We're giving a billion hours back to tax professionals

Clients aren’t asking for data entry
And yet, that’s exactly how most tax professionals spend their busiest season—digging through PDFs, scanning W-2s and 1099s, and typing the same data over and over into outdated tax software. It’s mind-numbing work, and it’s not what clients are really paying for.

Technology was supposed to help. But most tools just moved the paper mess onto a screen. Document portals didn’t reduce the paperwork. OCR never really understood tax forms. And AI? Until recently, it wasn’t accurate or reliable enough to trust with real client data.

Magnetic is changing that.
We’re building the first AI tax preparer - a system that can do tax prep end-to-end just like a human can. By combining the latest vision-language models with deep knowledge of how tax documents actually work, we automate data entry of client documents—accurately, securely, and at scale.

Our name, Magnetic, is a nod to the magnetic ink (MICR tape), a technology developed in the 1950’s to automatically read and process bank cheques. As one of humanity’s first attempts at the dream of paperwork automation, it’s a reminder that machines should take care of the repetitive stuff so people can focus on what really matters.

And right now, the profession needs that more than ever.
There’s a serious shortage of qualified tax professionals. Fewer people are entering the field, and many experienced preparers are retiring. Meanwhile, demand is higher than ever. Firms are overwhelmed. Calls go unanswered. Good clients are being turned away - not because the work is too complex, but because there's just no time to get to it.

This is a moment of real opportunity. The future of tax isn’t about automating everything, it’s about giving professionals the tools to do more of the work that matters. Strategic advice. Long-term planning. Building real relationships.

That’s what we’re building Magnetic for: to help tax professionals focus on what really matters