We've enhanced your initial app with a better interface and user experience.
Hey everyone, hope everyone’s had a great August so far! Checking in with all of you since we last shared updates to the Reconcile squad. I’ll share a quick summary below and also outline what to look forward to!!
We’re getting closer and closer to our big mission: to save the average Reconcile user $5,000 every year in taxes. Want to learn more? Read up on our mission here.
Since we launched in early July, we’ve onboarded dozens of investors and heard lots of fantastic feedback, which shaped the recent enhancements we’ve made.
Feedback: Give me a detailed view of my transactions.
What we did: We’re now providing more information on the type and description of your transaction. This way, you can quickly scroll through all of your stocks, options, short-term gains, wash sales, etc.
What’s to come: We’ll be breaking down each transaction so that you can see which specific tax lot was bought and sold, providing greater transparency into how we calculate your tax estimate using the FIFO accounting method.
Feedback: Show me my current holdings and tax lots and the estimated tax I’ll owe if I sell anything.
What we did: We dedicated a section to your tax lots so that you can see specific buy information - when you bought it, how much did you pay, etc. Also, you’ll see how many days away you are from that tax lot turning into a long-term holding, at which point you’ll pay less tax on your gains.
What’s to come: We’ll break up your holdings into different categories (e.g. stocks, options, crypto, etc.) and give you a real-time, estimated tax liability for each lot. That way, you can easily decide if the tax consequences are worth you selling.
Feedback: Break out my tax estimate so that I can see how it’s calculated.
What we did: We made it even easier now for you to see your estimated short and long-term taxes based on your trading activity. You can see all of your ST and LT gains and the tax brackets that went into your estimate calculation. We’ve even aggregated all of your wash sales into one view so that you can pay better attention to them!
What’s to come: We’ll be providing insights alongside your taxes so that you can get a better idea of what holdings to sell in order to lower your tax liability before the end of 2021!
What else should you look forward to?
We’ve expanded our engineering and marketing team to build and scale faster! Here’s what we’ll be working on in the next few weeks and the benefit to you:
A faster onboarding experience designed to get you a more accurate 2021 tax estimate and to give you actionable insights that can lower your tax liability.
A smart, alerts engine that gives you real-time insights on avoiding wash sales, lowering your tax rates, and selling specific shares to tax-loss harvest.
An easier flow to adding in missing information so that your transactions are up to date, improving your tax liability estimate.
An expanded set of brokerage integrations so that you can connect multiple accounts instead of just Robinhood and get a more comprehensive tax liability estimate.
Want us to work on something else for you? Shoot me an email at firstname.lastname@example.org
How can I sign up for Cshflow?
Not signed up yet? You can sign up easily on our website using this link! We’ve discounted our service to just $10/month for all of our newsletter readers :)
Thanks for reading!
Jaimin Desai - CEO & Co-Founder of Reconcile