What is Magnetic?
Tired of spending countless hours on manual data entry for every tax return? Magnetic is your AI-powered tax preparer, designed to eliminate the repetitive work that slows your practice down. By automating document scanning, data extraction, and form entry directly into your existing software, you can save significant time on every return and focus on what truly matters: your clients.
Key Features
🤖 Intelligent Document Processing Magnetic goes far beyond standard OCR. Our system combines advanced optical recognition with an AI logic layer to understand and process over 94 different document types with 99.8% accuracy. It effortlessly handles everything from standard IRS forms and K-1s to messy scans, client photos of documents, and even handwritten notes.
🔗 Seamless Tax Software Integration There's no need to overhaul your existing workflow. Magnetic integrates directly with all major tax software, including solutions from Thompson Reuters, Intuit, Wolters Kluwer, and Drake. It enters the extracted data right into your forms, precisely as a human preparer would, saving you from tedious re-entry.
✅ Automated Workpaper Organization Instantly review the AI's work with confidence. For each client, Magnetic automatically generates a single, bookmarked PDF of all workpapers, complete with tick boxes for every field it entered. This gives you a clear, organized, and verifiable audit trail for every return.
🔒 Bank-Level Security & Compliance We treat your client data with the highest level of security. Every document is protected with robust, 256-bit bank-level encryption and stored exclusively on U.S.-based servers. Our data practices are designed to strictly follow IRS security guidelines, ensuring your practice remains compliant and your clients' sensitive information stays safe.
How Magnetic Solves Your Problems:
Eliminate Tedious Manual Entry: Stop manually keying in data from W-2s, 1099s, and brokerage statements. Magnetic handles the entire process in minutes, freeing you and your team to focus on high-value advisory services, client communication, and complex tax strategy.
Break Through Peak Season Bottlenecks: The April deadline rush can strain any practice. Magnetic's platform can process hundreds of client returns in parallel, dramatically increasing your capacity and ensuring a smoother, more manageable tax season without the last-minute crunch.
Conclusion:
Magnetic is the intelligent automation tool built to modernize your tax practice. By handling the most time-consuming aspects of 1040 preparation with speed and precision, it empowers you to increase efficiency, reduce errors, and scale your operations. Explore how you can save hours on every return and transform your tax season!
More information on Magnetic
Launched
2025-04
Pricing Model
Paid
Starting Price
Global Rank
8077149
Follow
Month Visit
<5k
Tech used
Top 5 Countries
100%
United States
Traffic Sources
2.57%
0.52%
0.04%
56.01%
2.57%
38.3%
social
paidReferrals
mail
referrals
search
direct
Source: Similarweb (Sep 25, 2025)
Magnetic was manually vetted by our editorial team and was first featured on 2025-07-17.
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