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Maximize deductions with the Business Tax AI

by Intuit•14• Updated 3 weeks ago

The Business Tax AI is a tool designed to help small to medium business owners identify potential tax deductions they might have overlooked. This includes expenses paid outside QuickBooks Online, such as those made with personal cards, Venmo, or cash.

Things to know about the Business Tax AI

The Business Tax AI is accessible to users who meet specific criteria for region, user role, and QuickBooks Online plan.

Region: Available in the US only.
User Roles: It's available for users with Company Admin or Primary Admin roles. Accountants can also access it when signed in via QuickBooks Online Accountant.
QuickBooks Plans: Business Tax AI is available for QuickBooks Essentials, Plus, and Advanced plans.
- For QuickBooks Online Simple Start and QuickBooks Solopreneur, the tool is called Deduction maximizer or Business tax deductions.
Entity Types: It’s designed for Sole Proprietors, S-Corporations, and Partnerships.

How the Business Tax AI identifies deductions

The Business Tax AI suggests deduction categories tailored to your specific business. These suggestions are based on analyzing several business factors:

Your industry
Number of employees
Tax form (entity type)
Gaps identified in your books data

Accessing the Business Tax AI

You can access the Business Tax AI in two ways:

Via the Business Tax app:

Go to All apps , then select the Business Tax app.
Go to the Overview tab.
Find the Maximize your deductions option and select Let’s start.

Via Business Feed on homepage:

Go to the homepage.
Find the Business Tax AI tile in the Business Feed.
Select Check for missing deductions.

Tasks within the Business Tax AI

Add an Expense

Access the Business Tax AI.
Select the category where an expense is missing.
Select Add expense to open the expense form and add the details.

Set a reminder to add an expense

Access the Business Tax AI.
Select the category where an expense is missing.
Select Add reminder.
- This creates a task reminder with a due date set to 30 days.