Freelancing in our “gig” economy is becoming more and more popular, and some 70 million people work as freelancers just in the U.S. Freelancers enjoy plenty of perks, such as the ability to work from home. But doing taxes can be a tall order, particularly figuring out exactly which expenses you can and can’t deduct. Jaideep Singh joins Startup Savant to talk about his startup FlyFin, which aims to help freelancers with AI-based software that simplifies tax prep.
- Startup Savant is a business podcast that tells the stories behind up-and-coming startups.
- Jaideep Singh joins Startup Savant to talk about his startup FlyFin.
- FlyFin FlyFin is the leading AI tax service that helps freelancers and self-employed people deal with their taxes.
Making Freelancer Tax Prep Easier
Jaideep noted during his interview with Startup Savant that preparing a return as a freelancer is often much more complicated than preparing one as a regular W-2 employee. This can be intimidating for freelancers, who often don’t know how to prepare their returns correctly and claim all the deductions they’re entitled to. Jaideep also pointed out that a freelancer is essentially a small business. As a result, they need to understand their expenses, gross income, net income, etc.
Even for tax-savvy freelancers, preparing a tax return is a major time suck. Jaideep said he personally experienced this when he started out and realized he often filed for an extension simply to buy extra time. For example, it took him about two days just to find all of his work-related transactions and go through his “shoebox of receipts” to give to his CPA, who then charged him about $1,500 to complete his return.
FlyFin’s AI-Based Solution
At some point, Jaideep had an epiphany: Many of a freelancer’s tax-related tasks could be automated with artificial intelligence (AI). This inspired him to start FlyFin. The company’s users can securely link to their financial institutions through FlyFin’s software, which then collects transaction data automatically and determines possible deductions. This can slash 15 or 20 hours of work to 20 minutes of review, Jaideep said.
Because AI can’t entirely prepare and file a return, FlyFin has a team of certified tax preparers who can get freelancers over the finish line. If you have an LLC or an S Corp, this will cost $350 – much less than traditional CPAs charge to prepare a return from scratch. “It’s a combination of really using technology to solve a problem that’s real pain for you, but doing a high-quality job,” he said. “That’s using the best of humans and the best of technology married together in a solution, in a tax service.”
Startup Savant Podcast
The Startup Savant podcast is a business podcast created by The Really Useful Information Company (TRUiC) and hosted by Ethan Peyton, founder of State Requirement. Listeners can hear the stories behind startups, as told by their founders, that are in the midst of growing their companies.
Hear from a variety of real startup founders from around the globe and with varying backgrounds, making their startup idea a reality. Learn from experts sharing their industry knowledge on venture capital, securing funding, and more on the Startup Savant podcast.
Jaideep Singh joins Startup Savant to discuss founding his startup FlyFin. He explains how FlyFin’s AI-based software can make filing taxes much less of a pain point for freelancers and identify all the deductions they’re entitled to, including ones they probably would miss.
You can find the Startup Savant podcast on Apple Podcasts, Spotify, or wherever you listen to podcasts.