@pmlonglamoureux Everything. State, Federal, LLCs, S Corps, the whole thing. Like that song "Anything she can do, I can do better" but replace she with TurboTax/TaxAct/HRBlock
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@pmlonglamoureux What's your criteria for beta testers? With two small (but not super complex) businesses and office/home sublets, I imagine my data could help your algorithms stretch their legs and root out some edge cases.
@bitcomfort@pmlonglamoureux Would love to get you on the beta test once we open it up past our first circle. We will DM you on Twitter to get your info once we do- thank you for the offer!
Can you expand on how you are using algorithms to help file taxes? I wasn't able to gain much information from your landing page. Maybe i'm just being skeptical, but i'm having a hard time believing that you built a product that can do "everything" better for just $32K.
@plingampally Hello Pari, excellent question. A few answers, not in any particular order: Doing taxes for 80%+ of American tax fliers is fairly simple. It is not an archaic art but rather a fairly straightforward process of asking the correct questions (algorithm to determine your questions based on profile etc). We make the process simpler and in our opinion, far superior to the other offerings out there. How we did it for so cheap- my team put a lot of entrepreneurial GRIT, long hours, and scrappiness into building this. We had a retired senior accountant help us with IRS compliance for free (and the satisfaction of 'sticking it to the man'). Finally, we have a full year until next tax season when we launch this bad boy. This year we will be testing, deconstructing, and just generally poking at it to make it better and better.
@yozapli "Doing taxes for 80%+ of American tax fliers is fairly simple" I've seen similar statistics before, and it usually refers to the percent of Americans that take the standardized deduction vs the itemized deduction. What you will find out eventually is that creating an effective tax product for the remaining 20% is extremely hard. Not only is that subset of users' taxes more complicated, they are more vested in the accuracy of the return. An error for that group can result in fluctuations in the order of thousands of dollars.
@plingampally 100% on. That is why we are taking this very, very seriously and are working on making sure our product is delivering optimal results (think Pepsi Challenge but for tax apps)
@annonymous Thank you! The team really appreciates the comments- it is our secret sauce that is fueling Death & Taxes, the love we get from our early users!
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@yozapli When will the app be available for public ?
@gennady_barsky Thank you! We really appreciate the comment. We are building this for guys like you Gennady!
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@deathandtax Thanks for taking the time to explain a lot of the hesitations I'd have with letting another company loose on my taxes. This is an insane industry, so big props for attempting to tackle it.
You've got my email address - let's see what happens next year! My taxes this year were hell because of the ultimate of first world problems, selling restricted stock. If you can make that any easier you've got me.
@unseenvision This is 100% for joint/married as well as single. Thank you for the question and keen eye. We will update the GIF next time to have that example as well.
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This looks like a great product, and I certainly applaud your efforts, but honestly the "completely free" part is off-putting to me. I am not sure about other people, but to me, tax information is some of the most private and sensitive information that exists. I already have a hard time handing all this over to and trusting a CPA as it is due to all my security paranoia. Now you want me to trust a brand new startup with all my most sensitive data that is unsustainable from the outset? That's a really hard ask.
@vlucas Thanks for the comment. 100%, it is a big ask to give your most sensitive financial data to a startup. That is why we are taking another whole year to rock this out and make sure we are able to live up to our ideals of being the best tax filing mechanism there is. On your CPA security paranoia- we are toying with the idea of making it completely blind to ourselves and only allow the user and the IRS the ability to ever go within the individual data. Any thoughts on how to monetize though?
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