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As the tax deadline approaches, more and more filers are turning to chatbots powered by artificial intelligence for assistance with their tax returns. Surveys have shown that a significant portion of Americans are open to using AI chatbots for tax filing, with popular options like ChatGPT, TurboTax, H&R Block, and the IRS being among the choices available.

Experts in the field, however, are cautioning filers to be wary of relying solely on generative AI for tax advice. While these AI chatbots can be helpful for general questions and guidance, they may not be equipped to provide accurate and personalized tax recommendations. The training of these chatbots is often geared towards general purposes rather than tax-specific information, which can lead to incorrect answers for more specific tax-related queries.

One of the major concerns with using AI chatbots for tax filing is the potential for data security risks. Plugging sensitive financial information into these chatbots could lead to data leakage and expose personal information. While it is possible to input general details without including sensitive data to get a general idea of possible income sources and tax breaks, filers should be cautious and verify any information obtained from AI chatbots through official sources or by consulting a tax professional.

Despite the advancements in AI technology, experts agree that AI chatbots are not yet ready for prime time when it comes to filing tax returns. While these chatbots can assist with general tax questions and provide basic guidance, they may not be reliable for more complex and personalized tax advice. Filers should be aware of the limitations of these AI chatbots and understand that they are best used as educational tools rather than as a sole source of tax advice.

Looking ahead, there is potential for significant improvements in AI chatbots specifically trained for tax purposes. Experts anticipate a “big leap” in the capabilities of tax-specific AI chatbots in the near future, which could provide more accurate and tailored tax recommendations. As technology continues to evolve, there may be opportunities to integrate AI chatbots into tax filing processes effectively, as long as data security and privacy concerns are adequately addressed.

While AI chatbots can be a valuable tool for general tax guidance, filers should exercise caution and be aware of their limitations. Relying solely on AI chatbots for tax advice may not be advisable, and it is essential to verify any information obtained from these chatbots through official channels or professional tax advisors. As technology continues to advance, the future of AI in tax filing looks promising, but filers should proceed with caution and prioritize data security and privacy when using AI chatbots for tax-related tasks.

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