Intuit introduces tax tools for consumers and small businesses

Intuit introduces tax tools for consumers and small businesses

Intuit has launched new tax platform offerings for individuals and small businesses.

The company behind services like TurboTax, Credit Karma and QuickBooks announced the new tools on Thursday (Dec. 5), saying they were part of its efforts to help taxpayers during the off-tax season.

“Receiving a tax refund is a pivotal moment in the financial lives of millions of Americans each year. That’s why we’re focused on eliminating the work and worry of filing taxes and giving you the best possible tax preparation experience done for you.” “The market that puts the guaranteed maximum refund in customers’ pockets faster,” said Mark Notarainni, executive vice president and general manager of Intuit’s consumer group, said in a press release.

“With our connected consumer platform, we go one step further, providing Credit Karma and TurboTax customers with insights and personalized recommendations year-round, so we can help our customers navigate their financial journey beyond tax season.”

New offerings include the ability for filers to prepare their taxes in as little as two hours through Intuit’s 12,000-member artificial intelligence (AI)-powered network of experts, including CPAs, accountants and tax attorneys.

The company’s AI platform can now also fill out most tax returns automatically, minimizing manual data entry.

“Building on the previously announced Intuit Assist, customers will receive detailed and personalized explanations throughout the filing process, ensuring customers understand the “why” behind the numbers, increasing their confidence that their taxes are being done correctly,” the company said. “While automated workflows anticipate the submitter’s needs and enable real-time accuracy checks as customers complete their returns.”

The new offerings are the latest in a series of AI-powered services that Intuit has introduced this year as the company continues to embrace artificial intelligence.

“We had a strong start to the year as we demonstrated the power of Intuit’s AI-driven expert platform strategy. By delivering “done-for-you” experiences powered by AI with access to AI-powered human experts, we continue to drive consumer and business success,” Intuit CEO Sasan Goodarzi said on a conference call last month results.

“Our innovations and the evidence we observe continue to strengthen our confidence in our strategy.”

A day earlier, the company added a generative, AI-powered assistant to QuickBooks to help small and medium-sized businesses (SMBs) create estimates, invoices, invoices and payment reminders, as well as provide personalized recommendations.

Research from PYMNTS Intelligence shows that 96% of SMBs that have tried AI find it an effective tool.

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