Financial Gravity hosts AI design challenge for tax planning software

CEO of Financial Gravity John PollockFinancial Gravity / YouTube

Financial Gravity, a tax services and wealth management firm in Dallas, is sponsoring an AI design challenge for the creation of an an artificially intelligent tax advisor.

The AI-enabled automated tax planning assistant software, as it’s being called, will be named Odele; and its target end users are business owners, entrepreneurs and high net worth families with multiple sources of income, some investments, and the ability to save for the future.

Odele should be able to:

• Present and compare taxes and income for a business owner for a variety of tax configurations, assumptions, and projections;
• Calculate lost income by comparing taxes paid for a previous year with taxes that would have been paid under an optimal configuration;
• Recommend optimal tax-planning configuration for the upcoming year, based on the business owner’s goals, preferences, personal lifestyle and logistics of implementing different tools and services; and
• Learn and upgrade its algorithms based on each case it handles, new tax regulations, tax court cases, IRS rulings, etc. It should also able to alert users who may be using a strategy that is no longer optimal.

Financial Gravity reports that it has a database of ideal tax scenarios that maximize take-home income. The firm wants Odele to connect individuals to their most ideal scenario.

The firm is offering a total prize pool of up to $125,000, which may be split by up to five winners. The minimum prize is expected to be $20,000. FInancial Gravity also expects to invite competitors to partner with the firm, to share proprietary data to create a new and potentially jointly owned proprietary tool.

For more information on the challenge, click here.

Source: Accounting Today

Now is a good time to plan for your 2016 taxes.

You may be tempted to forget about your taxes once you’ve filed but some tax planning done now may benefit you later. Now is a good time to set up a system so you can keep your tax records safe and easy to find.  Here are some IRS tips to give you a leg up on next year’s taxes:

Take action when life changes occur.
Report changes in circumstances to the Health Insurance Marketplace.
Keep records safe.
Stay organized.
Shop for a tax preparer.
Think about itemizing.
Stay informed.

Let us help you stay on track for next year. Contact Neikirk, Mahoney & Smith at 502-896-2999 for more information.

2014 Tax Planning - 5 Tips

Tax planning very rarely makes it on people’s new year’s resolution lists. But perhaps 2014 should be the year you vow to achieve a greater level of understanding about your taxes and to properly organize and plan for your liability, according to Fox Business.

Not only would this pledge make your life easier come tax season, it could also end up keeping more money in your bank account.

Check out some tips to get rolling on fulfilling this resolution:

1. Set up your 2014 tax file. This could be an electronic file in which you scan documents and transactions throughout the year that will affect your tax return, or a folder or bin that holds the information.

The beauty of an electronic file is that at tax time you can simply e-mail it to your tax professional, who will likely also maintain the file in the event of an audit. Just make sure you have adequate back up of your data in case something goes wrong. Adding notes on the tax documents to aid your tax pro in understanding the transaction can help the filing process.

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