Here are the startups in the Disrupt NY featured pavilions
We're gearing up for a great Disrupt NY and this year we're pulling out all the stops. Like the pavilions we had in London and San Franci...
I'm sharing the TaxDrop story and answering all your questions live! 💡It's free to join and I totally encourage all to participate!
Join me and Republic tomorrow, 9/14 at 12 Noon EST for the TaxDrop webcast. RSVP here: https://republic.co/taxdrop-fo...
Firstly, thank you to all TaxDrop investors who have helped us reach over 50% in just a week! This quick milestone has fueled our excitement and we look forward to a successful tax season in 2018. Among those who invested so far are:
This is a really exciting time to be in financial services with all the change and innovation happening in fintech. Complicated by ever-changing regulations, tax and accounting is headed for a major makeover.
So much money, but most importantly time, is spent on this annual repetitive process that so desperately needs the touch of machine learning. Future developments will include connecting bank accounts to TaxDrop, so expenses can be auto-populated into tax software. With Optical Character Recognition (OCR) technology, key numbers may be auto-extracted from scanned tax documents and populated into the tax software, making TaxDrop scalable.
With billions being spent on data entry alone, TaxDrop is targeting the massive preparation costs that preparers bill hourly for or are substantially increased by salaried workers hired for data entry. The TaxDrop solution increases the profit gap and relieves accounting talent for value-adding services.
As explained in the discussion thread, there are many reasons for choosing the $8M valuation cap. This is cap does not suggest TaxDrop’s current valuation, which will be determined in the near future. TaxDrop’s proprietary software as it grows will become essential to disrupting the tax industry and may take on a B2B model, licensing the auto-population tool to existing tax firms to reduce costs of tax prep. Such a tool would be equally valued internationally as would be with US preparers—all tax preparers no matter which country face high cost and time burdens of manual data entry and all taxpayers would save time no longer digging for a multitude of receipts and tax documents.
Every year, 137 million people struggle to sort out documents needed for their tax returns. The tax code is complicated, convoluted, and confusing – that’s why an estimated 59.2% of Americans chose to enroll the help of a tax professional.
Self-filing software feels like self-diagnosing yourself via webMD instead of seeing a real doctor. The error rate for self-prepared returns is up to 28x greater than for paid-prepared returns.
Consumers face two major hurdles when utilizing tax help: CPA and legal services’ web portals are tedious, and many tax preparers are unlicensed and unqualified to do their jobs.
Welcome to efficiency. The first to seek true automation when filing taxes, TaxDrop doesn’t just make it easier to self-file or only more efficient for the preparer. It’s a step towards the real solution.
1. Snap photos of your tax docs. You have a W-2 form? Take a picture of that. Loan documents? That too. You can snap a pic of anything, no matter if it’s a form received in the mail or online (screenshots are okay!).
2. Fill out your profile (once). This is basic information that you already have on hand: current address, marital status, dependents, etc.
3. Send to TaxDrop. You’re done! One of TaxDrop’s CPAs will reach out if they need more info – virtually through a secured portal – all for your peace of mind.
The industry grew over 2% between 2010 and 2015; faster growth is expected.
TaxDrop is well positioned to capture substantial market share and grow fast. Our focus is on making the client’s tax experience as comfortable and seamless as possible, which all consumers are rooting for.
Investing in TaxDrop moves consumer experience with taxes towards automation and artificial intelligence.
Our short-term vision is to make TaxDrop intelligent enough to scan your bank accounts, receipts, and tax documents to pull income and deductions real-time with CPA supervision, so you’ll know your refund before tax returns are due and withhold tax more precisely during the year.
You won’t even know your tax returns are being prepared, because what is tax season?
We offer our service on a pay-per-use basis, with three pricing models to better serve the market segments.
In this early phase, TaxDrop aims to reach 3000 clients by 2018, at an average estimated fee of $200 per client. To push market adoption, we are going to follow two tracks:
Your Funding will be used towards
Suddenly, all expenses that users forgot they incurred throughout the year are being utilized to cut down tax liability, and they wouldn’t even need to lift a finger.
Easy button to send off the little things that add up
We are always looking for ways to cut down total time spent on the consumer side.
TaxDrop plans to use OCR technology and AI to identify and automatically populate the tax return, leaving the human talent for the review process. As TaxDrop connects to bank accounts and scans tax documents received, key numbers and information will be extracted, reorganized and populated into the tax software.
It is no doubt that repetitive processes in any market or industry are being overtaken by automation and machine intelligence. TaxDrop encourages this efficiency and strives to be at the forefront of that innovation. A hybrid between self-filing and a CPA manually completing returns, in ten years’ time, we could even be working directly with the federal government to get your tax returns and refunds processed faster and more efficiently.
Alice Cheng – Certified Public Accountant
“I graduated from Rutgers University in 2015 and passed all CPA exams within 3 months after graduation, becoming a licensed CPA in NY State.
Right before that, I got invaluable experience at Deloitte, initially in enterprise services in 2013 and later moving to the famed tax department, and then quickly growing to become a Deloitte international tax consultant.
That’s when I got the idea to solve the issue of filing taxes for busy people who don’t have the time or patience to deal with tax returns (as I found out, the majority of people).
My friends who were in medical school or even finance professionals all felt lost when it came to taxes. During my days at Deloitte and my accounting practice back in college, I saw firsthand how inefficient the current process of using a paid-preparer is: clients would call to see when the next available appointment could be that also matched their schedules, they’d show up with a bag of receipts and papers only to be sent home when told the firm didn’t offer receipt organization services.
Most tax prep staff sat at a computer entering numbers in the tax software and constantly checking to see if it was entered right. All these inefficiencies could have easily been helped by everything TaxDrop offers today.”
We know the current taxprep system needs a lot of work and we know how to fix it. Help us accomplish our mission to connect taxpayers to the taxpros in the most efficient way.
Name on our contributors Thank You page + TaxDrop t-shirt
$150 TaxDrop Credit + Thank You page + TaxDrop t-shirt
$250 TaxDrop Credit + Thank You page + TaxDrop t-shirt
$500 TaxDrop Credit with VIP express tax prep, core team personally overseeing your account + Thank You page + TaxDrop t-shirt
Join Alice for Lunch in NYC +$500 investment perk
Invite-Only TaxDrop Investors Reception + $1000 investment perk
Dinner with the Founder in NYC + $5,000 investment perk
A Day Behind-the-Scenes with TaxDrop + $10,000 investment perk
A seat on the TaxDrop advisory board + $25,000 investment perk
TaxDrop is a mobile app where users snap pics of tax documents, upload, and a licensed CPA prepares your tax return, getting you out of tax season in minutes.
TaxDrop assigns a TaxDrop CPA to you. All are licensed CPAs and qualified to prepare your tax returns. We provide the quality, you provide the tax docs.
Yes, because TaxDrop is not self-preparation software so you're not doing the work! In roughly 10 minutes, you are done with the 4 easy steps in the app: snapping pics of tax documents, user profile, a short questionnaire for tax planning, bank info for your refund to auto-deposit.
TaxDrop is available for download on the App Store. From finance to medical professionals, our current customers find themselves relieved of their tax return burden and their questions answered by a CPA.
TaxDrop is not self-prep software (think TurboTax) and only uses licensed CPAs to prepare your tax return. Building off the current app offered today, it is our short-term plan to create a truly automated tax season. When your tax documents and bank accounts are connected and scanned by OCR and AI technology, your return can be automatically populated and reviewed by the CPA (think a machine diagnosing your illness, followed by confirmation by your actual Doctor).
Turns out consumers are already paying a decent sum for their tax returns, from TurboTax to human preparers. TaxDrop offers competitive pricing, but the most important asset saved is the consumer's time.
Certified Public Accountant. The license is awarded to accountants who pass all 4 sections of the CPA exam, graduate with 150 relevant credits in accounting, and complete various hours of practice in public accounting (depending on the state of licensure). Continuing education credits are necessary to maintain the license each year.
Currently, Alice serves as the only TaxDrop tax preparer. As TaxDrop prepares to scale, the plan is to expand the team of in-house CPAs or use contracted CPAs, depending on what funding allows.
While we would love to, that isn't in our budget for product development. You can arrange for a 1:1 call or video chat with the Founder instead.
I am looking for an efficient way to make filing and paying taxes easy. I have had my run-ins with the IRS, and don't wish those upon anyone.Kevin BeckInvested 8 minutes ago
I'm a former international tax lawyer, was a director at a Big4 and I understand the value of the product. I also have a good gut feel about the founder.Varelie CroesInvested 10 days ago
I think it disrupts traditional Tax management and help people to handle their tax bills by themselvesYasser AljarbouInvested 11 days ago
I think it's a brilliant ideaMarissa GloverInvested 12 days ago
My tax situation already calls for more than TurboTax can offer. Glad to invest in a service I plan to use anyway, everyone wins!Curt SquiresInvested 13 days ago
Looks like a valuable service. Since 1954 I have always done my taxes. It takes about two days to do my taxes, so I may try tax drop this year.John HydeInvested 15 days ago
Simple idea that has been a long time coming.Ed DudleyInvested 16 days ago
I think this solution will help a lot of people like me. You have sold something many of us need it.Tan Quan NguyenInvested 20 days ago
Because the tax system truly does need an overhaul dramaticallytrasey greenInvested 20 days ago
This is great for people that don't want to deal with manual prep or using tax prep software. I truly believe that even with a barely complex tax situation AND using software like TurboTax, your tax prep could be wrong.Cole YoungmarkInvested 19 days ago
I want to be well diversifiedThomas BeckInvested 21 days ago
This is a brilliant idea!Aaron BlaisdellInvested 20 days ago
I like the the software..Pete FoulkInvested 22 days ago
Great space for disruption. Big market. Diverse team.Brandon AndrewsInvested 21 days ago
I am the founder & CEO of a global cosmetic company. In business, it is extremely crucial to make any complicated process simple. TaxDrop will change the entire tax filling industry. It is surely the Number 1 blockbuster APP in the market. I am in!Yamin ChengInvested 21 days ago
Everyone needs to file their taxes, myself included. I absolutely abhor doing them myself, and this process seems highly efficient and innovative. It would be perfect for someone with a busy life, like myself. Efficiency/accuracy are key to success.Vivianna RoodbergenInvested 23 days ago
As a seasoned Tax Accountant I have been waiting for someone to do this, its inevitable, and from the pitch I think that TaxDrop is ready.Dale HanksInvested 23 days ago
I invested because of TaxDrop can save lots of time and money in tax return for personal and companies.Xiaodong ShenInvested 24 days ago
Good idea that will take offJoel McleodInvested 23 days ago
I really like this idea but i can't use it with business taxes yet.michael fisherInvested 23 days ago
Millions of people will use this service, hopefully.Alan BartonInvested 23 days ago
TaxDrop is an innovative and more efficient way of preparing taxes.Azucena LeighInvested 24 days ago
i actually asked turbotax for this take-a-pic of tax docs capability and they never built it. if this works as well as turbotax does with files-from-logged-in accts like schwab, this app should do very well!lance newmanInvested 25 days ago
I've generally been frustrated with tax prep software for years. I like the mobile focus and am hopeful it will be user friendly for us 1099 contractors!Miller LoganInvested 25 days ago
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