Tag Archives: 1099

1099 Update – Corrected Update – Reminder, a Paper Copy is being mailed UNLESS you specifically turned it off – Holiday Weekend !

Those that follow us know we had a fun conference last week and pretty much burned the candle at both ends… We look forward to bringing you more soon!

Being the last of the four in my gang to NOT get the winter sore throat or flu… and after bragging about not getting sick AT ALL the last four years, those three fingers pointing back at myself came home to roost… GIANT head ache Saturday followed by sandpaper in my throat Monday morning… on the down hill side now….

Corrected 1099 Update1099 sho

Yesterday we sent a blast email out to all of the lucky ones who will be receiving a corrected 1099 printed and mailed one week from today …

If you did not receive the email, so far you are in the clear….

EVERYONE will receive a paper copy of their 1099 – even if you receive electronic copies of everything else – unless you specifically turned your tax copies off – no one we know of has done this and this is the one item we do not recommend you turn off unless you REALLY want to!

Holiday Weekend

Today is Friday, heading into a Presidents Day Weekend – you know the drill … banks, capital markets and those buildings holding our little ones hostage during the day will be closed on Monday – mandating our offices are closed as well… all good, again!

Have a Great “Presidents Day Weekend” 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

It’s that time of year again, Tax Season – Tax forms update and important information concerning those using a tax professional as well as Tax software – Friday

We are beginning to get 1099 tax forms, however all of them are not complete for everyone.

With a corrected schedule that lasts over the next few weeks to months, please do not file your return until we give you a greenlight and get past the first corrected 1099’s!

Please reach out to Jen at jen@jkfinancialinc.com  if you want to know if your tax form is available as we will be glad to electronically send it to you or upload it to your vault as soon as we have sight of it – please follow the next instructions.

Tax Professional and Tax Software taxes control-1027103_1280

For those using a tax professional we highly recommend that you get your information to them as soon as possible as this tax season will most certainly be much more complicated due to all the new tax laws. It would be much better to have already been in line with your tax professional and have a few missing documents than to  bring all of the information late this year.

We feel certain your tax professionals will appreciate it.

For those using tax software, we are fine with you beginning to put your information into the software, however, we would hold off on filing your tax return as we expect multiple software updates, due once again to the tax law changes!

This tax season will likely have a few curveballs as many documents that we may have used in the past, may not be needed due to the tax law changes, however don’t throw anything away, and  be sure and either give it to your tax provider or enter it into your software – let both of them tell you it’s not necessary.

It’s Friday, enjoy your weekend, and thanks so much for reading our posts!

Have a Great “Beginning of Tax Season” 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

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