How To Develop An App Like TurboTax : Cost & Features

The market for tax filing apps is a multibillion-dollar industry. It is anticipated to reach a remarkable rate of $13.2 billion by 2027. The rise in demand for fast and easy-to-use services can be linked to the growing use of mobile devices. Examine the ever-changing market for the best mobile tax filing applications like TurboTax, where users’ tax filing experience is being revolutionized by robust technology and user-friendly UI. In this article, we will discuss the features and development process of the TurboTax app and the cost of developing an app like TurboTax.

What is TurboTax?

TurboTax is a software-as-a-service (SaaS) program for completing tax returns that enables users in the US and Canada to digitally submit their taxes. It generates income through the experience of experts and subscriptions to specialized software. The majority of Turbotax mobile app features are free because it is based on a freemium model of operation. Because of custom app development offerings, the base application is easily available for download.

A range of complimentary resources are offered by TurboTax to assist users in preparing their tax returns. Together with advice, videos, and calculators, they also contain reform information. Furthermore, the Turbotax mobile app provides electronic filing, allowing users to instantly submit their tax returns for expedited processing and perhaps faster refunds. With its strong security measures, TurboTax ensures the protection of private financial information during the entire procedure.

How Does It Work?

Providing a more user-friendly approach than standard methods, tax preparation applications like TurboTax strive to streamline the process. Below is a brief overview of their standard working method:

• First, users enter financial information through forms or inquiries, depending on their choices.
• In the second step, the software guides users via pertinent taxes and deductions like a digital assistant.
• The software maximizes possible savings by automatically calculating taxes using intricate algorithms.
• Finally, for ease of use, users examine, edit, and digitally file right into the application’s interface.

Steps To Develop An App Like TurboTax

Development of a tax preparation app like TurboTax, which is a very advanced tax preparation software, involves several stages. Have a look at this detailed guide and get started with application development.

Market Research:

Identify the market for a tax preparation app, which may include users’ needs, competitor analysis, customers’ segmentation, and problems.

Define Objectives and Features:

You must specify the goals of your app as well as the functionality that you aim to incorporate. The TurboTax-like tax preparation app development cost may vary based on app features. The app should include an essential feature such as:

• User registration and profile maintenance
• Data input forms for different tax-related details
• Tax estimation calculation
• Document upload and management
• Tax filing and submission
• Secure payment gateways
• Customer support

Choose a Development Approach:

• Talk with the tax preparation app developers.
• Decide whether you’ll develop a native app (iOS, Android) or choose cross-platform development with frameworks like React Native or Flutter.

Design UI and UX

• Go for a TurboTax mobile app development company to develop an app with proficiency.
• Design wireframes and prototypes to show how the app will work.
• Create a highly user-friendly interface that is easy to navigate.
• Make the design simple and understandable, especially for complicated tax-related processes.

Backend Development:

• Implement servers, databases, and APIs to manage user data securely.
• Introduce algorithms for tax computations and verification.
• Ensure compliance with the tax legislation and regulations of the areas where the app is going to work.

Frontend Development:

• Create the user interface by the finalized design.
• Implement interactive features and have responsiveness on different devices as well as on several screen sizes.

Integration of Third-Party Services:

• Implement APIs such as payment processing, document verification, and identity verification.
• Introduce security measures to ensure the safety of user data and transactions.

Testing:

• Carry out a proper testing series to unmask and fix bugs, errors, and usability issues.
• Perform both manual and automation testing on all devices and platforms.
• Ensure the software works with different operating systems, browsers, and screen sizes.

Security and Compliance:

• Implementing robust security measures to keep user data confidential.
• Train employees on compliance with data protection regulations (e.g., GDPR, CCPA).
• Get relevant certifications and audits about data security and privacy.

Launch and Deployment:

• Enroll the app on the designated app stores (Apple App Store, Google Play Store).
• The next step is to develop a marketing plan to publicize the app and draw in potential users.
• Track user feedback and performance metrics after the launch to implement changes

Maintenance and Updates:

• Continue adding new features, fixing bugs, and improving the security.
• Ensure customer service for solving user problems as fast as possible.
• Stay informed about changes in tax rules and regulations for compliance purposes.

Continuous Improvement:

• Acquire feedback from the users via surveys, reviews, and analytics.
• Track user activities and gather data to determine where changes are necessary.
• Keep on developing the application based on the information obtained to raise the app’s usefulness and effectiveness.

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10 Key Features Of An App Like TurboTax

For the TurboTax-type app to be effective, there must be the addition of components that will guide the users through complete tax preparation. Here are the top 10 features of TurboTax app development:

1.User Registration:

• Enable users to create accounts securely and supply required personal and financial information.
• Enable users to manage their profiles, such as updating their contact details and preferences.

2. Tax Data Input:

• Develop a questionnaire or a wizard to collect tax-relevant data from users in a straightforward manner.
• Create an app like TurboTax with forms applicable to different tax categories (like income, deductions, and credits) to achieve complete data capture.

3. Document Upload and Management:

• Enable users to upload their tax-related files like W-2s, 1099s, bills, or any other vital documents.
• Integrating an in-app function that allows for easy classification and grouping of uploaded documents is ideal.

4. Tax Estimator Calculator:

• Provide a tax estimation tool that determines tax obligations or refunds of users using the given data.
• Help users realize how they make decisions about taxes or what changes involve their tax results.

5. Real-Time Suggestions:

• Help users get guidance and suggestions in real time while filling their tax return forms to help them maximize deductions, credits, and refunds.
• Provide explanations of tax concepts and terms to help users develop a good understanding of their tax situation.

6. Secure Payment Processing:

• Ensure safe payment options are included if users elect to use the app to file their taxes.
• Comply with industry standards and regulations (PCI DSS for instance) to counter fraud.

7. Tax Filing and Submission:

• Enable the user to e-file their tax return directly from the app.
• Make it compatible with authorities’ e-file systems and deal with their requirements of submission.

8. Multi-Platform Support:

• The app should be compatible with multiple platforms such as iOS, Android, and the web to serve more users.
• Implement a system that will maintain the consistency of user experience and feature parity among all platforms being supported.

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9. Data Security and Privacy:

• The app creates and enforces strong security procedures to secure users’ financial and private data.
• The app uses encryption technologies, authentication mechanisms, and secure data storage methods to protect user information from unauthorized access.

10. Customer Support:

• The feature offers various support channels (for example chat, email, or phone). So that the users can get their tax-related questions or technical issues resolved.
• It provides the possibility to contact tax professionals or customer service representatives for individual help.

How Much Does It Cost To Build An App Like TurboTax?

The following variables affect how much it cost to develop app like TurboTax for tax preparation:

• Features of tax filing application.
• Product development
• The development team’s hourly wage
• Project scope and diversity
• Technology stack
• Project collaborators count

Multiple important tax preparation app development cost aspects go into creating a tax preparation app development like Turbotax, which leads to a variable cost range. Although the precise price will depend on the particulars of the task, you should budget between $30,000 and $300,000. Hire dedicated Developers from Inventcolabs now! Build your dream tax preparation application with experts!

Conclusion

Being the leading tax app development company, Inventcolabs enables companies to take advantage of technology to make tax filing easier for their customers. We can assist you in navigating the process intricacies and realizing your ideas thanks to our experience developing custom tax applications.

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FAQs

Q. How Much Time Does It Take To Develop An App Similar To TurboTax?

Ans. Basic TurboTax app can be developed in 2 months, while adding some complex features to the app may take 5- 7 months.

Q. Can more than one person use the same TurboTax app account?

Ans. Every individual requires a separate TurboTax account, complete with a username and password. This enables users to maintain the privacy and security of their tax data within the app.

Q. Will TurboTax work on a mobile device?

Ans. Yes, the TurboTax app is accessible on all mobile devices. It’s quick, simple, and safe to file a tax return through an iPhone or Android with the TurboTax mobile application.