Category Archives: Education

All About Taxes – We know … Most Really Want to Know About ENFORCEMENT ! Great Source Sites

Here are great source sites used for our research and possibly useful as you enter tax season:

As promised last Friday we wanted to share some neat stats and information concerning taxes and the collection of, and the IRS in general.

This is a brief review of the subject matter from our pending 2020 Q2 Newsletter which will hit your mailbox right around tax filing date, and we thought it a good time to share some stats.

We know that when you think of the IRS and taxes you’re mostly concerned with one thing … ENFORCEMENT!

With brevity a concern in this venue, we will drill directly to the enforcement portions of our much deeper and more comprehensive article … again in our Pending Q2 Newsletter.

Enforcement of Tax Collections and IRS Statistics

In dealing with the IRS and tax situations over the past 31 years the one thing that we have found most important is to always respond to the IRS in a timely fashion.

TaxAudit 2018 stats

 

Our general IRS/Client experience over the past three decades has been a very good one. We have found the IRS to almost always be very receptive to information, understanding of mistakes, and even frequently waving penalties and interest …however this last point is not always in stone given certain situations

Amazingly nearly 2/3 of audits, which are almost all done by paper due to the cost of a field audit are not answered, resulting in a claim on the taxpayer. Bottom line, make sure you show the IRS that you’re answering their questions in a timely fashion and expect a paper computer driven notice.

09-18 number of returns audited IRS advocacy

The majority of audits and notifications (AKA CP2000) are created or driven by an income mismatch – said another way, if you earn some income, wages, interest, investments, or some type of capital gains, and you do not get it on your tax return, it’s easy for the IRS to catch, and you WILL get a notification. (CP2000)

Sir Learned Hand, Famous Quote440px-LearnedHand1910a

“Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one’s taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands.”

While you hear us talk about tax reducing strategies frequently, (here, here, here ) as we are big believers in not paying any extra taxes, we are also very big believers of being fair and honest with the IRS. Over the years we have been presented with many gray area tax strategies that have almost inevitably not held up against the IRS.

If it sounds too good to be true, it usually is in the end … don’t even think about going there – the IRS will eventually find you, and it will most always be at the most inconvenient time!

Having respect, and mutual admiration for the IRS and its’ enforcers,  but not fearful or conspiracy, is a healthy way to go about your tax responsibility as a United States Taxpayer!

Have a Great “Tax Stats” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

Make that the Sixteenth Hundredth Thirty Second (1632 – Gotta be Kidding? Nope) Original Posts! Neat Stats

Yes, you are reading our 1632 – Sixteenth Hundredth Thirty Second Post!

It started pretty rough….

The First Post, well the first several hundred, were REALLY hard …

Directionless…

Lots of writers block…

Fear of mistakes (more fun comments on these often and proving originality) …

Typos and Grammar mistakes (still happens, but hopefully less frequently haha)…

Did anyone even want to hear from us? ….

Slowly we honed the subject matter…

We drifted away from areas of no control (Big Predictions) …

Eventually we listened and learned from you guys, for subject matters and length (What’s on your mind = keep em short and sweet) …

Today we relish every post …

The number of regular followers and readers steadily grows…

We feel like we are one big family ….

And have the confidence to say we are adding value too … after 30+ years in the industry (we know your time is at a premium)….

Some Neat Stats

The Red Area represents views from that area of the world, pretty good global reach….

Who new Alaska would be such a follower… Thanks guys!

12-29-19 All Time Stats and Insights ‹ $treet-¢ents — WordPress

More Fun Stats

Top 10 Countries… Well Represented Globally!

12-29-19 Top 10 Countries

 

Sure, Google, or some other major sites do this in less than an hour…

Honestly, that’s not our goal, we want to add Value to you guys, clients, friends, family and regular followers….

Maybe it’s like a private, but public, club?

We have grown to enjoy writing, even though we are more Math Geeks….

Thanks for your comments, taking a moment to read, and for your ideas on topics!

Have a Happy “Surprising Statistics” Last Post of the Decade Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

 

 

 

 

Surprises Finally Announced! – D Magazine Best Wealth Managers, Thirteenth Consecutive D Magazine Best Financial Planner – Wharton Guest Host Sirius Satellite “Live” Your Money, National Show

For those in Dallas, be sure to grab the latest D Magazine off the shelf …

The picture was taken in front of our Building and it came out great … less Grey showing in Your’s Truly this time…

Knowing that what we do is a team effort makes for a wonderful appreciation that the team is included in this award …congratulations guys!

D Magazine Best Wealth Managers

2019 Final Approved Dmagazine Best Wealth Manager

 

 

 

D Magazine Best Financial Planner

Very proud to have the team included above and also honored to be nominated for the thirteen – yep – thirteenth consecutive time… maybe the Gray was hiding..haha

Best_Financial_Planner 2019

Sirius Satellite Live Guest Host Wharton School,Your Money with Kent Smetters

When it rains it pours…. wish we could have spread all of this fun out over more than a day …

Last night I was honored to co-host a one hour live radio show with Wharton Professor, Ken Smetters on Sirius radio, channel 132 – re-runs will occur all week from 4-5 Central time if you are so inclined…

Sirius radio restricts prohibit us from recording or replaying any portion of the show!

The show is always fun and gets the adrenaline flowing as the fitbit surprising shows no increased heart rate… sure felt like it !

JK Sirius

Have a Great “Surprises Finally Announced” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

Save the Date Reminder- An Unusual Holiday Date – Thursday November 14th from 6:30 to 9 pm – We have the Entire Perot Museum for the Evening – Cool

After clearing/adding coverage for our Insurance for the event ….

Signing a few contracts that says we are not a crazy group ….

Getting security guards for the event …

Establishing our Parking Area…. it’s very close parking

Finalizing the entire building for our use only …

Working on food options … not finished yet, but will have same group as the Arboretum two years ago….

We are happy to announce:

SAVE THE UNUSUAL DATE

We have secured the Perot Museum for the night of Thursday November 14th from 6:30 to 9 PM – yes the Perot Museum for our use only … for an exciting educational experience for grown ups and kids!

Turn up the volume, cool theme music!

Click Here for Direct Link to Video

6-20 - 19 - Perot images - Outside (night)

 

The date is a function of popularity and costs ….

We know it is a bit earlier than usual, but we thought the venue worth the unique date …

We hope you can make it, should be fun!

Watch for Invitations …

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

 

 

Student Loans, History, Growth, and Interesting Facts….

With College Funding coming in at # 2, just behind retirement planning, as the most important Financial Planning topic … we watch the various statistics, public commentary and rules for trends, advanced planning techniques and rule changes that may be positive or negative in the coming years.

The History of Student Loans

The Federal Government began guaranteeing student loans in 1965. Here is our best found article on the complete history.

As a hot topic for any presidential administration, various laws have been passed since 1965, in most cases enhancing the ability for students/parents to obtain loans. Unfortunately, tuition costs have risen at a dramatic rate as well … a possible topic for another time.

Total Student Loan Statistics

The following chart from our friends at the St Louis Fed (FRED) shows the much spoken about total bulging student debt … often times called a crisis… yes, it is a large number and growing, but before you take a stance, we have more for you…

In our minds, student debt is one of the most acceptable debts from a Financial Planning perspective … yes we would prefer NOT to have any, and planning in advance helps this fact, but there are always situations where it is just not possible. Loans for higher education gives many the best opportunity for longevity of happiness in a career they may not otherwise had access…

Parents we would argue not sacrifice retirement for college funding, but we know there are many strong feelings on this topic…

Total Student Debt

9-10-19 Total Student Loan Debt

Total Burden Per Person By State

This chart from our friends at HowMuch.com started the wheels turning for this article…. and is a per person debt load in each of the 50 states.

9-10-19 america_student_debt_by_state-40fe

An Interesting and Important Statistical Chart

Student Debt is large, and clearly growing, however, much to our surprise, the growth rate of student debt has slowed dramatically in recent years….

9-10-19 Student Loan % change yr over yr

This chart is the percentage change year over year in student loans, note the super high mid teens growth during the great recession … not a surprise given the lack of job opportunities at the time.

Happily the growth rate has steadily declined post great recession.

Have a Great “Student Debt Update” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

Save the Date – An Unusual Holiday Date – Thursday November 14th -We have the Perot Museum for the Evening – Cool

After clearing/adding coverage for our Insurance for the event ….

Signing a few contracts that says we are not a crazy group ….

Getting security guards for the event …

Establishing our Parking Area….

Finalizing the entire building for our use only …

Working on food options … not finished yet, but will have same group as the Arboretum two years ago….

We are happy to announce:

SAVE THE UNUSUAL DATE

We have secured the Perot Museum for the night of Thursday November 14th from 6:30 to 9 PM – yes the Perot Museum for our use only … for an exciting educational experience for grown ups and kids!

Click Here for Direct Link to Video

 

TheBuilding-06

The date is a function of popularity and costs ….

We know it is a bit earlier than usual, but we thought the venue worth the unique date …

We hope you can make it, should be fun!

Happy Happy Summer Friday!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

 

 

Five Charts on How Money Moves Around the World

Graphs always seem to make things clearer and easier to read, at least in our opinion….

What follows are five charts of how money moves on various continents from our friends at Howmuch.com

Are these cool or what?

Global

remittance-flows-around-the-world_world-(1)-7f50

 

Transfers

remittance-flows-around-the-world_Americas-c5b5

 

Europe

remittance-flows-around-the-world_Europe-1b35

Australia

remittance-flows-around-the-world_Africa,-Australia-d2b9

Asia

remittance-flows-around-the-world_Asia-9708

Not only does news travel extremely fast these days…. money does too!

Have a Great “World Money Flow” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents