Turbo Skatturinn

software that works for both USA and Icelandic taxes for business owners

The financial software is primarily focused on personal financial software that generates a USA tax liability form and imports information from the Icelandic tax reporting authority. We are willing to pay a maximum of 1 million ISK for the first year of operating expenses. The idea is to replace the Mint personal finance software or YNAB (You need a budget). An Icelandic competitor would be Meniga. There is also Firefly III financial software. The goal is to earn 20,000 USD the first year and have a ten-fold increase for next year. of just Icelandic customers. If we include other european customers like Czech, England, or Germany then it might be a hundred fold increase.

Investing

1. Work for shares currently 2. Two founders, possibly one more
2. Don't payout to anyone until the business starts earning income

Goals

Zeroth year

• Make landing page for Portfolio-Modeling
• landing page for Tax software,
• landing page for TrackYourMoney (combine them onto one website/repo)
• Make a mailing list using google forms for each of them, with a dropdown to choose which one people are interested in
• prove there is paying customers in this field that want this software
• create an elevator pitch with pitch deck
• identify potential employees
• late filers who no longer have access to other us e-file options
• start with google forms for the US based forms
• work with OpenTaxSolver as the basis software: https://opentaxsolver.sourceforge.net/

First year 2025

• mailing list of 100 emails
• 20,000 USD income for the first tax season of 2025 so about 10-20 paying customers
• set ourselves up to use the software by 2025 tax season starting in february 2025
• collect requirements list on usage from potential customers
• QC up to 1.000.000 ISK
• support amended tax returns: 1040x https://www.irs.gov/pub/irs-pdf/f1040x.pdf
• focus on software for IFRS small and medium enterprises (SME) https://stocks.apple.com/AB9-xmoQ8S1mYNDNBWmN4PQ

Second year

• pay ourselves a salary of about 10,000 - 20,000 ISK an hr
• possibly pay one part-time employee
• VC/Angel investing
• interest from larger companies
  • secure financing from KPMG or similar to see if there is company interest
• pop-up booth like H&R block
• fulfill IFRS SME reporting standards
• work to simplify the ársreinkingagerð for icelandic entities

Third year

• support eXtensible Business Reporting Language (XBRL)

Side software

1. As a side thing there will also be some software that uses OCR to read your Icelandic payslip and puts it into English and or layman speak so it's easy for you to read.
2. Compound Interest Calculator
3. Also there will be a housing finder software to figure out when is the best time to busy a mortgage based on the user's inputting requirements and wishes.
4. usa taxes cryptocurrency with Alexander my spreadsheets talk with Arnar Freyr home inventory manager OCR of written material to typed end of life manager folder home insurance itemization list

Requirements

• Use the H&R block model for doing business and taxes
• use csv form of the financial institution usa tax forms as inputs to this software
• takes about 15 man-months
• make the software open and free software
• works in euros, ISK, and USD
• future: ties into Skatturinn directly which is hopefully tied into island.is in the future
• currently would use google forms as a frontend
• FBAR form (FinCEn form 114)
• ties into trackyourmoney
• ties into moses software
• works with Form 1040
• update through GUI the IRA amount
• Meets US GAAP and IFRA requirements
• irs tax form 8949
• Supports the same forms as free file fillable Forms and more: https://www.irs.gov/e-file-providers/free-file-fillable-forms-program-limitations-and-available-forms
• access the irs foreign currency exchange rates as an api: https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates either json or as an fastapi endpoint
• csv import and export
• integrate with other organizations
• incorporates judy's spreadsheets and icelandic tax return
  • AAAATaxes
  • AAAAincome
  • AAAAnetworth
  • AAAAothersNetWorth
  • AAAAFramtal

buisness owners

• Form 926
• form 5471 - explains it https://www.taxesforexpats.com/articles/foreign-business/form-5471.html
• Form 8992 - GILTI , Instructions GILTI is part of 5471 tax form
• comparable to powerBI
• https://github.com/judyfong/vid505g-arsreikningagerdA

Rich people

• FACTa

Resources

https://www.irs.gov/pub/irs-pdf/f8992.pdf The Essential Guide to US Expat taxes from CPAsforExpats.com dormant corporations - goldinglawyers.com IRS.gov international taxpayers interactive tools

Competitors:

Accounting

https://bowennorthwest.com/, https://payday.is/is/heim, and KPMG

Personal finance

• firefly iii
• Intuit mint

• phased out
  

• YNAB - you need a budget

• currently operates as software as a service
  

Tax software

• accountants

• Intuit

• freefillefillableforms

  • missing some business forms

• Taxes for Expats

• https://www.taxact.com/support/21865/2023/form-5471-number-of-forms-supported?hideLayout=False#:~:text=At%20this%20time%2C%20we%20only,must%20paper%20file%20the%20return.

• https://en.wikipedia.org/wiki/Taxation_in_Iceland#:~:text=Despite%20low%20tax%20rates%20in,due%20in%20March%20each%20year.

• https://mgz.com.tw/2024/09/20/maximizing-your-tax-return-in-iceland-a-comprehensive-guide/

• https://opentaxsolver.sourceforge.net/ https://www.irs.gov/pub/irs-pdf/f5471.pdf https://www.irs.gov/pub/irs-pdf/f8992.pdf https://www.taxpayeradvocate.irs.gov/news/nta-blog/filing-and-paying-taxes-for-u-s-citizens-or-residents-living-abroad/2024/04/

form 8858 https://payday.is/en/home

https://www.greenbacktaxservices.com/knowledge-center/foreign-business-tax-reporting/