Buzz
AI chatbots are praised for their vast knowledge and the ability to answer almost any question, from the practical tasks of composing a thank-you note, creating a cover letter, or engaging in a verbal conversation. But there are certain limitations. For example, I once asked about personal finance, only to receive a response like this: 'As an AI language model, I cannot offer financial advice or specific investment recommendations... you should consult with a financial advisor for personalized advice based on your unique financial situation and goals.' Essentially: chatbots aren’t the best option for making financial decisions.
However, H&R Block has now launched a dedicated AI chatbot to assist with tax-related queries—an area where I previously believed AI wasn't quite reliable. Through conversational AI, this virtual tax expert can tackle many common tax questions and enhance your understanding of the tax process. It’s surprisingly effective.
Key information about H&R Block's AI Tax Assistant.
Just to emphasize, I'm cautious about relying on AI for financial advice. As itself warns, 'The system may occasionally generate incorrect or misleading information and produce offensive or biased content. It is not intended to give advice.'
What sets this AI Tax Assist apart is that H&R Block assures its AI model doesn't randomly fetch data from the internet. The company claims the chatbot is trained solely on H&R Block’s tax law database, with enhancements from their team of accountants, lawyers, and tax specialists. Furthermore, if necessary, the chatbot will direct users to a human tax professional for more tailored assistance.
Steps for using the H&R Block AI chatbot
While AI Tax Assist isn't available in the free version of the H&R Block app, the company assures that it won't hike the prices of subscription tiers offering access to the AI service. Paid plans begin at $35.
The chatbot is designed to offer a conversational experience, letting you ask questions naturally without needing to use specific keywords. This tool helps clarify tax forms you may need to complete, determine eligibility for various credits and deductions, understand estimated payment needs, and much more. It can also define tax-related terms you might come across.
For example, you could use a chatbot to ask questions related to your specific circumstances, such as, 'What are the allowable deductions for an Uber driver?' You'll receive a list of eligible deductions, rather than having to sift through complex IRS materials.
From tracking your paperwork to ensuring you don't miss any deductions, and getting precise answers to your queries, taxes are always a burden. By utilizing self-service tools like H&R Block’s chatbot, you can handle more on your own, saving both time and money during tax season. And don't forget, you're likely eligible to file your taxes for free.
