Browse Prior Art Database

System to aid real-time tax accummulation / tally

IP.com Disclosure Number: IPCOM000200691D
Publication Date: 2010-Oct-25
Document File: 3 page(s) / 30K

Publishing Venue

The IP.com Prior Art Database

Abstract

Disclosed is a system and method for automatic wireless tracking of purchases at the point-of-sale as a means of tracking expenditures for taxation purposes.

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This is the abbreviated version, containing approximately 54% of the total text.

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System to aid real-time tax accummulation / tally

In the United States, tracking, gathering, and summarizing receipts for taxation

purposes is often time-consuming, difficult, and has a high level of risk for error. The

task is especially difficult for farming and other businesses where different purchases

have different tax implications. Business travelers also need to track their overall

expenses throughout the year for reimbursement purposes. A more efficient and reliable

method is needed to assist individuals with tracking expenditures for taxation purposes. Current methods of tracking include:
Credit cards that track purchases and tell holders where they are spending

money. They can even itemize products at participating stores.
Off-the-shelf applications provide access to all of a user's financial accounts,

allowing them aggregate this information.
Software that helps with tax tracking for medical expenses (1)
Software that helps with tax tracking for rental properties (2)
Software that tracks deductions throughout the year along with a user's income

to help maximize tax deductions/brackets


The disclosed invention allows these expenses/purchases to be completed in real-time

throughout the year. This invention facilitates on-the-fly expense tracking, download,

and categorization. With the use of open wireless technology to exchange data at

point-of-sale stations (i.e., cash registers in a retail environment) this invention helps to

track real time expenses by downloading purchases to a portable device. The device

attempts to automatically categorize the expense based on the type of trans...