In your quest to file and pay taxes easily, you might be on the lookout for better tax software. But with IRS tax filing, there's no one jack of all trades. Instead, you should look for software that suits your specific needs depending on your tax filing status.
One popular tax software is TaxAct, which is suited for W-2 employees with less complex taxes. FlyFin A.I. is geared towards self-employed individuals, freelancers or small business owners.
In this article, we'll thoroughly compare the two and highlight why one is better in a particular situation. We'll all list the features and benefits of different subscription packs in both FlyFin A.I. and TaxAct. But, first, let's have a look at both the competitors.
When you visit FlyFin A.I., you will notice it’s tuned to do taxes for freelancers, self-employed individuals and small business entities like LLCs, S-corporations, etc. The highlight of FlyFin is that it uses cutting-edge artificial intelligence (A.I.) technology to automate time-consuming tasks like finding all tax deductions for your business expenses.
FlyFin makes Excel sheets that categorize all your business expenses as IRS tax write-offs, so you don't have to worry about writing all the information down whenever you drive to a fuel stop to fill up the vehicle you use for business purposes or share a business meal with a client. Similarly, if you are going on business trips, A.I. can track them too, including your airfare, rental car and AirBnB.
Once A.I. tracks all your business expenses, an expert CPA reviews your tax file and checks for accuracyA.I. finds deductions with great precision, and a talented CPA team ensures that everything's in order. The platform then lets you review and approve your tax file so that CPAs can file your taxes. FlyFin takes care of taxes from start to finish for anyone running their own gig.
TaxActwas founded in 1992 and was initially called 2nd Story Software, but due to a series of acquisitions and subsequent renaming, the company became TaxAct in 2013. TaxAct, in its current form and shape, offers a solution for individual filers, self-employed individuals and businesses.
When using TaxAct, you can choose between different online plans that will assist you to a certain degree based on your choice. The tax software has two categories in these plans: File on your own and Add expert help.
The first case has four different plans: Free, Deluxe, Premier and Self-employed if you add expert help, you'll pay additional money for your taxes.
Unlike FlyFin A.I., TaxAct is not automated, meaning the software needs you to put your information correctly. FlyFin A.I., on the other hand, uses A.I. to find information for you from your account and then gets approval from you – followed by a CPA verification.
Because TacAct has different assistance models that users can add based on individual needs, we will mention the maximum amount you pay in each plan. With FlyFin A.I., you get all the extra additions with even the basic model.
At first glance, you see a bigger list on TaxAct, but FlyFin's most basic plan also addresses these features. In addition, FlyFin addressed the tax filing and tax saving needs of self-employed individuals and small businesses, while TaxAct aims to address all taxpayers.
When comparing the two, we realize that with FlyFin, self-employed individuals need to spend much less time, as much of the heavy lifting of finding deductions is done by the A.I. Since TaxAct doesn't use A.I. automation, you have to keep records like receipts, mileage logs if you are freelance delivery driver and countless other documents to support your tax deductions.