Tag Archives: Irma

Q1 2021 J.K. Financial, Inc. Newsletter … Video Audio Podcast Review – Reminders, Updates, New Tax Rates, By John Kvale

Welcome to our Video and Audio Podcast Review of our Q1 2021 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.

In this start to a new year, we update the pictures on the Video and also the entry and exit music. Our editor actually greatly adjusted the colors and fonts of the Newsletter this year, which we really liked as well.

Click the Download button below, for a 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

This Newsletter is chocked full of reminders from events and experiences we had with you in the field last year the would be helpful looking forward into 2021!

J.K. Financial q 1 2021 newsletter

Let’s get going! We hope you enjoy!

Q 1 2021 Newsletter

(YouTube)

The Homestead Reminder

With a very large number of moves in 2020 …. much greater than we can ever recall, in this Article we remind of the Homestead.

In the year 2020 we have had more change of residences than we can ever recall over the past three decades. As a reminder, and using Texas as a template, if you live in your home on January 1 you can do what is called a homestead tax exemption. Once again through the lens of Texas, this is a particularly good tax savings exemption that everyone should do if you live in Texas. 

Q 1 2021 J.K. Financial, Inc. Newsletter Lead Financial Planning Article

And just a bit more description from the same Article …

From TexasLawhelp.org – a fantastic non-profit resource we use frequently – again only for Texas residences, those living in other states may want to check for a similar organization. 

What property qualifies as a “homestead?” 

A “homestead” is a house or other residential structure that you own, together with up to 20 acres where the structure sits if the land is used for residential purposes. A manufactured home on a rented lot qualifies as long as you own the home. Manufactured homes must meet additional requirements for a “Statement of Ownership and Location,” but if you did not receive the paperwork from the prior owner and cannot locate the seller after making a good faith effort, you can submit the affidavit in Form 114-A. 

Estate Planning Tops Our Minds

It was literally a race for the greatest increase over normal years, for folks moving to a new residence (per above) or reviewing and updating their Estate Plans.

Has Anything Changed Since My Documents Were Written? 

Just because five, seven or even ten years have transpired does not mean that you automatically need to update your documents.  If everything looks right, and things have not changed then those documents are likely just fine. 

On the other side of the equation if things have changed in the past twelve months (or even less) that would make your documents incorrect, you likely need to do an update so your directives are appropriate. 

Q 1 2021 J.K. Financial, Inc. Newsletter Second Lead Financial Planning Article

If we are not in possession of a copy, please send to us or upload to your Vault as we keep things safe and most importantly FOREVER!

Q 4 2020 ES Reminder – The Safe Harbor

Mid-month, January 15, 2022 to be exact is the final due date for Quarterly Tax Payments ( Q 4 2020 ES Tax Payments.) With a pushed out ordinary filing date due, it seems like to many we just filed last year’s taxes (2019), and here we are already rushed to complete 2020. Hence the reminder. 

Here is what is looks like

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Here is the link to Publication 505 for 2020 (https://www.irs.gov/pub/irs-pdf/p505.pdf) which gives you full instructions on how to file. Here is the link to Form 1040 ES Publication for 2020 (https://www.irs.gov/pub/irs-pdf/f1040es.pdf) which contains the final voucher. 

The Safe Harbor

Lastly, if you are in a situation where you tax bill may be dramatically different from the prior year, in this case 2019, consider trueing up your 2020 taxes to at least 110% of year 2019 total Federal tax withholding.  To help avert any penalties or interest.

Retirement Contribution Levels and Medicare IRMA Amounts

While we have posted these levels earlier here, and we know the formatting was a bit wonky, we wanted to review them again directly from the Newsletter.

Here are last years most common levels along with whats up for 2021 – mostly unchanged

IRMA – Income Related Monthly Adjustment Amount – Medicare Part B Surcharge 

 If your modified adjusted gross income is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). Medicare uses the modified adjusted gross income reported on your IRS tax return from 2 years ago. This is the most recent tax return information provided to Social Security by the IRS. “ 

Here are the 2021 limits and adjustments: 

We hope you enjoy … talk to you Next Quarter – Happy 2021 !!!

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

Part 14 : Tom Clark, Medicare Expert, with Audio – Medicare Part B Creation, Monthly Cost, IRMA Exclusions, IRMA Examples

The most complex part of Medicare decisions comes from folks that work past age 65. The most important point of this entire second half of Mr. Clark’s presentation is that to get the most exact details for your situation you should check with your health insurance carrier. Frequently employers’ HR departments are outsourced and a recurring theme is the HR department is not in sync with the health insurance carrier.

Bottom line your health insurance carrier is your go to point of contact if you continue to work past age 65 as you will most certainly need to find out how they want you to handle your Medicare decisions.

 Direct Audio Here on our site for your viewing/listening pleasures as well as links to every full  post:

Much like our Social Security Benefits discussions, there are certain parts of Medicare Benefits that have more decisions and techniques to choose – Medicare Part B is by far the most detailed, confusing and has the most options to choose – The audio is terrific and gives more details than the bullets below – take a listen!

Medicare Part B Creation, Cost, IRMA, Benefits Options

Medicare Part B:

  • Doctor Bills coverage and outpatient coverage
  • Part B has a cost of $135/Month –
  • You can turn Part B down, but not a good decision unless you have current health insurance coverage “Not taking could be the worst financial decision you make” According to Clark
  • The $135/Month is about 1/4th of the actual premium – Government Supplements the 3/4 – see next
  • Income over $85k Individual or $175k Couple, you will pay more as the Government supplement goes away – IRMA – Income Related Monthly Adjusted Amount – click link for recent detailed analysis and solutions
  • IRMA – Everything but Roth counts towards income, including tax free, interest and anything
  • Started in 2005 to pay Medicare Part D, Drugs and prescription-
  • Can refute IRMA as administration has three year old data
  • Example for IRMA premiums – Severance
  • Social Security Favors Individual

Here is the audio…

Wave file format:

MP3 Format:

OGG File Format:

 

Click Here for Direct Link to All Parts Audio Posted on our Special Social Security Page

Have a Great “Intro to Medicare Part B” 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

Best wishes to our Floridian family and friends … Friday

It’s hard to believe two huge devastating hurricanes in about as many weeks. Most of our family and friends are ok but certainly misplaced in one way or another. We wish a fast recovery and always admire the unity such a disaster creates.

Florida

Today is a Friday and with a Newsletter in the works we will share more next week.

Be Safe and enjoy your Friday and your weekend!

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

 

Text at your own risk in Texas … Now Illegal as of Sept 1 – Safe wishes for those in front of Irma

The data is clear, texting is a distraction … heck even talking on the phone while driving can be dangerous.

Texting and Driving Made Illegalad0f7795-a9f1-44e7-9d5b-2faa36a0a4e3-1720-00000190cac62bcd

As of September 1, 2017, this bill made texting and driving illegal in the state of Texas.

While hard to enforce, it is a step in the correct direction. The penalties are not strict at this time, but a ticket is a ticket.

Washington was the first state to ban texting in driving in the year, 2007 YEP, 10 years earlier.

Currently there are 47 states that have made it illegal to text and drive. No idea.. Wow!

This is one of the reasons I love doing this blog for everyone, I had no idea that 46 states had already banned texting!

Irma WishesIRMA DCT_SPECIAL109_1280x720

Best wishes to all of those who are in front of this sudden second major hurricane! After speaking at length yesterday to many in Florida … it’s going to be very tough no matter the outcome, be safe and best wishes. Our friends in Puerto Rico avoided the worst, we hope our Floridian family and friends do as well…

Have a good safe weekend for all and we will talk to you Monday!

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