Tag Archives: End of Year Tax

End of Year Tax Reminders! Tick Tock

While there are a fair amount of tax techniques that can be used next year to reach back to this current year, since this is the last Newsletter of the year we wanted to remind of a few timely tax reminders.

Is your DOB between 7-1-48 to 6-30-49?

Then you turn 70.5 in 2019 and you CAN defer your RMD until 2020, however you will have two RMD’s next year — be careful, large distributions could toss you into an extra tax bracket.

The mandatory commencement date of RMD’s is the year AFTER you turn 70.5 years young, under current tax law. If you accept this first year deferral, you will incur two RMD’s in the year you commence your first RMD.

Depending on the situation, it may be advisable to distribute your first year RMD a year early so as not to clump your taxable distribution.

401k and other Company Retirement Plans Maximization

For 2019 the maximum 401(k) contribution is $19,000, if you are 50 or over you can put an additional $6000 making a total of $25,000.

Now is a good time to check and make sure you’re on schedule to maximize your deferral, especially if your age 50 or over and extra especially if you turned 50 this year, we find that employers sometimes need a nudge to allow us to do that extra $6000 catch up provision.

529 Distributions or Contributions

Contributions and distributions should be made by the end of the year for this fiscal year as there is no look back feature on 529 plans. Distributions for this years education expenses should be made this year, allowing a matching of expenses with distributions in the same year.

Charitable Donations 

Make your donations by year end if you want to take a charitable deduction this year. Charitable donations are not allowed any look back, and as such must be made by the end of the year if you wish to deduct them on this year‘s taxes.

Well there are a fair amount of look back tax deductions, many of which we will discuss in the next newsletter and after the turning of the new year,  these tax deductions have an ironclad ending date, which is the end of this year if you wish to meet the deductibility requirements.

You have plenty of time now, but the clock is ticking!

Have a Great “End Of Year Tax” Reminders Day!

John A. Kvale CFA, CFP

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

Q 4 2019 Newsletter Video Audio Podcast Review By John Kvale

Welcome to our Video and Audio Podcast Review of our Q 4 2019 Newsletter. For those on the road or just unable to grab the time to read, our podcast type review gives you the behind the scenes insight to our thoughts, observations and deep views of the entire Newsletter.

Click Here for direct link to an electronic version (an early peek-good ole fashion paper versions are on their way to you shortly) and here for our Newsletter page

Let’s get going!

Q 4 2019 Newsletter

Click for PDF/printable version of Newsletter


And here is your review!

Is it Time to Refinance?

With Mortgage rates moving lower, we discuss the major items to think of when refinancing your Mortgage.

Our most clever point is we like to have an 18 month payback for the costs when refinancing… this serves as a good barometer on when to refinance, irrespective of the size of your Mortgage.


30 Year US Avg Mortgage Rate


Tariff Talk

It’s been going on for a long time

Trade Wars AKA Tariff talks have been around for a long time. This is not our first rodeo… notice how trade has been more efficient over time!


us-trade-wars-history Cropped

End of Year Tax Reminders

While there are a lot of reach back tax items i.e. Things we can do next year for this years taxes… there are many that have a firm year end deadline-

  • RMD – Required Minimum Distributions
  • Company Related Retirement plans i.e. 401k
  • Charitable Donations
  • 529 and other education programs

We hope you enjoy … talk to you in ….. 2020 WOOOW !!!

John A. Kvale CFA, CFP

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