AI automatically suggests thousands of tax deductions
SAN JOSE, Calif., Oct. 16, 2023 /PRNewswire/ -- FlyFin, the world's premier AI-powered tax preparation and filing service, launched a new feature designed to save freelancers, creators and self-employed individuals significantly more money by automatically suggesting tax deductions that they may not be aware of or believe they are not qualified to take.
Trained on the entire US tax code, FlyFin's AI analyzes the user's tax profile and the expenses they have entered and classified in the app. Based on this, AI identifies potential tax deductions from among the thousands that are available to self-employed taxpayers, from the deductions every self-employed individual should be taking to those that are unexpected or little-known.
"This feature will have a huge impact on the amount FlyFin users are saving on their taxes, and we are so excited to see how many additional tax deductions they will be able to take – simply be being aware that they're available," said Jaideep Singh, Co-founder and CEO of FlyFin. "Taxes for freelancers and the self-employed have a reputation for being more complicated, and this important new feature completely removes that as a barrier to getting the maximum savings when they file their taxes."
Self-employed and freelance taxpayers typically have more complicated tax issues, as they are entirely responsible for organizing, calculating and managing their taxes, whereas corporations do much of this work for their employees. Self-employed individuals, however, are allowed to deduct thousands of different business expenses from their taxable income, while employees are not. This means that the potential to save money on taxes is often based on the knowledge that self-employed and freelance workers have about what they can deduct.
FlyFin's Tax Recommendations feature knows every business expense that can be deducted for every kind of occupation and every type of small business. AI sees the tax deductions a FlyFin user has taken and the deductions they have missed or have not yet taken. AI then automatically prompts the user with a Tax Recommendation within the app to take advantage of those missing deductions while there is still time, to save as much money as possible on their self-employed taxes.
To learn more, visit https://flyfin.tax.
About FlyFin AI
FlyFin is an award-winning, AI-powered platform that provides self-employed, sub-contractors, independent contractors, gig workers, freelancers, and creator economy workers with a convenient, easy-to-use, and affordable tax filing solution. With a "Man + Machine" approach, FlyFin leverages AI paired with highly experienced tax CPAs to deliver automation that eliminates 95% of the work required for 1099 self-employed individuals to prepare their taxes. FlyFin is a privately-held, venture-backed company based in San Jose, California. For more information, visit FlyFin AI.
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