JP Carter Income Tax Inc.

Rewrite of an original blog from last year

Good afternoon, I just got back from our annual training sessions in Cabo San Lucas. Sponsored by my sorority, National Society of Tax Professionals.
This year's study involved investment, Savings bonds and Required Minimum Draft/withdrawal from your deferred compensation accounts. You will have to Pay a penalty for not taking the dollar amount based on your life expectancy after 73. Your financial institutions are supposed to make you aware of this.
The first thing you need to know is that only 10.2% of Americans can itemize deductions. The Tax Cuts and Jobs Act is not your friend folks. It's designed to minimize your ability of getting a refund. The standard deduction bar is too high to allow you to itemize. This is why a lot of you have to pay.
Next items of discussion are savings bonds. There are several ways to pay the interest on them. Google this to see your options.
I will have more information on the upcoming changes in September after the annual meeting with the IRS changes for the 2025 tax filing season.
Watch for the next blog.
Sincerely,
John P Carter

Good morning