It is interesting as it seems that this is competing with their (Intuit) TurboTax product. Add to this that it seems to me like a more convenient and less expensive solution, and I am scratching my head.
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@ljgrohn I work for TurboTax, not this team specifically, but within their R&D division, which is incredibly scrappy and creative. In my opinion this is just an effort to innovate, and stay ahead in a tough and competitive space. A corporation willing to disrupt its own product is pretty neat!
@ljgrohn Check out my comment- It should make you scratch your head again. When we finish FileQE in a few weeks- can we give you early access to try out our product?
Just to clarify. TurboTax ie Tada ie Intuit spent $11,500,000 (yes, eleven and a half million dollars) on lobbying the US government to make taxes MORE complicated.
http://techcrunch.com/2013/03/27...http://www.propublica.org/articl...
AND this new product is essentially the free version of TurboTax but packaged for millennials and then charging $20-40 for it.
AND the worst part is- check out any, I mean any at all, review site of TurboTax like Consumer Affairs http://www.consumeraffairs.com/c... and look how they rank (hint- very, very bad).
We are building something awesome that is solely aiming to make the US Tax system not so horrible.
@yozapli looking forward to seeing what FileQE will be bringing to the field! You are right, these look like the basic questions from the free version of TurboTax and while it looks like texting with a representative, you are only given yes/no options to respond to the questions. Like @juantabone shared, it can only handle simple tax situations. Still, people place an IMMENSE value on simplified design so I can see many being drawn to the idea of texting with a rep and snapping a pic of your forms so you don't have to type in the numbers yourself.
@ranlearns 100% agree on simplicity is a premium and presenting a simple, easy to use and understand format is valuable. We are working on a system that is to the core easy but also brilliant. Getting the best deductions and saving you lots of $ by employing accounting best practices, machine learning on a huge scale, and we are doing everything possible to make this all free. Actually free.
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@yozapli@ranlearns I can't wait for a product like this to exist. Please let me know when it is ready!
@rosssheingold Will love to give you early access when it is ready!
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Wow, I completely missed that this was Intuit (website looks too good!) until you guys brought it up. Are you actually talking with someone or is it just AI? I've been looking for a "Web 2.0 for Taxes" for years. I think it's crazy I have to take a Saturday and go it at my accountants office to talk about something that could easily be done like this suggests.
It does look like it supports many tax forms though. Someone that may fall in the "easy return" category may find this useful, but if I have 401(k), HSA, IRA, etc. looks like they don't have a solution for such as of yet.
@amyers Tada gets your taxes done with a combination of AI (to collect some answers) and then tax professionals to get your taxes done. Web 2.0 taxes is finally here! Just one clarification – you can use Tada if you have a 401K or HSA (just not if you took a distribution this year).
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@sgeltman What about IRA? From crowd lending sites such as LendingClub with 1099-OID? 1099-B?
@amyers Not yet unfortunately. We'll keep you posted when we expand.
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@sgeltman Thanks. That's my issue - those are pretty standard forms. I'm hoping you'll expand quickly. I can see this being very big - I know I would dump my accountant and try it.
20-40 dollars might be too steep a price to pay for convenience. However, I see both sides because it definitely does save time and saves you the pain of dealing with taxes.
@jacksitt I disagree on that, professional tax offices in Germany will ask at least 200$-300$ for tax consultations and even some of my friends do it. What's more, there's lots of tax software in Germany (you still have to do it on your own) which facilitates the tax statement that cost around 45$. I probably would pay much more then the projected 20$.
@juantabone Sorry man. Yeah, we are only currently doing one state tax return.
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@sgeltman no worries! I'm just having fun showing this to people that can use it e.g. friends who just graduated from college that are trying to be real adults
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