FlyFin, a fintech provider, announced its exit from beta to launch its namesake offering officially. FlyFin is the first AI-based tax engine that combines the human expertise of real CPAs to eliminate 95% of work required for self-employed individuals. The mobile-first app is ideal for freelancers, gig workers, creator economy free agents, and self-employed individuals with a higher level of tax complexities.
FlyFin squarely addresses the pain points that self-employed and freelancers have around tax preparation, including accounting and tax filing uncertainties, time-consuming and complicated, knowing what deductions qualify, and meeting established deadlines to avoid tax penalties. According to a survey done earlier this year, 33% of Americans procrastinate doing their taxes and wait until the last minute. It also found that millennials are most likely to procrastinate on filing their taxes compared to different generations.
As part of its launch, FlyFin also introduced additional services bundled into its plans.
- Comprehensive Tax Report: An in-depth analysis and report produced by analysing all the user’s expenses to figure all the areas and specific deductions that they can take to maximise their tax savings. The custom tax report is generated with the help of AI and entirely reviewed 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.
- Full Audit Insurance: An important assurance, this insurance provides comprehensive management of any IRS or state tax notice or “audit” requesting to review a tax filing. The 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.
FlyFin’s AI engine automatically scans expense accounts daily to suggest which category to classify the expense based on profession. Its AI and CPAs find all possible tax deductions. Users also have access to the domain expertise of tax CPAs, who review each individual’s tax information and provide expert help to maximise savings. Users have the option to file their taxes with FlyFin’s CPAs, who ensure 100% accurate tax review and preparation, or can export their data in an IRS-ready format.
FlyFin aims to disrupt the $23billion individual tax preparation market in the US. The pandemic has permanently altered businesses adapting to remote work, accelerating their plans to hire more freelancers. With 70 million freelancers, the US market is projected to grow to 86.5 million self-employed over the next five years. By 2027, freelancing will comprise approximately 51% of the total US workforce. The most common type of freelance work is in skilled services, with 45% of freelancers providing programming, marketing, and other consulting work, according to an Upwork 2019 report.