With the advent of AI tools, navigating the complexity of tax preparation is getting easier. Current AI options for tax advice and filing are delivering efficiency and accuracy, changing the way individuals and businesses approach their tax obligations.
1. TurboTax AI Assistants: TurboTax utilizes AI to guide users through the tax filing process. The "TurboTax Live" feature connects users with real tax experts to provide personalized advice, while the AI-powered chatbot answers frequently asked questions in real time.
2. H&R Block's Watson integration: H&R Block uses IBM’s Watson to improve the accuracy of its tax preparation services. Watson’s natural language processing capabilities allow it to interpret tax laws and provide tailored advice to help users maximize their deductions and credits.
3. TaxAct Xpert Assist: TaxAct offers an AI-powered service called Xpert Assist that combines AI with human expertise. AI analyzes user data to highlight potential savings and areas of audit risk, while tax professionals offer verification and additional insights.
4. QuickBooks Tax Planner by Intuit: For small businesses, QuickBooks integrates AI to optimize tax planning. It automates data collection from financial records and provides real-time tax estimates to help businesses stay ahead of their tax obligations.
These AI tools not only reduce the time and labor required for tax preparation but also improve the accuracy and reliability of tax returns, making them indispensable in today’s digital age.