Skip to content
whatismyalternative

Magnetic

AI-powered service that drafts 1040 tax returns for CPA firms

Visit Magnetic

Magnetic is an AI-powered service that drafts individual 1040 tax returns for CPA firms. It addresses capacity constraints during busy periods by handling return preparation work, with every return reviewed by a US-based licensed EA or CPA before delivery. Firms upload returns through a portal and receive an upload-ready file back in 2–4 days on average, ready for final review, signature, and filing in their existing tax software.

The service uses AI to read documents and prepare returns, with human review required before delivery. Data is encrypted with AES-256 in transit and at rest, stored and processed only in the United States, and not used to train AI models. The portal supports multi-factor authentication, configurable data retention, and secure deletion on request. Up to three re-submissions are free if new or updated client documents arrive after drafting. Pricing is per return based on complexity, using credits: simple returns cost 1 credit, and complex returns cost up to 3 credits. Firms can book a demo to discuss pricing for their specific mix of returns.

12 alternatives to Magnetic

Ranked by how well each tool replaces Magnetic: shared features, audience, price and popularity.

  1. GetMyInvoices

    Automated invoice management – all invoices automatically collected and seamlessly exporte

    Covers 4 of 15 key features and has a free plan.

    Free plan
    65 out of 100 matchFree

  2. TaxGPT

    AI tax assistant for tax professionals and businesses

    Covers 10 of 15 key features.

    59 out of 100 matchContact sales

  3. ClearTax

    Income tax return filing, GST compliance and tax expert services for Indian taxpayers and

    Covers 7 of 15 key features and has a free plan.

    Free plan
    58 out of 100 matchContact sales

  4. TaxMate

    Intelligent assistant for effortless tax filing

    Covers 4 of 15 key features and has a free plan.

    Free plan
    58 out of 100 match$299/mo

  5. TurboTax

    Prepare and file your taxes with confidence.

    Covers 1 of 15 key features and has a free plan.

    Free plan
    57 out of 100 matchContact sales

  6. Bench

    Online bookkeeping service pairing a dedicated bookkeeper with software for U.S. small and

    Covers 4 of 15 key features.

    57 out of 100 match$199/mo

  7. Keeper

    The modern tax platform where AI meets human accountants.

    Covers 7 of 15 key features.

    57 out of 100 match$16.58/mo

  8. Taxfyle

    Online accounting services and workforce connecting you to a licensed CPA or EA for tax, e

    Covers 7 of 15 key features.

    57 out of 100 matchUsage-based

  9. Intuit

    The financial platform here to help you prosper, powered by Intuit Intelligence

    Covers 1 of 15 key features.

    57 out of 100 match—

  10. Onshore

    You build America's future. We make sure you get the credit for it

    Covers 8 of 15 key features.

    57 out of 100 matchFree

  11. TaxJar

    Sales tax compliance for calculations, reporting, nexus tracking and filing

    Covers 5 of 15 key features.

    56 out of 100 match$39/mo

  12. AuditFile

    Run secure, cloud-based audits from one platform

    Covers 6 of 15 key features.

    56 out of 100 match$179/mo