We're moving quickly to address this! We'd love your feedback, Charley!
Sait M. Ilhaner
@zallarak Do you have a promo code for Product Hunt members?
zain allarakhia
Maker
@bing111 We moved the price to $39, which was the promo for our launches on Producthunt and Hacker News! Thought it was easier than making people enter in codes.
Chandan Lodha
This is awesome! What are some tips you have for folks for optimizing their taxes?
zain allarakhia
Maker
Three tips: 1. Make an S-Corp election. This is a one-time ~$100 fee, depending on your state of residence. 2. Be meticulous about tracking expenses (or just use Truffle ;-) ) 3. If you lost money on investments, see if you can tax-loss harvest. This is especially relevant if you are a cryptocurrency HODL'er because 2018 was a down-year. You wrote an awesome article about this: https://medium.com/cointracker/h...
zain allarakhia
Maker
@chanfest22 just to be clear, people can directly tax-loss harvest across all of their exchanges with Cointracker, right? I think folks reading this thread may find that useful.
Chandan Lodha
@zallarak Thank you so much for the helpful tips! Do you have more info on the S-Corp election? If you wrote a guide/post about that, I would find it incredibly useful. Re: Tax loss harvesting, we currently have a simple guide (which you linked) on how to tax loss harvest with CoinTracker. Working on actually automating the harvesting within CoinTracker :)
Jack Smith
@zallarak when you say "1. Make an S-Corp election. This is a one-time ~$100 fee, depending on your state of residence" - do you not have to have incorporated a company for that?
zain allarakhia
Maker
@_jacksmith Some services just do it all at once; for example incfile.com charges a one-time $149 fee to form an S-Corp from scratch (it handles the intermediary corporation requirement). If you already have an existing LLC, you may convert it via an S-Corp election; however, I think there are some time constraints on when you can do that. We'll do a write-up on this, because its a confusing topic :-). Thanks for the clarification.
Kumar Thangudu
Hunter
Hello PH! Aiyman and Zain are the Co-Founders of Truffle and they can't wait to help you find your hard earned money! As freelancers, they both looked for ways to reduce tax burden but often found themselves paying a lot for extra accounts hours or doing painfully manual steps to comb through transactions to find tax deductions across all of their credit cards. They needed to find a better way to find business deductions that were buried inside of hundreds of credit card statements. Downloading all the transactions from each credit card and categorizing them was deterring. They built an AI to do that for them, and now for you. They combined the knowledge of tax experts, accounts, and lawyers (just like the 1% do) to find transactions that were tax deductible. And to do it fast, real fast. Professional consultants, during their beta launch, have flocked to use Truffle and on average find $12,931 of business deductions. This is otherwise money they would have left on the table. The same group of beta users provided them with a ton of feedback (They love the beta users!) and asked questions about security and privacy. They we made it crystal clear and concise. Truffle does not share your personal data with third parties. Data is encrypted in-flight and at-rest with AES-256. Read more on the site. Hunters, to mark the occasion of PH launch, we're offering Truffle at $39 (ONE TIME PAYMENT) to ensure you have no excuse to overpay on your taxes. Price is going up soon. Sign up today!
Alan VanToai
$39 one-time is a steal. Nice job team.
Aiyman Hadi
Maker
@vantoai Thanks Alan! We wanted to make sure everyone has a chance to find deductions. A problem Zain and I have had for a while. Glad you like it!
Jamie Gordon
@zallarak you should really mention this is for US residents on your platform
Anne-Laure Le Cunff
@zallarak wish I was living in the US right now - would totally pay for this but based in the UK. Massive congrats on launching this much needed product! 🙌
Julie
Is it available now on Google store?
zain allarakhia
Maker
@julie1 it’s a web application, but it will work on your mobile phone.
Kevin Sad
Nice
@Bernardamus
I guess this app works for the US system... what about for Spain?
Catane Smith
so good