FlyFin A.I. - World's first AI based tax-help app

Users simply download the app and link their accounts to start tracking expenses. FlyFin’s AI engine automatically scans expense accounts daily to suggest which category to classify the expense based on profession. FlyFin’s AI and CPAs then find all possible tax deductions. Users also have access to the domain expertise of the company’s full-time tax CPAs, who review each individual’s tax information and provide expert help to maximize savings. Users then have the option to file their taxes with FlyFin’s CPAs, who ensure accurate tax review and preparation, or to export their data in an IRS-ready format, Singh said.

As part of its launch, FlyFin also introduced additional services bundled into its plans. They are:

• Comprehensive tax report: An in-depth analysis and report produced by analyzing all the user’s expenses to figure all the areas and specific deductions that they can take to maximize their tax savings. The custom tax report is generated with the help of AI and is entirely reviewable by CPAs. The average value for a service like this is $499, but FlyFin will provide it free for subscribers opting for standard and premium plans, Singh said.

• Full audit insurance: This insurance provides comprehensive management of any IRS or state tax notice or “audit” requesting to review a tax filing. FlyFin’s CPA team will review, research, respond, and represent a user with the IRS from start to finish. This guarantee is typically a $150 value that standard and premium subscribers receive for free, Singh said.
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FlyFin offers three plans (basic, standard, and premium) that vary in service and features provided, with pricing at $7, $16, and $29, respectively. The app is available on iOS and Android. For iPhone or iPad users, the app requires iOS 11.0 or later. A desktop version is also available for Macs with an Apple M1 chip.

A survey by IPX 1031 reported that more than 33% of all tax filers wait until the last minute to tackle their taxes, with millennials procrastinating the most. Why? Tax prep is painful, complicated, confusing, and overwhelming. In the next five years, Statista predicted, freelancing will comprise approximately 51% (86.5 million workers) of the U.S. workforce.

“All of us that have itemized tax deductions — you know, it’s complicated,” Singh told VentureBeat. “It still takes me a whole weekend to put together all my expenses in the spreadsheet, find my receipts, download stuff from Amex and CapitalOne, BofA, and all that stuff. And I realized that this is a real pain point.

“But the penny really dropped for me when I realized the entire creator economy, all the youngsters out of college, 50% of Gen Z and millennials, all have some kind of side gig or are independently employed, whether they’re doing an Uber or the white-collar workers being designers and software engineers. They’ve got some side hustle, and they’re making money. So I realized that they all have schedule C’s on their 1040s, and that’s a real pain.”