The tax professionals at Visor offer a personalized strategy to help you boost your income and savings.
Visor also aims to lower your tax burden by identifying all of the possible deductions and credits that could help you when filing your federal income taxes, which can be done electronically.
They have already earned a reputation among customers for simplifying tax filings, providing excellent value and offering personalized financial advice through their app.
But is it right for you? In this Visor review, you’ll find out the nitty gritty to make an informed decision from pricing to service.
Visor Spotlight
| VISOR SPOTLIGHT | |
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How Does Visor Work?
The Visor tax-filing and financial-advice system allows you to send and receive all of your information and communications online.
It’s accessible via website, on your desktop or laptop computer. You may use the app on your tablet or smartphone. The app is available for both iOS and Android devices.
Getting Started
To get started with Visor, you will need to answer some basic questions about yourself and your finances, including:
- Name & Address
- Date of Birth
- Social Security Number
- Marital / Head of household Status
- Number of dependents
- Annual Income
- Homeownership or Property Ownership Status
- Place of Employment
Once you answer those questions, Visor will provide you with a price quote for its tax-filing and financial-advising services.
Get Matched With An Expert
In order to do this, you must create an account, which will have all of your answers from the previously asked questions.
It will also include information such as whether you have any retirement savings accounts, where those accounts are, and their balance amounts.
You will be asked a few more questions in order to set you up with an advisor who will be a good fit.
Some of those questions include:
- When you expect to retire
- Which types of retirement income you will receive
- Whether you own a business or rental property
You will also be asked some questions about your current debts, such as a foreclosure on a home.
Being forthright about the amounts and types of debts that you have will facilitate the filing of your taxes and help the service provide better advice for your financial planning.
The process of matching you with a financial advisor also includes a few more in-depth questions about your tax-filing status. For example, you will need to state if you have any earnings as an independent contractor or from self-employment.
You will also need to explain whether or not you receive child support, alimony, or other types of income that are not from a job. If you have filed bankruptcy in the past seven years, you will need to share this information.
Get Personalized Advice
Once you are matched with a financial advisor, you can start getting personalized advice. For example, if you had to pay a lot of federal income taxes last year at the time you filed, you might want to know if you should adjust your withholding.
If you are considering the purchase of a home, you may want to work with the advisor in order to determine what percent of your take-home pay you can afford for the mortgage, property taxes, insurance, home maintenance and repairs.
You can also start with the tax-filing process after you are paired with an advisor. In order to file your taxes through Visor, you need to choose the tax year.
The next step is to provide the details. For example, the number of dependents you have and whether or not you will be itemizing are some important details to share.
You will also need to explain your household or filing status. The options are single, married filing jointly, married filing separately, or head of household.
Depending on your income and situation, the advisors may ask for some additional details so that they can correctly file your federal taxes.
The Final Step: Upload Documents
You may also take photos or scan your documents. If you use the desktop version of Visor, you can upload PDF and other file types through their website.
Some of the documents that you may be asked to upload include:
- W-2 for salary and job income
- W-2G if you earned income from gambling
- Form 1099-B if you sold any stocks or other investments
- Form 1099-G if you received a state income tax refund
Some additional documents that you might need to submit to Visor include a 1099-K if you have rental income, a 1099-MISC for self-employment income, and a 1099-S if you sold real estate.
If you received Social Security income, you will need to submit the form SSA-1099. If you are a business owner or partner, you must upload your Schedule K-1.
In addition to all of these documents related to income you earned for the federal tax year, you will also need to upload paperwork related to your expenses.
Those may include Form 1098, which has several versions for student loans, mortgage payments, and charitable donations of vehicles.
Charity receipts, moving expenses, receipts from child care expenses, and your business expenses also need to be uploaded to Visor for your tax purposes. You may need to upload additional documents that apply to your specific situation.
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Why Use Visor?
Visor checks for every possible deduction or credit that applies to your situation. It also offers a convenient solution for getting your taxes filed without having to go somewhere in person.
When you want financial advice, all you have to do is connect to your advisor through the Visor app.
You do not have to wait until business hours or play phone tag with anyone. The design of Visor’s software includes all of the most recent changes to federal tax laws, ensuring that your taxes are filed accurately.
You may also want to use Visor if you do not want to deal with the small details of taxes and other aspects of your finances. If you are more of a “forest” than a “trees” person, Visor makes it easy for you to see the big picture.
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Pros and Cons of Visor
| Visor Pros | Visor Cons |
| ✅ Easy To Use: It is compatible with all devices. If you connect to it with your smartphone, the app and site are responsively designed. | ❌ 100% Digital: All services are provided digitally. If you like to meet with an advisor in person and have a discussion, Visor does not offer this. |
| ✅ Simple To Connect: To contact your advisor, all you need to do is tap on the app. | ❌ Financial Advice Not Offered: You will not get future financial planning advice for the future. If you are unsure of how much risk you want in your investments or how to allocate your investment funds, you will have to get that advice elsewhere. |
| ✅ File Taxes Simply: You do not have to mail or drop off any documents. Using your phone or a scanner to create images of your documents saves you time and money. | ❌ No Budgeting Advice: Visor does not offer advice for routine budgeting or tracking how you spend your money. It is centered on simplifying your tax-filing process. |
| ✅ Intuitive Site Design: If you have never used a site or an app for tax advice or doing your taxes, Visor has a shallow learning curve. | ❌ Limited Flexibility: If you do not like the advisor who you are paired with, there is no option to choose a different one. Your advisor could be changed at any time, and you may not be informed. |
| ✅ Secure Information: The company protects all of the documents that you upload. All of your personal information is encrypted. You can set up a two-factor authentication process for logging into your Visor account. | |
| ✅ Transparent Pricing: Filing a basic tax return and gaining access to Visor’s year-round financial advice costs a flat rate of $99. This includes filing single or married, investment income, itemized deductions, and owning a home. If you have an additional tax situation such as rental income or self-employment, each additional situation adds $99 to your annual fee. | |
| ✅ Good Value: If you just have basic taxes and do not need a lot of financial advice, $99 is a lot to pay. However, if your self-employment situation and taxes are complicated and you have a lot of questions, $198 for a year’s worth of advice and the filing of your tax return is a fair price. |
Visor Review: Is It Right for You?
Instead of feeling stressed about doing your taxes, you can have it all done electronically through software that incorporates machine learning in order to maximize your deductions.
It is a good choice if you prefer to hand off the work of doing taxes to someone else and want to ensure that every possible deduction has been applied to your taxes.
If you like to do things digitally and prefer online interactions rather than in-person meetings, Visor may be right for you.
On the other hand, if uploading your information makes you feel squeamish, you may not feel comfortable with Visor’s requirement to upload your tax documents.
Overall, Visor may not be a good value to you if you have a complicated tax picture or you need financial advice that is geared toward investments, getting out of debt, or creating an annual or a monthly budget for your household.
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