Tag Archives: 1099

Corrected 1099 Update … Tax Forms Help … SLOA Notice (Clients) — An Ark Friday

Uncle SamWhile only in the first inning of tax season, it is here … and we are moving right along. As such, much of our commentary to the finish line will be tax related as we like to keep you up to date on all things tax savings and anything else related.

Corrected 1099 Update

The first round of Corrected 1099’s has occurred and we have reached out to those affected. Generally the “first is the worst” and rarely do we get a greater number of corrected’s in the rounds to come.

Given our light load of Corrected’s so far, if you really need to file, we will give you a soft Green light to file but would rather you wait until the second is complete — a notification we will give as soon as it occurs !

Hold if you can, but if you cannot, go forth!

Tax Forms Help

Be sure to reach out to us for any forms we are in contact with. We generally have SUPER FAST access and quick turn-around on needed statements.  If our tax professional is in need … we will get it fast so as not to be the holdup.

If you are not sure on what forms you are supposed to have, lost a form, or just do not have the time get them together … reach out – we have you covered, and can send a complete bundle to you! Do not hesitate to ask, that is what we are here for.

If you need us to email someone the information, just send us the request as we do not let go of your coveted information without directives!

Oh .. and of course all of your tax forms are currently in your Own Personal Vault too…

SLOA Notice – Standing Letter of Authority

Recently a notice has been mailed out for all of our collective protection. This notification tells us of any linking of accounts or standing letters to deposit or withdraw funds from an account such as a checking or other related money account.

This is strictly a protective measure and is a notification only. No action is needed. Again for our collective safety.

Noah’s Ark

Entering President’s Day Weekend we were approaching drought territory. Not anymore …. Now we are gathering two of everything … kidding. But is has been raining A LOT.

Enjoy your weekend ! It will be raining here!

John A. Kvale CFA, CFP

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

 

 

Tax Savings Ideas You Can Do NOW To Save Last Year (2017) Taxes – Part 2 – THE SEP – Simplified Employee Pension

Last week we started our tax season discussions here (- the HSA) with a favorite “Last Year” tax savings ideas that can be done this year …

This week another super saving idea … Think of this as an IRA on steroids – due to high limits and ample flexibility!

The SEP – Simplified Employee Pensionseptember-706937__340

Here are just a few reasons why we love the SEP for the correct situation:

  • Offset 1099 or other consulting like – non W-2 income in a pre-tax form
  • An IRA can be used to accept a SEP contribution in many cases – no new account needed
  • Can be used in conjunction with a 401k – Only need 1099 income – High Contribution limits apply
  • High Maximum Deferral amount $54k – yes that is correct FIFTY FOUR THOUSAND of pre-tax dollars as long as that is no more than 25% of Adjusted Gross Income
  • Can make SEP contributions even after RMD (Required Minimum Distributions) Begin
  • Can make your contribution even after the regular tax deadline if you file an extension – This really makes a SEP valuable and give us plenty of time to make the contribution again for LAST year’s tax savings

There are certain limitation and restrictions as mentioned, so don’t just make a contribution unless you are sure it will work for you … or just reach out to us!

Have a Great “SEP” Tax Savings Day!

John A. Kvale CFA, CFP

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

Tax and Tax Forms Update, Missing Basis Reminder ….Tax Fraud Update….

While the IRS mandated earlier reporting of W-2’s from employers (End of January versus February) there has been no change on investment related reporting forms.

Tax Form Update

Most but not all 1099’s are now available as of yesterday…. YEAAA … If you have contacted us already, we will be adding your tax form to your personal vault, emailing you a soft copy of your tax form or sending to your tax professional as requested…. glad to help. A paper statement will be snail mailed to everyone even if you only use electronic correspondence for everything.4911abd2-4b9c-408a-a953-d805a2ea9c1a-9907-0000085a4bc97ada_tmp

Reach out to Cathy at cathy@jkfinancialinc.com if you wish to have us send you a soft copy of your form!

Not all 1099’s are complete…. deep breath for those ready to go but without forms, they will be here soon!

Corrected forms have been less prevalent over the last few years, hopefully not jinxing ourselves this time! Even with less corrections, we do recommend holding off on filing your taxes at least until the first correction.

Missing Basis-Non Reported Cost

Most, but not all investments have basis included in your personal 1099. We will be mailing those without basis information an internal report that will make your reporting much easier AND lower your tax burden. We have your basis and it needs to be reported to save us tax dollars.

As a reminder, every investment we have has a basis, DO NOT ALLOW A ZERO TO BE INPUT AS A BASIS, THAT WILL COST US TAX DOLLARS!

Tax Fraud Update

In our small sample size, we are finding that those who have had fraud related issues in prior years, tend to have a higher chance of repeat offenses (Rats…sorry but it is true.) Keep your eyes and ears open for suspicious activity, especially if you have had tax fraud related issues before.

Given the above fact, if you have had fraud related issues with your taxes, go ahead and begin working on your taxes…. we may even want to file before the corrected 1099 comes out. The IRS is moving faster to prevent fraud, we will too !!

Ahhh….today is a Friday …. enjoy your weekend … What a beautiful week we have had here in Texas for February!!!!

John A. Kvale CFA, CFP

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

Green Light … Second 1099 Corrections are done and we are Clear … Friday

Corrected

Great News!

The second round of corrected 1099’s have come and gone and we had none. With three more corrected rounds in the next weeks, it is possible we may have some in the future, however we feel that is highly unlikely, based on prior years experiences.

Go forth and file/complete your taxes!

Holiday Next Week

Next Friday is good Friday. Capital Markets as well as our offices will be closed … giving us a bit of extra time to work on the Newsletter and prepare for the tax rush, as well as spending time with family and friends.

Ahhhh … but that is next week, today is a Friday, heading into a weekend. Do not forget to spend time with those special in your life, if not possible this weekend, make plans to do so next week!

Have a Great Day and a Wonderful Weekend!

John A. Kvale CFA, CFP

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225

 

Tax Forms (1099) In the Mail … Finally … Don’t FILE yet though

The afore-mentioned 1099’s are complete and on their way to your mailbox. You will receive a paper copy of your 1099 even if you have electronic statement delivery.

Your Realized Gains and Losses report has either been mailed or is in your personal Vault if you have one. In many instances, there may be no Realized Gains and Loss reports.Uncle Sam $

Your tax professional will need both of these reports if applicable.

We recommend you hold on actual filing until later in the season, as corrected tax information is becoming more the norm!

Have a Great Day!

John A. Kvale CFA, CFP

PS Anyone besides me, NOT LIKE how the politicians grandstand Janet Yellen?

PSS  Dallas Today – Wow – 2-25-14 Dallas Snow

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 752225

 

Tax Form Update … They are not here yet

Wondering where are my 1099’s ?

Us too … there is a delay across multiple providers.

Our suspicion is there is a disconnect somewhere slowing specific data for many firms.

We will notify you when … They are here !Theyr're Here Full

Have a great day!

John A. Kvale CFA, CFP

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225

Official Green Light for Tax Filings …..

Yesterday we received another round of corrected 1099’s and we are happy to announce the all clear bell. Ring ring ring… Go ahead and file !

Green Light for Tax Filing

Ok to File !

Thanks for all of you who have been waiting to file your taxes, you are now ok to file.  What have you been waiting for ? Kidding…

While there is no guarantee we will not receive additional corrected’s, if history will rhyme with us, we are all clear.

Thanks for your patience. Safe over sorry !

Have a Great Day!

John A. Kvale CFA, CFP

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225