#Intuit mint features software#
#Intuit mint features code#
#Intuit mint features series#

Then, using contextual data from TurboTax’s existing database of tax codes and compliance forms, Amazon Textract verifies accuracy and identifies any anomalies or missing data for the user.Īnd what if TurboTax users need assistance filling out their taxes? There’s a model for that, too. Rather than a user having to enter form fields manually, the service scans pictures of the forms and digitizes them. With Intuit’s computer vision capabilities supported by Amazon Textract, entering information from tax forms like W2s or 1099s takes seconds. TurboTax’s custom model quickly adjusts to these changes and guarantees users are making the best elections each year.īeyond optimizing for the highest-possible return, TurboTax uses machine learning to shorten the filing process, which takes an average of 13 hours. taxes - all while keeping up-to-date with the latest revisions to the tax code.

#Intuit mint features code#

tax code to recommend the deduction based on an individual’s specific set of circumstances - across certain types of asset portfolios, to individuals living abroad that owe U.S. The algorithm is trained using the 80,000 pages U.S. For example, a custom machine learning model built in SageMaker is aimed at helping users decide between standard and itemized deductions. To make sure users are getting the largest possible tax refund, Intuit incorporates machine learning throughout the TurboTax experience to help users more efficiently file their taxes. fluctuate each year, but often fall in the range of $1,000 and $3,000. Taxes are often associated with stress and hassle, but doing them correctly is paramount. Machine Learning Helps Maximize Your Tax Refund

#Intuit mint features series#

With this internal upgrade, Intuit has been able to generate a series of custom machine learning models - paired with other machine learning services like Amazon Textract - to create better, more personalized financial management services to help users improve their financial health. While the in-house data science team focuses on model creation and testing, Intuit implemented Amazon SageMaker in 2017, which cut the time it took to deploy a machine learning model from months to weeks. As a part of this strategy, Srivastava and his team innovate new and unique ways to incorporate machine learning, natural language processing, and knowledge engineering throughout Intuit’s products. Recently, Intuit has declared its strategy to become an AI-driven expert platform, using AI technologies to help its customers find more money with less work and more confidence. “Our aim is to help our users find more deductions.” “For a lot of people in the U.S., their tax refund is the largest check that they get in the mail,” says Ashok Srivastava, a senior vice president and chief data officer at Intuit.

#Intuit mint features software#

Intuit, the financial software giant behind QuickBooks and TurboTax, has long worked to create tools that make financial management easier, less time-consuming - and more beneficial for their customers. While the solution to some of these challenges extend beyond money management, getting as much as possible out of existing assets and other financial activities should be high-priority.

In the U.S., 15% of people don’t have retirement savings at all. In the U.K., 22% of people don’t expect to be able to afford retirement. In other countries, absent pension programs, many people don’t have the money to retire. In many countries, including Japan, that means putting off retirement to 70 or 75. With the average lifespan at around 70 for males and 75 for females, people need more money to retire - money that many don’t have. According to one estimate, the 2018 global debt was equivalent to more than $86,000 per person - and more than double the average per capita income.Īnother key global financial issue? Retirement. Debt worldwide is ballooning, and for many that takes the form of private loans like credit card debt and student loan debt (particularly in the U.S.). That’s because the global state of personal finance looks grim. MANAGING MONEY can be a stressful, time-consuming process - but for individuals around the world, there’s never been a more important time to do it effectively. Intuit’s Machine Learning Helps You Save More Money