In 2023, McKinsey called it "generative AI’s breakout year." By 2024, AI is reshaping how we conduct business and communicate with others. A survey by The Small Business & Entrepreneurship Council reveals that 75% of small businesses use AI tools for tasks like managing finances, automating email marketing, and inventory management. But AI’s role extends beyond these functions—it can also assist small businesses in filing taxes on their own terms.
Dealing with taxes is often confusing and intimidating, especially for small business owners who face more complex tax situations. New DIY tax platforms now incorporate generative AI, offering instant, conversational answers to common tax questions and providing access to online tax professionals. This AI integration offers small business owners and entrepreneurs around-the-clock assistance, guiding them through the entire tax filing process.
Managing a small business frequently involves working beyond regular business hours. Owners juggle cash flow, expenses, generating new leads, managing staff, and daily operations long after typical office hours. When tax season arrives, scheduling an appointment with a CPA or tax professional during business hours can be burdensome. Thankfully, DIY tax filing solutions with integrated AI provide flexibility, allowing business owners to file taxes at their convenience and eliminating the need to physically meet a professional during work hours.
AI-powered tax filing solutions enable small business owners to tackle tax-related tasks whenever it suits them, even late at night. These tools can answer questions about claiming expenses, like mileage, or understanding the QBI deduction, even when a live professional isn’t available.
Filing taxes as a small business is much more complex than individual filing. It involves determining required forms, deductible expenses, calculating estimated taxes, and understanding the tax implications of hiring staff or contractors. Generic search engines aren’t equipped to handle such complexities, which can result in serious financial issues if returns are late or wrong. AI-driven DIY tax platforms offer reliable and specific guidance for small business owners, optimizing refunds and minimizing liabilities.
The accuracy and reliability of AI tools in handling complex tax issues offer comfort to small business owners. AI systems stay updated with tax codes, expert advice, and recent policy changes, helping those with complex scenarios, like owning or renting multiple properties. For the best answers, small business owners need to ask precise questions. For instance, instead of a broad inquiry like "What deductions are available for small businesses?", they should ask specific questions such as "Which home office expenses are deductible for a small business?" Detailed questions generate more accurate responses tailored to their unique situations. For additional assistance, tax software platforms typically offer access to live experts who can guide users through the process.
In today’s demanding world, professionals seek easy, convenient, and reliable tax preparation and filing solutions. Small business owners need to fit these tasks into already packed schedules. AI tools empower them to approach tax season with confidence and remain focused on growing their businesses.
