Taxes are not a topic that most Americans are thinking about right now. But with all the recent changes, you may be wondering whether we should be paying attention to our taxes a bit more right now.
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GOBankingRates asked ChatGPT whether we should be worried about taxes right now. Here’s what it said.
Also see seven common tax planning mistakes to fix before 2026.
Is It Time To Worry About Taxes?
ChatGPT was asked whether or not we needed to worry about taxes right now and what to prepare for.
“Short answer: Not worried — but prepared. Tax season (for 2025 returns) is months away — with filing deadlines due April 15, with October 15, 2026 (file for an extension). But being proactive now will save you stress later,” it explained.
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How Should You Prepare?
In terms of getting prepared, ChatGPT offered a roadmap to get ahead with taxes.
First, it suggesting organizing records. “Build folders — physical or digital — for W-2s, 1099s, investment statements, receipts, etc.,” it said. It also recommended reviewing your last return to recall any deductions, credits and changes in filing status. And if needed, it suggested adjusting your withholding if you owed taxes or got a big refund.
It also suggested planning for any life changes like marriage or retirement, maximizing your IRA strategy, and reviewing your estate and financial planning strategies.
These are all solid strategies that are great for tax planning at any time of the year. And while you shouldn’t worry about doing these things right away, it’s important to be aware of how your taxes can change each year.
What You Should Focus on Now
Then, ChatGPT was asked whether there was anything that needed to be focused on right now. Here are the steps it suggested tackling soon:
- Organize documents on a monthly basis, not right before taxes are due.
- Consider doing financial check-ins quarterly to evaluate withholding strategies and any life changes.
- If it would align with your tax strategy, look at a Roth conversion or IRA contribution.
- Consult a financial advisor, which can be especially helpful now to take advantage of any temporary provisions.
ChatGPT doesn’t tell you to panic or worry, but it advises staying on top of your paperwork so you don’t have to panic when tax time arrives.
What Is There To Know About the New Bill?
In ChatGPT’s response, it referenced temporary tax provisions. To find out more, GOBankingRates then asked about those provisions and the new One Big Beautiful Bill. ChatGPT noted that the bill “includes sweeping tax law changes” and offered a breakdown.
Among the temporary provisions it cited were tax deductions for tips and overtime pay, a car loan interest deduction, an additional senior deduction, and a higher child tax credit.
The two big benefits that affect a lot of people here are the increased child tax credit (jumping from $2,000 to $2,200 per child) and the senior deduction. If you have kids or are over the age of 65, you’ll want to work with your accountant to see how these changes could affect your taxes and possibly make adjustments now.
And if you’re planning on buying a new car, the $10,000 car loan interest deduction on American-assembled cars could save you on taxes as well.
Because these are temporary, ChatGPT emphasized that timing matters. To maximize your benefits, it suggested keeping detailed records of tip and overtime income, monitoring your eligibility for car and senior deductions, updating your tax strategy if needed, and staying aware of any changes that could happen in the future.
Have a Plan
Ultimately, taxes aren’t something to worry about, but you should always have a plan.
And working with a licensed tax professional can help you stay up to date on all the changes so you don’t miss any big deductions or tax credits that could put real money back in your pocket.
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This article originally appeared on GOBankingRates.com: I Asked ChatGPT If I Should Worry About Taxes Now: Here’s What It Said
