Tag Archives: MIchael Kitces

Sharpening the Saw at the Financial Planning Association Annual Convention …. Getting Closer to POOL time …

Thursday and Friday of this week were dates for the annual convention of our local Dallas/Fort Worth Financial Planning Association (FPA), the organization that makes up the Certified Financial Planning (CFP) designation….

We make great efforts to always make the event, and we did so this year …

Sharpening the Saw

Sometimes it can seem that we end up in a bubble of our own thoughts unless we get out and hear what others are saying, especially the so called “Experts” in our field….

It is nice to learn new ideas and especially nice when we hear of other “Trending Techniques” in the industry that we are already using…

Here is a neat chart from Thursday’s session that reminds us of the current income tax rates….

Tax Bracket Chart

There were over an hours worth of techniques around managing these rates … WAY more than can be explained here …. but all useful in certain situations….

With a fairly heavy week of information, we will ease your eyes and let you ride into the sunset of the weekend without further complication… we WILL bring some of this information to the forefront in the not too distant future… so your not off the hook completely…haha

Pool Time ? ALMOST!!!!

Having a totally outdoor family … and no Pool, the opening of local Pools is exciting….

It’s not here yet, but just one more week … Can’t wait !

Have a Great “Almost Pool Time” Weekend!

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

 

 

Ever wonder why your Federal Income taxes are so tricky? 2017 Tax Rates…..Friday

As we close in on tax season there will be excitement (refunds) and disappointments (amounts due) …. as a side note it seems there are more of the latter than the former, but I digress.

Being HUGE proponents of tax planning and deep dive tax analysis, here are the tax rates we wade through to get the best possible result on your tax returns !

2017 Tax Rates

From our friend Michael Kitces…

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Have a super Less Taxing Friday!

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

 

 

Charitable giving from an IRA 

Over the last few years there has been on and off legislation to approve charitable contributions from an IRA. Finally it appears charitable IRA distributions are here to stay.

Rules

There are a few rules that you must adhere to before completing the distribution. This from a fantastic summary by Michael Kitces:charity

  1.  Already be age 70 ½ on the date of distribution
  2. Submit a distribution form to the IRA custodian, requesting that the check be made payable directly to the charity
  3. Ensure that no tax withholding is being done from the QCD to the charity (as the money must actually go to the charity to qualify, and as a non-taxable distribution no withholding should be necessary)
  4. Send the check directly to the charity, or to the IRA owner to be forwarded along to the charity

It would be advisable to not wait until the end of the year to complete this distribution in order to give all parties ample time to complete the transaction.

By completing this transaction in this manner, you will not receive a deduction for the Charitable contribution, however, you will also not be taxed on the amount of the charity directed distribution!

There you have it…. a simple explaination!

Have a Great 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