While we thrive to bring you fun, educational, straight to the point, and sometimes humorous information …this venue also serves as a living diary for future reviews! This post is a “While it is still hot in our minds!” review of the recent tax season…
So let’s go! Oh … Don’t forget Friday is a Market, Bank, Government Closed Holiday!
Largest Review Ever on Two Fronts– We are happy to report we reviewed not only the largest number of returns in total count, but also the largest number of returns as a percentage of clients! Well done guys … those of you that we didn’t review for one reason or another, as always we would like a copy of your return for safekeeping storage and the inevitable need for some type of projections or review.
Technology continues to Improve– The technology is getting better on all fronts, both software for completing taxes, and the technology providers that are monitoring basis, capital gains, and interest income … although we did find multiple instances of bad basis among other items… it is on a much diminished frequency. The most common problem we ran into with self filers were a new box, question or confusing item that ran the return down the incorrect path…. All likely a result of overzealous technology improvements!
Complicated Quickly – Complicated returns still tend to occur no matter the income size …credits, write offs, and unfortunate mother nature events dominated the unusual returns.
Corrected Tax forms mostly MIA – Corrected tax statements which we worried about from years past experience turned out to be mostly no-shows.
Early birds – On the margin, you guys really got your stuff together and completed everything much earlier than in prior years….not to worry we have a ton of extenders, many times there is no way around this, so not to worry, we’ve got your back as we eventually get across the finish line!
No record breaking tax savings this year… Still many – With our largest tax saving year in the high five digits (yep- cash in clients pockets in one year of this amount!), this year due to the aforementioned technology being better we came no where near that …although certainly found many mistakes that were tax savings.
Tax law changes on the horizon – With significant tax law changes likely coming down the pike, and some much awaited clarifications … we look forward to analyzing and delivering these to you once they are in law, which we hope will be soon ….
Have a Great “Tax Season Reflections” Day!
John A. Kvale CFA, CFP
AI Content Authenticity: AI created the Tax season image. All of the following text content has been completed by myself and has not been edited or created by AI. Occasionally we do use AI for images and will note when appropriate.
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
