When I first started in taxes, I asked experienced tax pro what are the essential ways to upkeep the changing numbers and requirements annually. They either said it’s from experience, don’t know, or don’t care to share. I come from an accounting/programming background and needed a systematic process to understand taxes. I ended up creating a comprehensive spreadsheet tracking essential credits and the standard deduction. While this system worked, it required annual updates and I often struggled to remember specific credit requirements.

During a recent quiet day at work, I had a breakthrough. I realized I could consolidate my entire tax reference system into just eight carefully crafted questions for AI. Now, instead of maintaining complex spreadsheets, I simply ask these questions and receive updated information on both current amounts and eligibility requirements relevant to most taxpayers.

By leveraging AI in this way, I’ve eliminated hours of research and spreadsheet maintenance while ensuring I have accurate, up-to-date information. This simple innovation has made tax planning significantly more efficient and less stressful. I can confidently provide tax insight to clients using these eight questions.

Am I sharing?

Ofcourse, I believe that all taxpayers should do their own research to follow up with their tax even with professional help. I also sometimes advise clients to shop for a new tax adviser every two years even if they are happy with my service. There are tax positions we miss if we don’t encounter them in our normal practice.

Here are the essential questions AI can update:

• what credits requires earned income
• 1099-Q expenses and limit
• ESA vs. 529 vs education bonds
• aoac and lifetime learning credit
• maximum income for Roth or IRA
• child tax credit with no self employment income under $2500
• custodial parents tax 8832
• child tax credit vs earned income tax credit
• child care credit and adoption credit
• standard deduction 2024