Taxfix’s co-founders, a tax declaration automation company, believe that filing taxes is “painful” and “time-consuming” which has led to re-thinking the tax declaration process for individuals to automate and simplify the process with the power of AI tools.
In Germany, more than 7 million eligible employees do not file tax returns which results in billions of euros of unclaimed tax refunds every year. (Taxfix, the Automated Tax Accountant, Raises $65 Million, n.d.)
🤖How is tax filing process automated?
- Smart set of questions: the algorithm shows the most appropriate questions next, depending on previous responses, helping avoid unnecessary questions that users can ignore.
- Less time spent on filing taxes: Simply answering the questions, the process is simplified and takes considerably less time compared to filing taxes individually.
- Economically viable : Compared to filing taxes with a tax consultant, filing taxes automatically could be a cheaper alternative.
- Agility: ‘TaxML’ programming language by Taxfix - the laws and regulations can be programmed into the app and can be adjusted easily for new regions or categories of tax declaration categories. (Taxfix, the Automated Tax Accountant, Raises $65 Million , n.d.)
Taxfix, the automated tax accountant, raises $65 million. (n.d.). Taxfix. Retrieved November 4, 2021, from https://taxfix.de/en/press-releases/taxfix-the-automated-tax-accountant-raises-65-million/
Taxfix, Your digital tax accountant. (n.d.). Taxfix. Retrieved February 27, 2022, from https://taxfix.de/en/