AI could do your taxes in as little as 5 minutes. With tax season around the corner, there are many who would like this - a lot!
Tax Season - What Everyone Dreads - AI to the Rescue
With tax season coming up soon, many are scrambling to get their tax documents in order. This is the time of year that many people rely on tax businesses to do their taxes, especially freelancers, independent contractors, small business owners, or any that are self-employed.
If you don't work a "day job", then most likely you are going to pay a hefty amount of taxes - that is unless you have a large amount of assets and stock and are taking debt out on that money. That is a loophole in the system that needs to be fixed.
There is an app called FlyFin AI that will help you do taxes. It's specifically catered to those who are self-employed and dread doing taxes because of all the nuances involved. If you are in the category of contractor, self-employed, freelancer, or small business owner, then this app might be useful to you.
AI could take 95% of the tax effort away. It can find every deduction, including the smallest write-offs, saving you about $3,700 per year on average. CPAs are available to provide unlimited advice right in the app when you need it as well, anytime you need it.
If taxes freak you out and you are always wondering if you are forgetting something, you won't have to worry too much with this AI generated app. It uses the brain power of an AI to simplify filing taxes. It makes it as simple as clicking a button. It will walk you through a few questions to help you maximize your return.
Future of Taxes and AI</h1>
AI is starting to assist with many different things in life. Already, AI is being used with the ChatGPT app, allowing you to get immediate answers to questions. However, there is one potential problem with this. And that is bias.
The contributors to ChatGPT are putting a political slant on their answers. For example, ChatGPT was asked about positive qualities for Donald Trump and Joe Biden and there were drastically different answers to each. Once this was known, the AI quickly changed its tune and started to list positive qualities - though it is still saying that it is subjective.
The damage done to the credibility of AI by ChatGPT engineers building in political bias is irreparable. pic.twitter.com/s5fdoa8xQ6— (@LeighWolf) February 1, 2023
It's good that this was caught and corrected in the AI because you can find positive and negative qualities in anyone.
There will need to be governance for AI somehow. I'm not qualified to answer how to do that, but an impartial system or referee makes the most sense here. It would have to be an organization that has no incentive or interests.
AI is going to help us with many things, from taxes to programming to learning more efficiently to many other things. The question is, what will be the negative effects of AI, and how do we counteract them as best as possible?
What do you think of having your taxes done by AI?
Online writer since 2008. I enjoy writing and have written nearly a thousand tech related articles about electric vehicles, software, tech companies, hardware, gaming, tech related products, and company developments in tech.