In a luckily timed post (two showed up in the mailbox the same day of the reminder) here we discussed the extra late arriving Form 5498.
This is a confusing settle up form that requires not action other that to add to your tax file in order to avoid unnecessary taxes!
Fraud Wire Delay Reminder
In this post we remind those setting up new Wire/Linking instructions to financial accounts, especially non liked titled accounts to be careful and have patience.
Fraudsters are attempting to take advantage of the situation!
Capital Market Comments
Gone Too Far
You know us to be very positive – all through the many negatives that have occurred !
You also know we will call it like we see it!
Markets have officially gone too far and are ahead of themselves, expect bumps and no extra risk taking is warranted at this time – CAREFUL!
Oddly, this heading is the same from last month, but has a different meaning…
Here in this post we discussed how many folks are really enjoying working remotely….
In fact, the mentioned study showed that 98% of folks wanted at least some remote time moving forward…now that’s an incredible Pivot!
In the future, likely some blending of remote and office…. nothing ever will replace face to face, but a nice blend may cut down on away from family and travel expenses…time will tell.
TSA Throughput Statistics
Over a weekend of surfing stumbling onto the TSA Throughput numbers an idea of sharing via graphic form was posted here in this post.
We even created this neat graph…
Good thing we did a review of this as the creation spreadsheet made its way to the recycle bend…not any more… it’s safely back now…
Looking forward to reviewing this again in the future to see if this continues?
Capital Market Comments
The Look Through Continues – Expect Bumps
Global markets continue to claw their way back, as investors look through the earnings drop and lowered interest rates help create a tailwind.
Recently, global markets took a few steps back when increases in cases occurred…. this makes sense.
Global markets are likely ahead of themselves….. time will tell, as mentioned in our Newsletter, there is a lot of horsepower aimed at fixing the situation in Unity!
Expect bumps, and headline shocks, both positive and negative … but that’s why we are happily conservative investors at heart!
Have a Great Day – Talk to you at the end of July!
Looking at the chart of the 10 year treasury, we can see rates have finally settled and we are hearing the volume of lenders overflow has calmed as well. While the 10 year is not an exact predictor of Mortgage Rates it is loosely correlated.
Now may be a good time to check your Mortgage Rate and consider refinancing!
Here is one of our favorite and most popular posts on the items to remember when you are getting a mortgage and especially when you refinance.
The Virtual Pivot
In true making Lemonade from Lemons fashion, not only have we been able to access the John Mauldin event, with over forty hours of speakers, but a National CFA(Chartered Financial Analyst) event and several others were completed virtually.
We have so much awesome information to share in the coming weeks…. oddly, that we would have not had access to if they had been held live!
Looking forward to sharing…. tons if info!!
Capital Market Comments – They Came Out!
The Look Through Continues
With current earnings being less than stellar, you may ask why the markets are clawing their way back?
It does appear investors are looking through the valley and attempting to price in what a recovery may look like.
The Tuesday after Memorial Day offered multiple openings across the country…. Wall Street wiped its brow as people came out!
Expect bumps, and headline shocks, both positive and negative … but that’s why we are happily conservative investors at heart!
Have a Great Day – Talk to you at the end of June!
Thank you all for reading and sharing Posts… we deviated from the usual M-W-F schedule due to the massive amount of information and changes associated with the Care Act… again, thanks for your kind words, sharing and your time!
Capital Market Comments – SAME AS LAST MONTH
Unknown that will eventually be Known
Unique to this slowdown is that it is needed and self designed.
In the prior two slow downs, the economy was stretching the limits of the system and slowed with many other outside items adding to the decrease.
This event, while unknown at the moment, will be very measurable, likely more than any recent slowdown.
The speed of the slowdown may lead to the speed of the recovery.
The stimulus being put into the system is large by any measure and will eventually gain traction.
Hello and Welcome to our March 2020 Financial Planning and Capital Market Update!
If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast audio format as well as Video!
Newbies –
We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets and current events!
Hope you enjoy!
March – 2020 Video
Financial Planning Tip –
Tax Filing/Payment Due Date Extended
This from the IRS Announcement:“Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.
The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.”
Capital Market Comments
Unknown that will eventually be Known
Unique to this slowdown is that it is needed and self designed.
In the prior two slow downs, the economy was stretching the limits of the system and slowed with many other outside items adding to the decrease.
This event, while unknown at the moment, will be very measurable, likely more than any recent slowdown.
The speed of the slowdown may lead to the speed of the recovery.
The stimulus being put into the system is large by any measure and will eventually gain traction.
Have a Great Day – Talk to you at the end of April!
Hello and Welcome to our February 2020 Financial Planning and Capital Market Update!
If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast audio format as well as Video!
Break In – Cool New Feature – In the past we have done our videos on YouTube and this video will also be on our Channel there, however, we have added new features to our site here, that allows us to embed the video here, AND you will not get hit with tons of advertising after the video…. hope you enjoy!
Newbies –
We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets and current events!
Hope you enjoy!
February – 2020 Video
Financial Planning Tip (s) –
All About the ETF (Exchange Traded Fund)
In an abbreviated three part series, a preview to our extended Q2 Newsletter Article, we discuss the origination of the very first Index ETF called SPY nick named the Spider and then the proliferation, and finally in part 3 of our series the dangers of non liquid ETF’s during stress,… never knowing stressful times were just around the corner.
Early in the month, here in this post, we review the new contribution levels, rates and maximums.
As suspected, we have reviewed this ourselves a ton of times already as 2019 and 2020 levels blur during conversations…
Homesteading Reminder
In our article here, we remind all of those who may have changed primary residence last year to check their homesteading provisions as this can be a significant saving, depending on your situation.
Examples
California exempts the first $7,000 of residential homestead from property taxes.
Colorado allows a 50% deduction for up to the first $200,000 (equivalent to a $100,000 exemption if the property is valued at $200,000 or above) for seniors (over age 65) who have lived in their property for ten consecutive years.
Florida‘s homestead exemption allows an exemption of 160 acres outside of a municipality and one-half an acre inside a municipality.[5]
Kentucky, for 2013 and 2014, the exemption has been set at $36,000. Once it is approved, homeowners who are 65 or older do not need to reapply for the homestead exemption each year.[6]
Louisiana exempts the first $75,000 of residential homestead from local property taxes.[7]
Michigan exempts the homeowner from paying the operating millage of local school districts.
Mississippi exemption from all ad valorem taxes assessed to property; this is limited to the first $7,500 of the assessed value or $300 of the actual exempted tax dollars.[8]
New York‘s School Tax Relief (STAR) program exempts the first $30,000 of a primary home’s assessed value from school district taxes; the exemption is limited to owners with incomes under $500,000. Additional exemptions are available for people over 65 with a limited income. The STAR program applies only to school taxes; no homestead exemption exists for taxes levied by other municipal entities. New York prevents a New York resident claiming this exemption if the New York resident owns property in another state and claims a similar exemption in that other state.
Oklahoma allows a $1000 deduction of the assessed valuation, about $75 to $125 of savings per year, if owners file for homestead exemption with the local county clerk.
Rhode Island exempts the first 20% of the home value from property taxes.
Texas allows a deduction, with additional exemptions available for county taxes, people over 65 and people who are disabled. It also requires school districts to offer a $25,000 exemption (but not other taxing districts, such as cities and counties).[9] Texas further limits the assessment increase on a homestead to 10% of the prior year’s value.
Helping Close Relatives or Others
During the month, we had multiple Financial Planning questions for close relatives and friends, which were asked, but some what hesitantly…
Wanting to reinforce the fact that we are glad to help, in this article we remind everyone we are not only flattered by the question, but VERY happy to help!
Tax Forms and Information Reminders
In another handy reference post, here, we discuss the tax form alphabet and more importantly, note the due dates and expected delivery times of the most common tax forms….
1099- R and 1099 Miscellaneous cover 95% of most folks reporting!
We know, it’s tax season again…not everyone’s fav…but we are trying to help make it easier.
Capital Market Comments
The markets finally took notice of the CoronaVirus. As scary as the virus is, modern day medicine and the actual fast spreading of the event and comprehension, unlike SARS which we remember well will likely help stem the fears and spread of the virus.
Have a Great Day – Talk to you at the end of February!
SECURE Act is Signed at the Finish Line of the Year
As mentioned here in our preview post, with a stroke of a pen on the Saturday before the Christmas week, the SECURE ACT (Setting Every Community Up for Retirement Enhancement) – Wow that is a mouthful!
The Biggies:
Age 72 RMD, up from the confusing 70.5
Non-Spouse 10 Year Mandatory distributions of Inherited IRA – Mandating taxes by beneficiary
Tons of planning techniques and lots more to the law, but these again are the biggies!
Capital Market Comments –
FED Pauses and Markets Yawn… Finally
The FOMC (Federal Open Market Committee) led by Jerome Powell and company, FINALLY were able to not lower rates and market participants accepted it… Shhh, lets keep it our secret..haha
Happy 2020!
Have a Great Day – Talk to you at the end of January!
Email is the New Physical Address – Harder to Change
With email replacing our home address in importance, its not a surprise and only a mild inconvenience (due to the safety) to have to get a signed form in order to change our address.
In our descriptive post on the subject, we also predict eventually we will all likely be forced to transact most of our business in a paperless way…. Uncomfortable for many, but much better for our environment in the long term!
Why an Inheritance is Usually NOT Taxable
After running into this question numerous times we did a post here, and will also have an expanded article coming in our Q1 2020 Newsletter.
For the most part, inheritances are not taxable and in our post we go over the reasons why, and discuss techniques for being most tax efficient.
Just after this post a good follow on subject directly related to this post occurred that will go well in our “Why” Series Collection – Watch for another Inheritance Related Post and likely Newsletter Article !
Capital Market Comments –
When FED lowers, Recession Averted? Hmmmm
Near the end of the Quarter, as mentioned in our Fire Hydrant CEO post here, we ran into a most interesting chart (below)….
A first ever to see, the speaker points out that recessions are averted when the FED (Federal Open Market Committee – Jerome Powell the leader currently) lowers rates during an inverted yield curve… hmmmm
Not to worry, doing more research on this … oddly the speaker did not think much of Powell’s economic prowess, but spoke firmly that due to his LACK of horsepower on the Economy he may have a better chance of soft landing this slowdown…
Always learning!!
Have a Great Day – Talk to you at the end of December!
Hello and Welcome to our October 2019 Financial Planning and Capital Market Update!
If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast audio format as well as Video!
BREAK IN
D Magazines Best Wealth Managers
D Magazine Best Financial Planner – 13th Consecutive – Wow
Sirius Satellite Radio Co-Host
Newbies –
We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets and current events!
October – 2019 Video
Financial Planning Tip (s) –
Why we want ANY seeming Important Document
In this post, due to recent fantastic $$ savings just by having access to very old documents… some almost two decades, we were reminded of how important it is for us to safely keep ANY seeming important document…. forever
Only thing is, if we do not have a soft copy… we cannot save it!
Capital Market Comments –
FED Lowers Once Again, another .25% – Likely Pause Expected
Jerome Powell Chief of the FOMC (Federal Open Market Committee) lowered rates by .25% to the 1.50% to 1.75% range, which will directly effect our overnight money, such as checking accounts and money markets… We think in part, to answer expectations… the good news is they have set future pause expectations… which we like!
Longer term rates have followed a bit, for now.
Have a Great Day – Talk to you at the end of November!
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments may be appropriate for you, please consult your financial advisor prior to investing!
Background
The is the vocal portion of J.K. Financial, Inc. a Dallas Texas Based Fee Only Total Wealth Financial Planning Firm. Founded by John Kvale, a Dallas Texas Fee only Financial Planner and Total Wealth Manager.
August 2020 Podcast Video, Financial Planning and Capital Market Update – By John Kvale …
Hello and Welcome to our August 2020 Financial Planning and Capital Market Update!
If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast audio format as well as Video!
Newbies –
We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets and current events!
Hope you enjoy!
August – 2020 Video (YouTube)
Financial Planning Tip –
Mysterious Form 5498
In a luckily timed post (two showed up in the mailbox the same day of the reminder) here we discussed the extra late arriving Form 5498.
This is a confusing settle up form that requires not action other that to add to your tax file in order to avoid unnecessary taxes!
Fraud Wire Delay Reminder
In this post we remind those setting up new Wire/Linking instructions to financial accounts, especially non liked titled accounts to be careful and have patience.
Fraudsters are attempting to take advantage of the situation!
Capital Market Comments
Gone Too Far
You know us to be very positive – all through the many negatives that have occurred !
You also know we will call it like we see it!
Markets have officially gone too far and are ahead of themselves, expect bumps and no extra risk taking is warranted at this time – CAREFUL!
Have a Great August Update!
Talk to you at the end of September!
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
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Posted in Cyber, General Financial Planning, Investing/Financial Planning, Market Comments, Monthly Review, Podcast, Video
Tagged Form 5498, Fraud, Linking Accounts, Markets, taxes, Wire Fraud