Updated: Sep 2, 2021
Solution Kit ProPublica* reported that billionaires pay little in income tax compared to their massive wealth, sometimes, even nothing. Their records show that the wealthiest can legally pay income taxes amounting to a tiny fraction of the billions their fortunes grow each year. The median American household earned about $70,000 annually and paid about 14% in federal taxes. The highest income tax rate of 37% applies for couples on earnings above $628,300. However, the 25 wealthiest Americans paid a true tax rate of only 3.4%.
You will need sound financial advisors to achieve such tax rates. But as technologists, open source can help you in two remarkable ways. You can save significantly by using open source software, and you can use the below personal finance solutions to manage your wealth.
Personal finance helps individuals and families handle their financial management. Based on the spectrum of personal financial activities, this can span across banking products (checking, savings accounts, cards, wallets, and loans) or investments (shares, bonds, mutual funds) and insurance (life, health, disability) products or retirement plans, social security, and income tax management.
There are over 1,800 public libraries available for you to adopt personal finance solutions. kandi collection on Personal Finance Solutions showcases libraries across end-to-end personal finance management platforms, frameworks for creating your own accounting solution, simple budgeting solutions, and add-ons like mobile receipt scanners that make your life easier.
End-to-End Solutions
firefly-iii by firefly-iii, moneymanagerex by moneymanagerex and rotki by rotki are most popular end-to-end personal finance management solutions covering aspects across expenses, investments, banking, and others.
firefly-iiiby firefly-iii
10604 Version:v6.0.13Firefly III: a personal finances manager
firefly-iiiby firefly-iii
PHP 10604 Version:v6.0.13 License: Strong Copyleft (AGPL-3.0)
moneymanagerexby moneymanagerex
1384 Version:v1.6.3Money Manager Ex is an easy to use, money management application built with wxWidgets
moneymanagerexby moneymanagerex
C++ 1384 Version:v1.6.3 License: Strong Copyleft (GPL-2.0)
rotkiby rotki
2186 Version:v1.28.0A portfolio tracking, analytics, accounting and tax reporting application that protects your privacy
rotkiby rotki
Python 2186 Version:v1.28.0 License: Strong Copyleft (AGPL-3.0)
Foundational Framework
If you are looking for flexibility in creating your own solution income-expense by dbrax provides a foundational framework.
income-expenseby dbrax
1 Version:1.2.0Quickly get started with building your next accounting system using laravel. ( Income and expense module )
income-expenseby dbrax
PHP 1 Version:1.2.0 License: Permissive (MIT)
Simple Budgeting Functions
my-budget by reZach and budget by range-of-motion and provide simple budget and expense management functions.
my-budgetby reZach
953 Version:3.4.2-betaFree, open source offline cross-platform budgeting solution built with Electron.
my-budgetby reZach
JavaScript 953 Version:3.4.2-beta License: Strong Copyleft (AGPL-3.0)
Text and Spreadsheet Solutions
knut by sboehler and mintable by kevinschaich provide even simpler text-based or spreadsheet-based management.
knutby sboehler
48 Version:v0.1.1knut is an efficient plain text accounting tool with support for multiple currencies and valuation.
knutby sboehler
Go 48 Version:v0.1.1 License: Permissive (Apache-2.0)
mintableby kevinschaich
1286 Version:2.0.3🍃 Automate your personal finances – for free, with no ads, and no data collection.
mintableby kevinschaich
TypeScript 1286 Version:2.0.3 License: Permissive (MIT)
Individual Functions
Try SmartReceiptsLibrary by SmartReceipts to scan your receipts.
SmartReceiptsLibraryby SmartReceipts
249 Version:4.20.0A customizable, easy-to-use receipt scanner for Android
SmartReceiptsLibraryby SmartReceipts
Java 249 Version:4.20.0 License: Strong Copyleft (AGPL-3.0)