I Asked ChatGPT How To Lower My Tax Bill Right Now — Here’s What It Said
Before you know it, tax day will be here. Surely it’s not too late to figure out how you can lower your tax bill — or at least, you hope it isn’t.
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Given that most accountants are a little busy these days — to say the least — you might be on your own when it comes to determining how to trim what you owe.
But you don’t have to be. Not with your friendly MoneyLion writer — aka moi — in your corner. I decided to ask ChatGPT whether there was a way to lower my tax bill right now. The AI had some good news — and some not-so-good news.
“The honest answer is: Most of your tax bill is already locked in,” it wrote. “But there are still a few high-impact moves you can make immediately.”
Here’s what it said.
1. Make Last-Minute IRA Contributions
ChatGPT described last-minute contributions to an individual retirement account (IRA) as one of the most impactful ways to reduce your tax bill.
Remember, you typically have until the federal tax-filing deadline (usually April 15) to make IRA contributions for the prior tax year.
To help make the information digestible, the AI broke out a few key points:
Contribute to a traditional IRA, which may be tax-deductible depending on your income and workplace retirement coverage.
The contribution limit is $7,000 for most filers, or $8,000 if you’re 50 or older.
Contributions can directly reduce your taxable income.
How does it work? ChatGPT is glad you asked: “Example: Put in $5,000, and you might avoid taxes on that $5,000.”
2. Contribute to an HSA (If Eligible)
ChatGPT calls contributing to a Health Savings Account (HSA) “one of the strongest tax shelters available” — and for good reason. The AI says that if you're enrolled in a high-deductible health plan, HSA contributions are tax-deductible, and you can still contribute for the prior tax year until the filing deadline.
The way ChatGPT described it, HSAs offer a “triple tax advantage”:
You may deduct contributions.
The money can grow tax-free.
Withdrawals for qualified medical expenses are tax-free.
For the 2025 tax year, you can contribute up to $4,300 for self-only coverage or $8,550 for family coverage, with an additional $1,000 catch-up contribution if you’re 55 or older.
3. Claim Overlooked Deductions and Credits
When you’ve rolled up your sleeves and brewed yourself a strong cup — or a pot — of coffee to do your taxes, ChatGPT wants you to look out for credits and deductions that too often go overlooked.
Wondering where to even start your search? The AI flagged some common ones:
Student loan interest (up to $2,500, depending on income)
Education credits, such as the American Opportunity Tax Credit (up to $2,500 per eligible student)
The Saver’s Credit, which can be worth up to $1,000 for individuals or $2,000 for married couples filing jointly
“Credits are especially powerful,” it said. “They reduce your tax bill dollar for dollar.”
4. Double-Check Whether Itemizing Beats the Standard Deduction
ChatGPT was clear that for 2025 returns, “the standard deduction is relatively high (about $16,000 for single filers and $32,000 for married couples).”
That means most taxpayers are better off taking the standard deduction. Still, the AI suggested you might save more by itemizing in certain circumstances, such as having high mortgage interest, high state or local taxes, or making large charitable donations.
5. Make Sure You’re Claiming All Eligible Credits
The AI encouraged you to be diligent about making sure you’ve claimed every credit you’re eligible for. Surprisingly, taxpayers can overlook some fairly significant credits, such as:
The Child Tax Credit
The Earned Income Tax Credit (EITC)
The child and dependent care credit
ChatGPT didn’t mince words here: Overlooking these credits can potentially cost you thousands of dollars.
6. Look for 'Above-the-Line' Deductions
You can also reduce your tax bill by taking advantage of what the AI called “above-the-line deductions,” which lower your adjusted gross income (AGI).
Depending on your situation, these may include:
Deducting eligible business expenses if you’re self-employed
Making deductible retirement contributions
Contributing to an HSA
“These reduce your adjusted gross income (AGI), which can unlock more tax breaks,” said ChatGPT.
The Bottom Line
You may be coming down to the wire to complete your taxes, but you’re not completely out of time to cut your tax bill.
Learning which credits and deductions you can claim, making strategic contributions to retirement funds and double-checking whether itemizing makes sense can still make a meaningful difference, even this late in the game.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal, or tax advice.
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