This AI tax assistant actually seems quite useful

This AI tax assistant actually seems quite useful

The promise of AI chatbots lies in their seemingly infinite wisdom and the fact that you can ask them any question imaginable – even the simpler things like these Writing a thank you letterwriting and Cover Letter or even one spoken conversation. However, there are also limits. I have contacted ChatGPT beforetest personal finance expertise and was just told, “As an AI language model, I cannot provide financial advice or make specific investment recommendations… You should consult a financial advisor who can advise you based on your individual financial situation and goals can be individually advised .” In other words, don’t turn to chatbots to make financial decisions.

But now H&R Block has released a new AI chatbot specifically for your tax questions — an area where I’ve said in the past that AI shouldn’t be trusted. Using conversational AI, this virtual tax expert can answer many common tax questions and improve your understanding of the tax process, and it seems surprisingly helpful.

What you should know about H&R Block’s AI tax assistant

I want to reiterate that I am hesitant to use AI when it comes to financial advice. Finally, ChatGPT itself explains to users: “The system may occasionally generate false or misleading information and create offensive or biased content. It is not intended to provide advice.”

This is where this AI tax assistant is different: H&R Block promises that its AI model will not randomly pull information from the Internet. Instead, the company says it trained the chatbot solely on H&R Block’s library of tax laws and refined it with the help of numerous accountants, lawyers and other tax professionals. If needed, the chatbot will also refer you to a human tax expert who offers more personalized advice.

How to use the H&R Block AI chatbot

H&R Block said that while AI Tax Assist is not available in the free version of the app, it will not increase prices for subscriptions that have access to the AI ​​platform. Paid plans start at $35.

The chatbot is designed to feel like a natural conversation, allowing you to formulate questions in conversation rather than using specific keywords. Use this tool to explain tax forms you may need to file, eligibility for certain credits and deductions, estimated payment requirements, and more. It can also provide useful definitions of tax terms you may encounter.

For example, you can use the chatbot to ask questions specific to your situation, such as B. “What can I deduct as a business expense as an Uber driver?” Instead of having to laboriously search through the IRS’s dense resources, you’ll be presented with a list of allowable deductions.

When it comes to staying on top of paperwork, making sure you don’t miss any deductions, and getting accurate answers to your questions, taxes are always a headache. By adding self-service options like the H&R Block chatbot, you can do more yourself and save time and money on your taxes. And just to remind you, you’re probably entitled to one free tax return.

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