F.A.Qs | .fylr

Security & Plaid

How secure is my bank connection?
Your bank accounts are connected through Plaid, the industry-leading bank connectivity platform trusted by major financial applications. We never see or store your banking credentials.

Read-Only Access: FYLR uses read-only tokens that can only view your transactions. We cannot move money, initiate transfers, or make changes to your accounts.

Developer-Grade Encryption:

All data transmitted between your bank and FYLR is encrypted using bank-level 256-bit SSL/TLS encryption
Your Plaid access tokens are encrypted at rest in our database
We are SOC 2 Type II compliant for data security standards
You can revoke FYLR's access to your accounts at any time through your account settings

What data do you access?
We only access transaction history (date, amount, merchant, category) from accounts you explicitly connect. We do not access account balances, routing numbers, or any information beyond what's needed for tax categorization.

Business vs Personal

Can I connect both personal and business accounts?
Yes. FYLR supports dual-account connectivity specifically designed for self-employed and sole proprietor users who may use personal accounts for business expenses.

How does dual-account support work?

During Plaid setup, you can connect multiple bank accounts
Designate each account as "Business" or "Personal"
Transactions from each account are tracked separately
Only business-designated transactions flow into your tax forms

Transaction Deletion Control: You have full control to delete any transaction that shouldn't be included in your business taxes. This is critical for removing co-mingled personal expenses.

What if I accidentally included personal expenses?
Simply navigate to your Smart Ledger, locate the transaction, and click "Delete" to remove it from your tax calculations. Deleted transactions are excluded from all form generation and deduction calculations.

Why is this important?
The IRS requires clear separation between business and personal expenses. Co-mingling funds is common for sole proprietors, but only legitimate business expenses are deductible. FYLR gives you the tools to maintain this separation digitally before filing.

1120 Automation

How does FYLR automate Form 1120 completion?
FYLR uses AI to categorize your verified bank transactions and map them directly to the appropriate IRS Form 1120 line items.

The automation process:

Step 1: Transactions are synced from your connected business accounts
Step 2: AI categorizes each transaction (rent, office supplies, meals, utilities, etc.)
Step 3: You review and adjust categories, delete non-business items
Step 4: FYLR maps verified data to Form 1120 Schedule sections
Step 5: Generate PDF-ready tax forms with all calculations complete

Verified Data Only: Only transactions you've reviewed and confirmed as business expenses are included in your Form 1120. Nothing is filed automatically without your explicit approval.

What about complex deductions?
For common business deductions like home office, vehicle use, and depreciation, FYLR guides you through simple Q&A flows to calculate the correct amounts. These are then automatically placed on the appropriate Form 1120 schedules.

Can I edit the generated form?
Yes. Before finalizing, you can review every line item on your Form 1120. If you need to make adjustments or add manual entries, you have full control to edit values before export or e-filing.

Is this IRS-compliant?
FYLR generates tax forms that match official IRS specifications. However, you are responsible for reviewing the accuracy of your tax return before filing. We recommend consulting with a tax professional for complex situations.