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Magnetic Tax Preparation

Magnetic AI Tax Preparation: Automate your tax practice with AI-powered document scanning and data entry.

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Introduction

Overview

Magnetic is a cutting-edge AI-powered tax preparation tool designed to revolutionize the workflow of tax professionals. By automating repetitive manual tasks, Magnetic empowers accounting firms to significantly enhance efficiency, reduce errors, and dedicate more time to client relationships and strategic advisory services. The platform leverages proprietary AI to scan, organize, and input data from a wide array of client documents directly into existing tax software, streamlining the entire preparation process.

Key Benefits

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Significant Time Savings: Automates data entry from various document types, freeing up valuable time for tax professionals.

Enhanced Accuracy: AI-driven processing and professional review minimize errors in tax return preparation.

Seamless Integration: Works with your current tax software, ensuring a smooth transition and minimal disruption.

Robust Security: Employs bank-level encryption and adheres to strict IRS security protocols to protect sensitive client data.

Main Features

Magnetic offers a comprehensive suite of features to optimize tax preparation:

AI-Powered Document Scanning: Capable of scanning and processing diverse documents, including questionnaires, organizers, K-1s, brokerage forms, and even handwritten notes.
Universal File Format Handling: Accepts various file formats such as PDFs, images, Excel sheets, prior year 1040s, and client pro-forma files.
Direct Tax Software Integration: Links directly with your existing tax software, inputting data accurately and efficiently.
Bank-Level Security: Ensures data is encrypted with 256-bit encryption and stored securely on U.S.-based servers, complying with IRS regulations.
Professional Review: All returns are reviewed by U.S.-based tax professionals (EAs & CPAs) for accuracy and completeness before final client review.

Who Should Use It

Magnetic is ideal for tax firms, CPAs, and Enrolled Agents (EAs) seeking to modernize their practice, reduce operational overhead, and improve the accuracy and speed of tax return preparation. It's particularly beneficial for firms handling a high volume of returns or those looking to scale their operations efficiently.

Getting Started

To experience the benefits of Magnetic, tax professionals are encouraged to book a demo via the website. This allows potential users to see the tool in action and understand how it can be integrated into their specific practice workflows.

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Information

Websitemagnetictax.com
Published date2025/11/04

Frequently Asked Questions

Slack Integration

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Freemium

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Product Information

Pricing Model

📞 Contact Sales

Supported Platforms

Web

Supported Languages

English

Key Features

📄

AI Document Scanning

Automates the scanning and data entry from all client tax documents, including PDFs, images, and handwritten notes.

🔗

Software Integration

Seamlessly integrates with your existing tax software, inputting data directly like a human would.

🔒

Bank-Level Security

Ensures data privacy and compliance with 256-bit bank-level encryption and U.S.-based secure servers.

✅

Professional Review

All returns are reviewed for accuracy by U.S.-based EAs and CPAs before final client review.

📁

Handles Any File Format

Handles a wide variety of file formats, including complex K-1s, brokerage forms, and prior year returns.

Pros & Cons

Pros

Significantly reduces manual data entry time for tax professionals.
Improves accuracy through AI processing and professional review.
Integrates smoothly with existing tax preparation software.
Provides high-level data security compliant with IRS standards.

Cons

Limited information on specific AI models used.
Pricing details are not publicly available and require contacting sales.

Use Cases

1Automating data entry from client tax documents.
2Reducing errors in tax return preparation.
3Streamlining the workflow for tax season.
4Enhancing client service by freeing up professional time.
5Integrating AI capabilities into existing accounting software.

Who Should Use This?

👤CPAs
👤Enrolled Agents (EAs)
👤Tax Preparation Firms
👤Accounting Professionals

Magnetic Tax Preparation