AI TOOL PROFILE
Lovatio: Income Tax Reporting for Platform Sellers
- Finance and Accounting
- Tax Software
- Freelancers
- Rideshare and delivery drivers
- Content creators
- Online marketplace sellers
- Cryptocurrency traders
Pricing
The software is free to try and no payment card is required for registration.
At a glance
- Best for
- Freelancers, Rideshare and delivery drivers, Content creators, Online marketplace sellers, Cryptocurrency traders
- Key use cases
- Platform Seller Reporting, Rideshare Income Tracking, Crypto Transaction Management, Content Creator Tax Prep
- Integrations
- Uber, Bolt, OnlyFans, YouTube, TikTok
- Official website
- Visit lovat official website
How AI is used
Lovatio is a mobile application designed for self-employed individuals and platform sellers to handle income tax reporting. The app supports users who receive DAC7 notifications from digital platforms, using AI to extract income data from these notices to reduce manual entry.
It is designed for various self-employed roles, including rideshare drivers, content creators, crypto traders, and marketplace sellers. The workflow uses a questionnaire and automated data imports, which may help users complete their reporting forms in approximately 10 minutes.
Buyers should confirm if their specific profession is among the ten supported roles and whether the app operates in their specific country, as the service is designed for a limited number of jurisdictions. The tool is accessible via Android and iOS apps.
Key Features
AI DAC7 Scanning
Uses artificial intelligence to scan DAC7 notifications and extract relevant income data.
Automated Transaction Import
Supports importing transaction history from platforms such as Uber, Bolt, and cryptocurrency exchanges.
Occupation-Specific Questionnaires
Provides ten questions tailored to the user's profession to help identify deductible expenses.
Digital Receipt Storage
Allows users to take photos of receipts to maintain records for potential tax audits.
Multi-Platform Support
Supports data from various sources including Etsy, YouTube, TikTok, and OnlyFans.
Use Cases
Platform Seller Reporting
Marketplace sellers may scan DAC7 notices to extract income data and generate tax reports.
Rideshare Income Tracking
Uber and Bolt drivers can link their accounts to import earnings and identify vehicle-related deductions.
Crypto Transaction Management
Crypto traders can import data from exchanges and wallets to help calculate profits for tax filing.
Content Creator Tax Prep
Influencers on TikTok, YouTube, and OnlyFans can use the app to organize platform income for reporting.
Integrations
- Uber
- Bolt
- OnlyFans
- YouTube
- TikTok
- Cryptocurrency exchanges
FAQ
What is a DAC7 notice and how does Lovatio help?
- DAC7 is a reporting requirement where online platforms report seller information to tax authorities. Lovatio uses AI to scan these notices and extract the income data for tax forms.
Which professions can use Lovatio?
- The app supports 10 professions, including taxi drivers, beauty specialists, designers, bloggers, marketplace sellers, and crypto traders.
Does Lovatio require a credit card to start?
- According to the provided information, the app is free to try and no payment card is needed to register.
Source category: Finance & Accounting
Source subcategory: Tax Software
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