A.I. and the Tax World: Streamlining Everything Tax-Related For Maximum Savings

A.I. is revolutionizing different industries, and the world of taxation is no exception. Freelancers juggle multiple roles and have to navigate complex tax rules and regulations on their own. Enter Artificial Intelligence (A.I.),  which is revolutionizing the tax landscape.

Almost anyone can benefit significantly from A.I.-driven processes that streamline tax filing procedures and help maximize 1099 tax savings. But this process is especially useful for freelancers, independent contractors and self-employed individuals since they have to file their own tax returns.

The A.I. possibilities seem endless. From automating tax filing procedures to maximizing tax savings, you can completely change the way you manage your finances and simplify the complexities of taxes. A.I. delivers unparalleled accuracy and efficiency.  Here's how A.I. can be used to automate tax filing procedures and optimize tax savings for freelancers:

Data extraction

Say goodbye to spreadsheets, paper receipts and invoices. A.I. can extract data quickly and accurately from various sources including bank accounts and statements, investment accounts, digital receipts and invoices. You’ll no longer have to enter this information manually, which saves a lot of time and eliminates errors since it’s easy to miss an expense or make a wrong calculation.

Categorizing expenses

Did you know there are over 150 IRS expense categories? Instead of investing your time searching for the right category, A.I. can categorize your expenses automatically and ensure all your expenses are assigned correctly. A.I. can even make recommendations, helping you maximize your deductions.

Real-time expense tracking

Expense tracking gives you a better understanding of your finances in real-time. It helps you have a holistic picture of your income and expenses so you can make informed decisions. You can set goals to plan for your self-employment taxes.  

Deductions

It’s easy to overlook a deduction. Perhaps you didn’t know an  expense was even deductible. FlyFin’s A.I. is trained to find every possible deduction, even the lesser-known ones. You’ll be able to maximize your 1099 tax-saving opportunities.

Estimated tax calculations

As an independent contractor or self-employed business owner, you need to make quarterly estimated tax payments. One small error and you can face a penalty. At FlyFin, our A.I. can estimate your estimated taxes for you with one of the best estimated tax calculators in the world.

Help with tax filing

Tax filing is no easy task, but with the help of A.I., tax filing just got simpler.  There are plenty of tax filing platforms out there, but be ready to sacrifice a lot of your time and energy. You'll have to upload your information, expenses and receipts manually and might even need to do some calculations. FlyFin automates this process, eliminating the hassle and stress and saving time.  

Reduces errors

One thing that sets A.I. apart is its ability to detect errors. Tax errors aren’t taken lightly by the IRS, and you could face hefty fines and penalties. Using A.I. almost guarantees an accurate return. Of course, it’s always best to review it yourself. At FlyFin, it’s a man + machine combination with A.I. classifying your expenses and expert CPAs reviewing your return.

Year-round tax planning

A.I.-powered financial planning tools help make it possible to plan for taxes throughout the year. You’ll be fully prepared for annual, state and quarterly taxes by planning ahead.

Cost savings

While the initial cost upfront might seem high, in the long run you’re sure to save more money. Hiring a CPA is expensive with hourly rates. Tax platforms, like FlyFin, offer affordable plans for your budget. Who can resist unlimited CPA support, audit insurance and automatic deduction tracking?

Incorporating A.I. into tax-related processes is not just about saving time and money; it's also about ensuring accuracy, staying compliant, and gaining valuable insights into your finances. Freelancers who utilize A.I.-driven tax solutions can streamline their taxes and save more time, energy and money.