John Thompson is here today to talk about how the future is reinventing taxes. He discusses his diverse career path from technology and programming into finance, tax services, and nonprofit work, highlighting his long-term involvement with the Financial Health Network and their efforts to improve consumer financial health. He explains how H&R Block has evolved from serving primarily low- and middle-income clients to addressing more complex financial needs, and how automation and technology are changing tax preparation and accounting. Thompson emphasizes the importance of personal finance fundamentals, daily cash-flow systems, and awareness in managing income, debt, and budgeting amid rising costs and structural challenges like housing and healthcare.

We discuss...

• John Thompson shares his career journey from technology and programming into finance, tax services, and nonprofit work.
• He highlights his 25-year relationship with the Financial Health Network and their mission to improve consumer financial health.
• John explains how research on bridging taxes and banking for underbanked populations inspired practical programs at H&R Block.
• He describes the evolution of H&R Block from serving primarily low- and middle-income clients to addressing more complex financial needs.
• Automation and technology in tax preparation are allowing professionals to focus on higher-value advisory services rather than data entry.
• Thompson emphasizes the importance of daily personal finance systems to manage cash flow, spending, saving, and debt.
• Challenges like inflation, housing affordability, student loans, and healthcare costs create structural barriers to financial health.
• Thompson discusses how banks and financial institutions are experimenting with different models to serve both underbanked and community-focused customers.
• He points out that for many simple tax filers, future trends may simplify filing to automated or postcard-level processes.
• Thompson stresses the importance of taking timely financial actions at key moments, like tax season, raises, or job changes.
• He highlights upcoming policy and product changes, such as the retirement savings match in 2027–2028 and child savings accounts starting in 2025.
• Thompson underscores that financial resilience requires both structural solutions and disciplined personal money management.

Today's Panelists:

• Kirk Chisholm | Innovative Wealth
• Barbara Friedberg | Barbara Friedberg Personal Finance

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For more information, visit the show notes at https://moneytreepodcast.com/reinventing-taxes-john-thompson-772