Tag Archives: Age 50

April 2017 Podcast Video, Financial Planning Tax Review and Earnings Update- By John Kvale

Whew, that was easy…. tax season is finally mostly over ….

We wanted to look back one last time on our personal taxes before we sunset those tax strategies for the high point of the season….

As a reminder,  we started with an Audio Podcast format for those that are unable to SEE the video or just prefer to listen to the audio… this makes the review slightly longer, but more descriptive.

Enjoy!

April 2017 Video

 

Financial Planning Tip(s)-

AMT Tax Reminder

We ran across a lot of AMT or Alternative Minimum Taxes this season

Here are the key thoughts from our detailed post on AMT earlier this month-

  • Incomes between $170k and $313k joint and singles over $100k – you are in the cross hairs of AMT
  • Deferring income may be useful
  • Accelerate income

There is not a lot of planning changes with AMT, but in this case knowledge may be power!

Possible MAJOR tax reform

Late in the month an overview of major tax reform was released.

Here is a link from the White House

Here is a link from Barron’s that does a pretty good analysis

Here is our article on the possibilities earlier this month

What to do if you overfund your 401k/retirement plan

In our overfunding 401k post here, we discuss how your 401k/retirement plan can get overfunded….. here are the main points

  • Refund the extra amount ASAP
  • Apply the extra to the new year
  • If its a super small amount, its not the end of the world

Capital Market Comments

First Double Digit Earnings growth since 2011 expected

From our friends at Factset, who do a terrific job of outlining historic and future earnings.

Earnings are the ultimate driver of capital markets!

4-27-17 SP earnings estimates - Factset

What is nice about these estimates are that historically companies have been beating the street estimates … if this continues, the actual earnings may be even better double digit growth…. time will tell and we will be watching!

Hello May!

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,

March 2017 Podcast Video, Tax and Financial Planning Tips and Interest Rate/Economic Review- By John Kvale

Spring has Sprung ….

March Brings warmth to most….

March Madness and Baseball season…

March also means Tax season is here!

Not to worry we have your back

As a reminder,  we started with an Audio Podcast format for those that are unable to SEE the video or just prefer to listen to the audio… this makes the review slightly longer, but more descriptive.

Last month we created a new intro and music as well…

Enjoy!

March 2017 Video

Financial Planning Tip(s)-

Tax Tips Reminders and Savings Update

The following items can be done today and still help your 2016 taxes–

  • HSA – Health Savings Account- High Deductible Pre-Tax Savings account
  • SEP- Simplified Employee Pension- Souped Up IRA for Non-W-2 Income offset
  • IRA- Oldie but goodie- Prefer using ONLY if deductible

Costly Tax Mistakes we are seeing

In our post late this month, we highlight items we are seeing missed, resulting in extra tax costs.

  • Property Tax incorrect year – make sure you get credit in the year you pay
  • General Sales Tax missing- It’s your deduction, make darn sure you get it if you itemize
  • Missing Basis- An oldie but goodie, EVERYTHING has a basis- be sure one is included on your return
  • Missing a SEP (AKA Simplified Employee Pension) contribution – Souped up IRA that offsets non-W-2 income- Great Tax Saver- You can do both a SEP and 401k if you have both incomes under the appropriate scenario

Let us know if you have any questions, we are in full tax review mode!

FOMC Interest Rate Increase

Another Rate Increase

March also marked a month where the FOMC (Federal Open Market Committee)  headed by Janet Yellen and fellow members raised short term interest rates another .25%. Now at a rate .75%, slowly rates are beginning to normalize.

Overnight LIBOR (London Interbank Offering Rate) showing the Rate Increases clearly

3-31-17 Overnight Libor

 

Our friends at JPMorgan, think higher rates may help the economy, as too low of rates, in their opinion, muzzle the economy more than it helps.

jpmorgan-rates-too-low-graph

We Agree!

See you at the end of April!

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,

New Intro and Music -February 2017 Podcast Video, Financial Planning Tip and Economic Review- By John Kvale

February …. The Shortest month of the year!

A busy time of the year too….

We made the best of it, we covered a lot of ground!

Hope you like the new intro and music for our video!

As a reminder,  we started with an Audio Podcast format for those that are unable to SEE the video or just prefer to listen to the audio… this makes the review slightly longer, but more descriptive.

Enjoy!

February 2017 Video

Financial Planning Tip(s)-

Simplifying the Probate Process

Thanks to all of the fantastic comments and views  .. here is the list in brevity :20170125_200814794_ios

  • Not usually complicated- some states can be
  • Probate needed for real estate, non beneficiary titled accounts or ownership
  • Creates a Letter of Testamentary
  • Multiple or Joint Executors can complicate
  • Not all Estates have to be probated
  • Inventory of assets may be needed
  • Effectively closes the Estate

One of the most crucial items for Probate to go smoothly, is organization up front.

Age 50 Catch Up Provisions

If you turn 50 by years end, you have deeper savings available to you.

  • $6k extra for 401k and the likefiftieth-birthday
  • $1k extra for IRA/ROTH and similar types

Here is the IRS reminder statement!

Speaking of reminders, we continuously find that employers need to be reminded the year one turns 50 that you can actually add extra funds into that retirement savings program — give them a call !

Will the Euro Survive?

Marine Le Pen Win Means No

According to our experts from the Out West Meeting (the one Donald The Brain Crashed in 32 minutes) if Marine Le Pen wins the Euro will not survive. This was a cross over item, as several different experts said the same thing unknowingly.le_pen_marine-9586

April 23, 2017 is the final vote.

So why are we watching this? If Le Pen wins, this may be the final nail in the Euro coffin. Assuming all believe this, capital market uncertainty would likely bubble.

  • Brexit – Capital Market shakes 3 days
  • Unexpected US president – Capital Market shakes 3 hours
  • Euro Breakup – Capital Market shake Unknown –

Our experts acknowledged this time line and lack of concern, but cautioned on becoming over confident.

Ok, we will be watching !

See you at the end of March!

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,

Turning 50 this year …Congrats … You can now utilize Catch Up Provisions … Tips to make sure you max those plans!

Ahhhhh….the golden age……

The big birthday…

A new front digit starting with a 5 ?

Here’s some great news that awaits you !

Age 50 Catch up Provisionsfiftieth-birthday

If you turn age 50 by the end of this calendar year, under current tax laws you can add an addition $6k into your 401k or similar plan, an extra $1k into your IRA or the like, saving additional tax dollars.

Here is the trick, especially as it relates to your employer plan:

You will need to notify your employer that you want to increase your maximum per the catch up provisions as you are turning 50 this year.

We have found most plans do not automatically allow you to increase your contributions!

Have a great “Less Taxing Golden” 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