FlyFin Tax is a bookkeeping and tax-filing service powered by a combination of AI and human CPAs.

FlyFin is designed to help freelancers identify and maximize their deductions on items that can be easy to miss, such as home office, cell phone bills, and work-related travel expenses.

This review covers its key features, pricing, pros and cons, and some FlyFin alternatives, to help you determine whether FlyFin is right for you.

FlyFin Tax - Is It Really Free?

FlyFin Tax offers a 7-day free trial. This allows freelancers to use the app to identify and categorize deductions. In the first week, you can kick the tires and give the software a test run before committing to a paid plan.

Users who continue with the Standard Plan ($192 per year) can have a CPA file their Federal and State taxes as part of the price of the service. You’ll need to upgrade to the premium plan ($348 per year) if you have an S-Corp or want video meetings with your CPA.

What's New In 2024?

FlyFin upgraded its AI capabilities for 2024. Its AI-tool can now review your expenses to identify potential deductions, which is a major benefit. As with all tax software, FlyFin has updated its software to recognize the latest deductions, credits, and other limits for 2023 tax returns (filed in 2024).

Does FlyFin Make Filing Taxes Easy In 2024?

FlyFin simplifies tax filing for freelancers with a two-pronged approach to tax filing. First, the company finds tax deductions for freelancers and other business owners directly from connected financial accounts.

It uses AI to help you find, verify, and record all deductible expenses. You can use FlyFin automated bookkeeping year round, making life much easier at tax time. You can access income and expense reports based on the data compiled and analyzed by the AI.

Second, FlyFin Tax connects users to CPAs through the app. These CPAs can use the FlyFin Tax reports to quickly prepare tax returns for freelancers.

The service is designed specifically for freelancers, though entrepreneurs and other small business owners may be able to use FlyFin. For example, gig workers, musicians, artists, and independent contractors may find FlyFin worthwhile.

FlyFin Notable Features

FlyFin’s easy-to-use bookkeeping technology and full-service tax preparation make the tool a standout for freelancers and other people who tend to mix their business and personal finances.

CPA-Prepared Tax Returns

FlyFin Tax users can have their tax returns prepared by a CPA. A tax assistant will collect all the necessary information via video so the CPA can prepare a tax return for the filer. With the premium plan, you can meet with the CPA directly.

AI Designed To Detect And Record Eligible Expenses

FlyFin Tax has multiple algorithms trained to help different types of freelancers identify and record deductible expenses. The company offers an app with push notifications when potential deductible expenses are found. You can confirm the expenses directly through the app with a swipe. If a user has questions about a specific expense, they can ask their assigned CPA directly through the app.

Quarterly Tax Calculator

FlyFin Tax has a quarterly tax calculator that generates estimated tax burdens for freelancers. The app includes income and expenses so that users don’t dramatically over or underpay in a given year.

Related: The Ultimate Guide To Self-Employment Estimated Taxes

Option To Export Tax Reports

Freelancers who want to file taxes on their own (or use a different tax software) can export reports that they can use to file taxes independently. But as you’re already paying for tax prep as part of the membership, that would be an unnecessary expense.

FlyFin Tax Notable Drawbacks

While FlyFin is a great product, there are a few drawbacks to using this app. These are a few things that freelancers should consider.

Must Upgrade To Meet With Your CPA

Freelancers who opt to use FlyFin Tax will have to upgrade to the Premium package to get meetings with their dedicated CPA. You’ll also have to upgrade to the higher plan if you have an S-Corp and need 1120S and K-1 forms.

No Mileage Trackers

FlyFin covers almost all aspects of freelance bookkeeping except tracking mileage. Freelancers will likely need to use an app like Everalnce or MileIQ to claim the appropriate deductions

Billed Annually

FlyFin is a tax and bookkeeping service that’s paid annually. You can’t divide the costs up by month. The somewhat hefty annual fee for some business owners may be a strain for freelancers on a tight budget.

FlyFin Tax Pricing And Plans

FlyFin posts its prices as monthly fees, but it charges customers annually. Once the 7-day free trial is complete, FlyFin customers will have to pay the full fee.

All plans include unlimited CPA advice regarding the deductibility of certain expenses. Users simply request a CPA review for an expense, add a few details, and receive an assessment from the CPA.

How Does FlyFin Compare?

FlyFin Tax provides full-service tax returns and bookkeeping at a lower price point than other leading tax filing services. For example, Picnic, which also matches tax filers with CPAs, starts its small business tax filing at $500. The cost rises if you have additional filing needs.

If you want access to small business tax software but would prefer to handle your own filing, you may want to opt for Intuit's TurboTax. It's offers premium DIY tax filing software for small businesses, but gives you the option to deal with an expert for an additional cost.

However, doing the math for my own taxes (filing my S-Corp with TaxAct and TurboTax for my personal), I was paying $343. However, with FlyFin, I would pay $348 and a professional would do my taxes. Just a $5 difference to have a tax pro handle the hard work!

Is It Safe And Secure?

FlyFin Tax is a mobile-first technology company. It protects users' financial information by connecting through a third-party technology called Plaid. Plaid only receives read access to a user’s account, so no money can be stolen through FlyFin Tax or Plaid. The company also requires multi-factor authentication and allows users to set up FaceID for their second form of authentication.

The company also keeps tax data secure and encrypted at rest. All “face to face” communication is done via Zoom which tends to be a secure platform compared to other forms of communication.

Of course, FlyFin is an online tax company, and that means user information is always at risk. Users must evaluate whether FlyFin’s protections are enough for users to feel confident in their data integrity.

Why Should You Trust Us?

The College Investor team spent years reviewing all of the top tax filing options, and our team has personal experience with the majority of tax software tools. I personally have been the lead tax software reviewer since 2022, and have compared most of the major companies on the marketplace.

Our editor-in-chief Robert Farrington has been trying and testing tax software tools since 2011, and has tested and tried almost every tax filing product. Furthermore, our team has created reviews and video walk-throughs of all of the major tax preparation companies which you can find on our YouTube channel.

We’re tax DIYers and want a good deal, just like you. We work hard to offer informed and honest opinions on every product we test.

Who Is This For And Is It Worth It?

FlyFin Tax is an excellent deal for freelancers who don’t want to file their own taxes. The app costs less than $200 per year if you only need a Schedule C (not taxed as an S-Corp), and it solves most freelancers’ biggest tax-related struggles.

Filing self-employed tax returns is not a difficult task with tax software. But figuring out whether an expense is deductible is a major headache. FlyFin Tax removes that headache so that freelancers can focus on growing their business rather than on their taxes.

During testing, we were also very impressed by the quality of the AI inside the app. It grouped together transactions so we could review a full year’s worth of transactions in under an hour.

Given the product quality and the service level, we thought there would be pricing gotchas or other unfair pricing schemes. However, it seems like the advertised price is the price for tax filing, even if you have additional complications, such as investments or rental properties.

We highly recommend this app for freelancers who want to simplify bookkeeping and tax filing for a reasonable price.

Check out FlyFin here >>

FAQs

Why is FlyFin so inexpensive compared to other companies?

FlyFin’s business model is a “technology” first approach that is highly scalable. It is likely that the company automatically generates most tax returns for its users, and has a CPA review the return.
It is also possible that the company has low prices right now to gain market share, but it may have to increase the prices over time.

Can FlyFin Tax help me file my crypto investments?

At this point, FlyFin Tax users will have to generate their own Capital Gains and Losses reports for their Crypto investments. They can use a cryptocurrency tax app like CoinTracker or Koinly to generate these reports. The users can submit their reports to a designated CPA through a secure document upload, and the CPA will account for those investments on the user’s return.

Can FlyFin Tax help me with state filing in multiple states?

FlyFin Tax allows users to file in multiple states. All state and federal filing is included in the price.

Does FlyFin Tax offer refund advance loans?

In 2024 FlyFin Tax does not offer refund advance loans.