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...
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.
4. Because you want to see tax season become irrelevant
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.
The smallest investment amount that TaxDrop is accepting.
TaxDrop needs to reach their minimum funding goal before
the deadline. If they don’t, all investments will be refunded.
The Crowd SAFE is an agreement for future equity in the startup,
meaning that it can convert to equity in the future.
The Crowd SAFE is an agreement for future equity in the startup, meaning that it can convert to equity in the future.
$50,000 – $1,070,000
TaxDrop needs to raise
before the deadline. The maximum amount TaxDrop is willing
to raise is $1.07M.
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.
You know how they say there are only two certainty in life: death and taxes. Well, TaxDrop certainly brings death to the dreaded tax season.
Filing taxes is annoying. For busy entrepreneurs like me solutions like TaxDrop are a major win.
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.
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