Some exciting news ahead of Tax Season: Neo.Tax just partnered with Bench, the accounting solution for startups!

So, what does that mean for you? 

With Neo.Tax x Bench, you'll have everything you need in one place. From tax calculation and preparation to financial management and bookkeeping, we've got you covered. Our solution is designed to streamline your tax process and help you make informed financial decisions with confidence.

And there's more! Our R&D tax credit optimization tools can help you claim all eligible R&D tax credits and maximize your tax savings. With Neo.Tax x Bench, you'll have access to a team of tax experts who will guide you through the process and help you claim all the credits you're entitled to.

Bench offers bookkeeping, income tax prep, and filing done by experts so you can focus on growing your business. By partnering with Neo.Tax, Bench customers also get access to the only software solution that solves for both R&D filing and R&D Capitalization. Basically, Neo.Tax x Bench means your tax season just got a whole lot less stressful and a whole lot more valuable for your startup. 

Extending runway has never been more important than at this precarious financial moment. And changes to the tax code that just went into place mean that tax strategy will be the difference between massive bills and valuable credits this April. Good accounting is an essential part of building a valuable innovative business. Neo.Tax x Bench can make it effortless for you!

We couldn’t be more excited to announce that Neo.Tax has been named a Top FinTech Product in the 2023 Product Awards. The Product Awards, presented by Products That Count in partnership with Mighty Capital and Capgemini, is the only awards show designed to celebrate the tools that help Product Managers build great products. 

Nominees are chosen by Products That Count’s product manager network, and winners are chosen by an independent Awards Advisory Board composed of top product leaders. This year’s Board included product leaders from companies like Intuit, Oscar Health, and Macy’s.

Neo.Tax is the only software solution that gives companies a 360-degree view of their R&D expenditures — we’ve solved for everything from R&D Credit filings to R&D Capitalization. By giving innovative founders, CFOs, and CPAs the ability to understand the true cost of spending on R&D, Neo.Tax can make sure innovation remains a valuable tool for American companies committed to building the future.

“The bar for what makes a great product gets higher every year,” said SC Moatti, founding CEO of Products That Count. “Neo.Tax is a testament to that. We expect them to keep defining what it means to be at the cutting edge of product, not only in 2023 but also in the years to come.”

“This is particularly exciting for us for a number of reasons. First, I'm a product manager turned founder, so product is really at the core DNA of what we do at Neo.Tax and we take great pride in building our product. It's awesome to get that kind of recognition from folks that really know great product,” said Neo.Tax cofounder and CEO Ibrahim. “Secondly, because our product helps other product companies build great products by allowing them to get a credit for any investments that they made in developing new products and new features, this is doubly cool. Thank you so much for this award!”

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SAN FRANCISCO–Neo.Tax, an early leader in simplifying and automating taxes for startups and businesses, today announced the launch of Neo.Tax 2023, a new software update to its signature platform. Specifically designed to address this year’s new federal tax codes, the platform will help to ensure that businesses not only remain in compliance but are able to maximize R&D deductions and optimize their tax strategy. 

Neo.Tax 2023 was built in response to The Tax Cuts and Jobs Act of 2017, which was signed into law and included a five-year provision that would completely change the way R&D expenses could be deducted. Officially in effect as of January 1, 2022, for tax year 2022, which companies will file taxes for in 2023, this change means that R&D expenses can no longer be subtracted from revenue and must be spread out over a period of time - five years for U.S. domestic-based activity and 15 years for international activity. This change impacts all businesses and startups, who can no longer deduct expenses in the year they were incurred, and now may be left with a tax bill despite not yet reaching profitability. 

“While we’re disappointed in congress’ failure to stop this tax change from going into effect, our customers are grateful that we’ve anticipated this tax change and built a solution to optimize it. The good news for businesses is that there is a solution to this – and it’s quite good,” said Ibrahim, co-founder and CEO of Neo.Tax. 

Neo.Tax 2023 ensures that its platform is not only compliant with these changes but is able to optimize R&D tax credits and save businesses money. Prioritizing accuracy and ease of use, Neo.Tax 2023 guarantees that all claims are reviewed by the Neo.Tax tax experts so they can be filed with the confidence of knowing that these returns are accurate. These tax credits were historically more relevant for smaller startups, with less than $5m in revenue, but are now valuable and relevant to all companies with sizable R&D spend – primarily technology businesses.

“We’ve spent a lot of time planning for the eventuality of the new R&D tax rules and we are excited to share it with business owners,” said Ibrahim. “Our goal is to offer solutions that not only address the new tax change but will optimize a company’s tax strategy against it and give businesses an easy-to-use simplified product with the accuracy that business leaders deserve.”

Since its inception, Neo.Tax has automated preparing the R&D Tax Credit for startups and accountants. Their software has simplified the complex process of applying for Federal and State R&D Tax Credits, saving businesses tens of millions of dollars.