METHOD, SYSTEM, AND COMPUTER PROGRAM FOR PREDICTING TAX LIABILITES AND BENEFITS

• US 20110264569A1
• Filed: 04/26/2010
• Published: 10/27/2011
• Est. Priority Date: 04/26/2010
• Status: Active Grant

• Current Assignee: HRB Tax Group Incorporated (H&R Block, Inc.)
• Original Assignee: HRB Tax Group Incorporated (H&R Block, Inc.)
• Inventors: Houseworth, Jason, Wright, Howard C. III, Passer, Samuel Brent
• Granted Patent: US 8,706,580 B2
• Time in Patent Office: Days
• US Class Current: 705/31
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/10 Tax strategies
• CPC Class Codes: G06Q 40/123 Tax preparation or submission

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. Furthermore, embodiments may also comprise determining a probability that the user will qualify for the deduction or credit based on both the known and predicted user information, the tax event information, and the requirements for tax deductions and credits for the current year.

Claims

1. A computer program stored on a computer readable storage medium for predicting an impact of a tax event on a user'"'"'s tax liability, the computer program comprising:

a code segment for acquiring 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 prior tax year and for a current tax year to date;

a code segment for predicting at least some user information related to the user and the user'"'"'s taxes for a remainder of the current tax year based at least partially on the known user information;

a code segment for acquiring tax event information about the tax event;

a code segment for comparing the known user information, the predicted user information, and the tax event information with requirements for at least one of tax deductions and tax credits offered by a taxing authority;

a code segment for identifying deductions or credits having requirements related to the known user information, the predicted user information, and the tax event information; and

a code segment for predicting the impact of the tax event on the user'"'"'s tax liability and a probability of an accuracy of the prediction 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.

2. The computer program of claim 1, wherein the tax event is a purchase of a good or service, and the tax event information is purchase information associated with the purchase.

3. The computer program of claim 2, wherein the purchase information further comprises at least one of an amount of the purchase and a category of the purchase.

4. The computer program of claim 3, further comprising a code segment for filtering the user'"'"'s financial records from the user'"'"'s financial institution or financial management software to locate purchase information and to automatically sort various tax purchases into one or more pre-defined categories.

5. The computer program of claim 4, further comprising a code segment for automatically calculating the purchase information based on at least one of a UPC of the purchase, a digital receipt, and an image of a physical receipt.

6. The computer program of claim 2, further comprising a code segment for saving at least one of credits and deductions associated with the purchase and outputting a summary including:

a total of at least one of deductions and credits identified thus far during a current tax year and a total amount by which these deductions and credits are predicted to reduce the user'"'"'s tax bill based on a predicted income and predicted tax bracket of the user.

7. The computer program of claim 1, wherein the tax event is an action taken by or affecting the user.

8. The computer program of claim 1, further comprising a code segment for calculating an estimated amount by which the credit or deduction will reduce the user'"'"'s tax bill based on the known user information, the predicted user information, the tax event information, and the requirements for the deduction or credit.

9. The computer program of claim 1, wherein the predicted user information includes at least one of predicted income and predicted tax bracket.

10. The computer program of claim 1, wherein the known user information further comprises at least one of the user'"'"'s occupation, the user'"'"'s past tax returns, the user'"'"'s city, county, state, or country of residence, the user'"'"'s marital status, and information regarding the user'"'"'s spouse.

11. A computer program stored on a computer readable storage medium for determining tax benefits of a purchase, the computer program comprising:

a code segment for acquiring user information about a user from a user profile, wherein the user information includes at least one of predicted income and predicted tax bracket;

a code segment for acquiring purchase information about the purchase;

a code segment for comparing the user information and the purchase information with requirements for at least one of tax deductions and tax credits offered by a taxing authority stored in a deduction database;

a code segment for identifying deductions or credits having requirements related to the user information and the purchase information; and

a code segment for calculating a predicted amount by which the credit or deduction will reduce the user'"'"'s tax bill for the current year based on the user information, the purchase information, and the requirements for the deduction or credit.

12. The computer program of claim 11,

wherein the user information comprises both known and predicted user information,

further comprising a code segment for determining a probability that the user will qualify for the deduction or credit based on both known and predicted user information, the purchase information, and the requirements for at least one of tax deductions and tax credits for the current tax year.

13. The computer program of claim 12, further comprising a code segment for predicting at least one of the user'"'"'s income and tax bracket based on paychecks received thus far during a current tax year, the user'"'"'s income and tax bracket for one or more previous years, and user-entered income information.

14. The computer program of claim 11, further comprising a code segment for automatically calculating the purchase information based on at least one of a UPC of the purchase, a digital receipt, and an image of a physical receipt.

15. The computer program of claim 11, further comprising a code segment for filtering the user'"'"'s financial records from the user'"'"'s financial institution or financial management software to locate purchase information and automatically sort various purchases into one or more pre-defined categories.

16. The computer program of claim 11, wherein the user information further comprises at least one of the user'"'"'s occupation, the user'"'"'s past tax returns, the user'"'"'s city, county, state, or country of residence, the user'"'"'s marital status, and information regarding the user'"'"'s spouse, wherein the purchase information further comprises at least one of an amount of the purchase and a category of the purchase.

17. The computer program of claim 11, further comprising a code segment for saving at least one of credits and deductions associated with the purchase and outputting a summary including:

a total of at least one of deductions and credits identified thus far during a current tax year and a total amount by which these deductions and credits are predicted to reduce the user'"'"'s tax bill based on the predicted income and predicted tax bracket of the user.

18. A method for predicting an impact of a tax event on a user'"'"'s tax liability, the method comprising the steps of:

acquiring 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 prior tax year and for a current tax year to date;

predicting at least some user information related to the user and the user'"'"'s taxes for a remainder of the current tax year based at least partially on the known user information;

acquiring tax event information about the tax event;

comparing the known user information, the predicted user information, and the tax event information with requirements for at least one of tax deductions and tax credits offered by a taxing authority;

identifying deductions or credits having requirements related to the known user information, the predicted user information, and the tax event information; and

predicting the impact of the tax event on the user'"'"'s tax liability and a probability of an accuracy of the prediction 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.

19. The method of claim 18, wherein the tax event is at least one of:

a purchase of a good or service, and the tax event information is purchase information associated with the purchase, and

an action taken by or affecting the user.

20. The method of claim 19,

wherein the purchase information further comprises at least one of an amount of the purchase and a category of the purchase,

further comprising a code segment for filtering the user'"'"'s financial records from the user'"'"'s financial institution or financial management software to locate purchase information and to automatically sort various tax purchases into one or more pre-defined categories.

21. The method of claim 19, further comprising a code segment for saving at least one of credits and deductions associated with the purchase and outputting a summary including:

a total of at least one of deductions and credits identified thus far during a current tax year and a total amount by which these deductions and credits are predicted to reduce the user'"'"'s tax bill based on a predicted income and predicted tax bracket of the user.

22. The method of claim 18, further comprising a code segment for calculating an estimated amount by which the credit or deduction will reduce the user'"'"'s tax bill based on the known user information, the predicted user information, the tax event information, and the requirements for the deduction or credit.

23. The method of claim 18,

wherein the predicted user information includes at least one of predicted income and predicted tax bracket, and

wherein the known user information further comprises at least one of the user'"'"'s occupation, the user'"'"'s past tax returns, the user'"'"'s city, county, state, or country of residence, the user'"'"'s marital status, and information regarding the user'"'"'s spouse.

24. A computer program stored on a computer readable storage medium for predicting an overall tax liability of a user at any intermediate time during a current tax year, the computer program comprising:

a code segment for acquiring 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 prior tax year and for a current tax year to date;

a code segment for predicting user information related to the user and the user'"'"'s taxes for a remainder of the current tax year based at least partially on the known user information;

a code segment for acquiring rules and regulations for the current tax year that affect a taxpayer'"'"'s tax liability;

a code segment for comparing the known user information and the predicted user information with the rules and regulations for the current tax year; and

a code segment for predicting the overall tax liability of the user at any intermediate time during the current tax year based on the known user information, the predicted user information, and the rules and regulations for the current tax year.

25. The computer program of claim 24, further including a code segment for identifying deductions or credits having requirements related to the known user information and the predicted user information.

26. The computer program of claim 24, further including a code segment for determining a probability of an accuracy of the predicted overall tax liability of the user based at least partially on the known user information and the predicted user information.