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March 25, 2024

Waiting on Your CPA? Formations' AI Tax Assistant Gives Instant Insights for the Self-Employed

Formations unveils MAX, an AI-powered guide to tax savings that delivers answers in an instant.

The landscape of self-employment is full of promise yet fraught with financial intricacies and tax-related challenges. And traditional systems have left solopreneurs behind, struggling to get the crucial information they need to make informed decisions.

That’s where MAX comes in.

Formations is proud to introduce MAX, our revolutionary AI-driven tool designed to cut through the confusion and put comprehensive tax strategies and benefits within reach of 1099 professionals.

MAX is not just about providing immediate answers; it's about offering a pathway to financial empowerment. It democratizes access to strategic tax planning typically only available for larger corporations, ensuring that tax planning insights are always at your fingertips.


How MAX Works

Here's how Max works to elevate your financial well-being:

  1. Personalized Insights: Leveraging the comprehensive data analysis capabilities of AI, MAX assesses your specific situation by considering various factors such as location, income, and industry. This enables Max to provide tailored advice for your unique financial scenario.
  2. Tax Optimization: MAX aims to be your smart tax and accounting guide. By understanding the nuances of tax regulations and opportunities within your specific context, Max ensures that you're not just compliant but also maximizing your tax benefits. This might include identifying deductions and credits you're eligible for but weren't aware of.
  3. Continuous Learning and Evolution: As an AI assistant, MAX is constantly learning from new data and regulatory changes. This ability to evolve ensures that the financial advice and strategies Max provides are always up-to-date and increasingly refined to suit your evolving needs.
  4. Efficiency and Innovation: MAX embodies Formations' commitment to enhancing your financial health in the most efficient way possible. By automating the complexity of financial management and tax planning, MAX frees up your time and energy to focus on what you do best: growing your business and pursuing your passions.

In essence, Max is not just a tool but a financial guide. It offers innovative solutions to your financial queries and ensures that your path to financial well-being is as smooth and efficient as possible.

How to Talk To MAX

MAX is designed exclusively for the self-employed and will be able to answer most tax and accounting questions you may have. Sample questions include:

  1. Tax Deductions and Credits: What tax deductions am I eligible for as a self-employed individual in [specific industry]?
  2. Income and Expense Tracking: How should I categorize this expense for tax purposes?
  3. Financial Planning Advice: Based on my current financials, what strategies would you recommend for maximizing my tax savings?
  4. Industry-Specific Guidance: As a [specific profession], what are some common tax mistakes I should avoid?
  5. Retirement Planning: How much should I be contributing to a SEP IRA to optimize my tax benefits?
  6. Business Structure Consultation: Would changing my business structure to an S-Corp save me money on taxes?
  7. Expense Management: Is [specific type of expense] considered a deductible business expense?
  8. Audit Risk Assessment: What can I do to minimize my risk of being audited?

Have a Question?

Formations' introduction of MAX is more than just a milestone; it's a transformative shift towards continuing to empower individuals with the tools they need for financial success and tax optimization.

Discover how MAX can redefine your approach to tax strategy.