Method, system, and computer program for predicting tax liabilities and benefits

Abstract

A method, a system, and a computer program for predicting an impact of a tax event on a user's tax liabilities at any intermediate time during a current tax year based on a comparison of known and predicted user information related to the user and the user's taxes, tax event information, and a tax deduction database of tax deductions, credits, and eligibility rules. The computer program and method for predicting the impact of the tax event comprise acquiring information about the user from a user profile, acquiring information about the tax event, comparing the user information and the tax event information with requirements for tax deductions and credits offered by a taxing authority, and identifying deductions or credits having requirements related to the user information and the tax event information.

1 . A non-transitory computer readable storage medium with a computer program stored thereon for identifying at least one purchase made by a user as being related to a tax deduction or credit, wherein the computer program instructs a processor to perform the following steps:
 access known user information related to the user and the user's taxes, wherein the known user information includes at least some information for at least one of a previous tax year or a current tax year to date;   receive purchase information identifying the at least one purchase;   compare at least a portion of the purchase information identifying the at least one purchase and at least a portion of the known user information with requirements for at least one of tax deductions and tax credits offered by a taxing authority for at least one of a previous or the current tax year;   identify tax deductions or tax credits having requirements related to said at least a portion of the purchase information and at least a portion of the known user information; and   based on the identified tax deductions or tax credits, determine that the at least one purchase is a tax event,   wherein the tax event is an action or an inaction that can be undertaken by the user or by a third party and that will have an impact on the user's tax liability.   
     
     
         2 . The computer readable storage medium of  claim 1 , wherein the purchase information includes at least one of a name of a retail or service provider from which the purchase was made or a type of good or service sold by the retail or service provider. 
     
     
         3 . The computer readable storage medium of  claim 1 , wherein the computer program instructs the processor to perform the following step: based on the determination that the at least one purchase is a tax event, automatically tag the purchase as said tax event in financial management software maintained by the user. 
     
     
         4 . The computer readable storage medium of  claim 1 , wherein the computer program instructs the processor to perform the following step: prior to determining that the at least one purchase is a tax event, present to the user a request to confirm that the purchase is related to said identified tax deduction or tax credit. 
     
     
         5 . The computer readable storage medium of  claim 1 , wherein the computer program instructs the processor to perform the following step: prior to determining that the at least one purchase is a tax event, prompt the user for additional information related to the purchase to determine that the purchase is a tax event. 
     
     
         6 . The computer readable storage medium of  claim 5 , wherein the computer program instructs the processor to perform the following steps:
 compare at least a portion of the purchase information identifying the at least one purchase with at least a portion of the known user information to obtain a comparison; and   based on said comparison, perform said step of prompting the user for additional information related to the purchase.   
     
     
         7 . The computer readable storage medium of  claim 1 , wherein the known user information includes information regarding purchases made by the user within the current tax year. 
     
     
         8 . The computer readable storage medium of  claim 1 , wherein the known user information includes at least some information for at least one prior tax year. 
     
     
         9 . The computer readable storage medium of  claim 1 , wherein the computer program instructs the processor to perform the following steps:
 acquire tax event information about the tax event; and   predict an impact of the tax event on the user's tax liability for the current tax year based on the known user information, the tax event information, and the requirements for at least one of tax deductions and tax credits for the current tax year.   
     
     
         10 . The computer readable storage medium of  claim 9 , wherein the computer program instructs the processor to perform the following steps:
 determine a probability of the predicted impact of the tax event, wherein the probability is based on the known user information, the predicted user information, the tax event information, and the requirements for at least one of tax deductions and tax credits for the current tax year.   
     
     
         11 . A method for identifying at least one purchase made by a user as being related to a tax deduction or credit, the method comprising the following steps:
 accessing, via a processor, known user information related to the user and the user's taxes, wherein the known user information includes at least some information for at least one of a previous tax year or a current tax year to date;   receiving, via a processor, purchase information identifying the at least one purchase;   comparing, via a processor, at least a portion of the purchase information identifying the at least one purchase and at least a portion of the known user information with requirements for at least one of tax deductions and tax credits offered by a taxing authority for at least one of a previous or the current tax year;   identifying, via a processor, tax deductions or tax credits having requirements related to said at least a portion of the purchase information and at least a portion of the known user information; and   based on the identified tax deductions or tax credits, determining, via a processor, that the at least one purchase is a tax event,   wherein the tax event is an action or an inaction that can be undertaken by the user or by a third party and that will have an impact on the user's tax liability.   
     
     
         12 . The method of  claim 11 , wherein the purchase information includes at least one of a name of a retail or service provider from which the purchase was made or a type of good or service sold by the retail or service provider. 
     
     
         13 . The method of  claim 11 , wherein based on the determination that the at least one purchase is a tax event, automatically tagging the purchase as said tax event in financial management software maintained by the user. 
     
     
         14 . The method of  claim 11 , wherein prior to determining that the at least one purchase is a tax event, presenting to the user a request to confirm that the purchase is related to said identified tax deduction or tax credit. 
     
     
         15 . The method of  claim 1 , wherein prior to determining that the at least one purchase is a tax event, prompting the user for additional information related to the purchase to determine that the purchase is a tax event. 
     
     
         16 . The method of  claim 1 , wherein the known user information includes information regarding at least one of (a) purchases made by the user within the current tax year, or (b) at least some information for at least one prior tax year. 
     
     
         17 . A system for identifying at least one purchase made by a user as being related to a tax deduction or credit, the system comprising:
 a non-transitory computer readable storage medium with a computer program stored thereon; and   a processor associated with the storage medium and for executing the computer program, wherein execution of the computer program by the processor performs the following steps:
 accessing known user information related to the user and the user's taxes, wherein the known user information includes at least some information for at least one of a previous tax year or a current tax year to date, 
 receiving purchase information identifying the at least one purchase, 
 comparing at least a portion of the purchase information identifying the at least one purchase and at least a portion of the known user information with requirements for at least one of tax deductions and tax credits offered by a taxing authority for at least one of a previous or the current tax year, 
 identifying tax deductions or tax credits having requirements related to said at least a portion of the purchase information and at least a portion of the known user information, and 
 based on the identified tax deductions or tax credits, determining that the at least one purchase is a tax event, 
 wherein the tax event is an action or an inaction that can be undertaken by the user or by a third party and that will have an impact on the user's tax liability. 
   
     
     
         18 . The system of  claim 17 , wherein based on the determination that the at least one purchase is a tax event, automatically tagging the purchase as said tax event in financial management software maintained by the user. 
     
     
         19 . The system of  claim 17 , wherein prior to determining that the at least one purchase is a tax event, presenting to the user a request to confirm that the purchase is related to said identified tax deduction or tax credit. 
     
     
         20 . The system of  claim 17 , wherein prior to determining that the at least one purchase is a tax event, prompting the user for additional information related to the purchase to determine that the purchase is a tax event.