Muse Tax is a software tool powered by OpenAI’s GPT technology, a form of Artificial Intelligence, that helps generate tax advice for individuals and businesses. Founded by two certified public accountants, Colin Horsford and Busayo Ogunsanya, Muse Tax offers a business-to-business model which it sells to financial institutions. Muse Tax has been funded by both the investments of its founders and approximately $350,000 of pre-seed capital from investors like Techstars, The AI Operators Fund and Everywhere Ventures, formerly known as The Fund. They are currently raising a $2 million seed round.
In order to get its tax advice, users simply input their tax return and transaction data into the Muse Tax system, which can keep track of the latest updates to tax codes and make relevant tax-saving recommendations in as little as 20 to 30 seconds. This implementation of OpenAI’s GPT technology allows the system to process information faster than a human accountant or tax preparer, who typically takes between five to seven hours to make similar recommendations. Muse Tax is currently using the third and fourth iterations of OpenAI’s GPT, GPT-3 and GPT-4, and they plan to keep updating with the most modern versions.
To maintain the accuracy of their advice, as well as data quality, Muse Tax has put controls in place. This includes checking AI generated responses with known sources of truth, and following the prior experience of their co-founder Busayo Ogunsanya building the AI chatbot Ask My Uncle Sam.
Muse Tax has publically announced partnerships with Bilt Rewards and Nestment, both of which have benefitted from using the system to accurately sort out the various tax implications of their services. This has lowered the barrier to building tax analysis into Nestment services, and saved time and money, according to one of its co-founders, Niles Lichtenstein. Jenny Fielding, co-founder of Everywhere Ventures, notes that a service such as Muse Tax can have a huge impact on individuals.
The company is continuously working to expand its offerings and refine their services, with the goal of making tax codes and financial advice easily accessible for everyone.
