We all know the saying - "the only guarantees in life are death and taxes." Most households treat taxes as an annual annoyance met with little preparation and a lot of aggravation. After all, the tax code is roughly 74,000 pages these days - not exactly light reading. And while many tax software systems already exist to ease the pain of annual filing, are they really guiding your finances in a way that makes tax planning as natural as setting up a monthly budget? That's exactly what the Financial Gravity team is seeking to do with the Tax Operating System® Challenge: create a comprehensive tax planning application as part of a broader, holistic household finance system. The best part? Financial Gravity already has a database of ideal tax "scenarios" that maximize take-home income for an enormous spectrum of brackets and situations. The part that's missing? The automation that connects individuals and their personal situation to their most ideal scenario. They will proactively operate their lives so that they pay the lowest tax allowable, by using every part of the law available to them. What they’ll have is a Tax Operating System®.
The winning design will be an application optimized to lower personal taxes for business owners, entrepreneurs and high net worth families with multiple sources of income, some investments, and the ability to save for the future. Small businesses owners and those with even smaller "side businesses" (or other additional income) will get even more value, as the application will aid in pre-emptive decision making and business planning to help retain as much of their gross income as possible.
Maybe you already know about the tax benefits of the earned-income tax credit, business expenses, and health care costs, and that's a good start, but far from the whole story. In truth, the vast majority of people are still not optimizing their financial decisions and business plans for the most favorable tax outcomes -- and it's costing them thousands of extras dollars every year. The biggest and brightest companies in the world have highly paid teams dedicated to saving money in taxes, isn't it time for the little guy to get some of the same relief?
That being said, current financial services, even ones designed for the wealthy, are inefficient and inconsistent, in part due to their full dependence on a team of disconnected individuals. These experts must maintain an understanding and stay current on thousands of pages of tax codes and a spectrum of financial products that change regularly and vary depending on a number of variables. Unsurprisingly, the outcomes achieved by wealth management services are varied and not uniform.
Despite the number of tax planning and wealth management services out there, ones that enable people to plan in advance of tax time have not yet been automated. This field is ripe for automation to increase consistency, provide support to the experts working in the field, and provide accessibility to business owners at all income levels. An artificial-intelligence-enabled solution will eventually outperform the best advisors as it learns from analyzing a wider variety of configurations for each and every case it processes.
Financial Gravity is a financial service provider offering fully-integrated financial solutions, with a sole focus on increasing wealth and decreasing costs. Whether you’re a business owner or an individual investor, they have some most comprehensive tax, business solutions, and wealth management techniques in the industry.
Unlike traditional financial services firms or consultancies, their unique approach combines both individualized planning and hands-on execution, and with the Tax Operating System® Challenge, these tried and true methods will be brought to the next level of efficacy.